This blog was originally posted on here: Synter Resource Group’s Business Insights Website
Ongoing training is vital to the growth, scale, and profitability of any company. Employees who receive ongoing training experience greater job satisfaction, an increased awareness of technological updates relative to their fields, a heightened awareness about industry news and updates, an understanding of their missing competencies, and a deeper reason compelling them to stay with your company. Employees who receive ongoing training experience:
1) … greater job satisfaction.
It is not a hidden fact that people who feel invested in by their companies have greater job satisfaction. This increase in job satisfaction is attributed to the fundamental ideas of care and compassion. When ongoing training occurs, people see that their company not only needs them for their skills, but the company also wishes to see them succeed in life, even beyond their stay at the company.
2) … an increased awareness of technological updates relative to their fields.
In the twenty-first century, technology is exponentially growing, and, if companies are even one year behind on technological advancements in their industry, it could cost them their entire business. Take for example BlockBuster, the oil company. “The oil company?” you might be thinking, “BlockBuster was a video rental company!” So sorry, but that is incorrect (at least in the beginning). BlockBuster was originally in the oil business. When the oil industry hit hard times in the mid-1980’s, the Founder of BlockBuster decided to turn his attention to a new market: video-renting. David Cook was right to change his attention to another industry to save his company, but, when technology advanced beyond the need for video-rentals, the company fell to shambles. Don’t let this be your company because you don’t keep your company abreast of the newest technology!
3) … a heightened awareness about industry news and updates.
For example, the first ever iPhone was only released on June 29, 2007. And now, according to Don Reisinger of Fortune Magazine, “There are… more than 700 million iPhones currently in use worldwide, according to an estimate from BMO Capital Markets analyst Tim Long.” If your software company, for example, didn’t know about the advent of “apps,” when they first came out, you could have completely lost your competitive edge in comparison to your competitors as time went on. As is widely known, current customers are cheaper to keep than obtaining new customers; so, keeping up to date with the newest offerings is important to keep your customers coming back.
4) … an understanding of their missing competencies.
When training occurs, questions are asked and exercises are effectuated. In this process, it is impossible to not notice when employees are lacking competencies in specific areas. Because of this, leadership can find and address the skills and knowledge gaps that present themselves during those times.
5) … a deeper reason compelling them to stay with your company.
Looking for new hires? Candidates that know you offer ongoing training will value your company higher than a company that does not. Make your company attractive to your employees. If it is not attractive for any reason to your employees, other than the pay, then there is something potentially destructive within your company culture.
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