Whether in times of a good economy, or possible/actual recession, team professional development is critical to an organisation’s performance. Especially during a recession or times a organisation may be struggling we must look for opportunities to improve the bottom line. Investment in training can help employees become more effective and efficient. They can use new skills, systems, technology and tools to streamline a project or daily work saving both time and money.
The return on investment (ROI) of training can be huge in many ways! If employees are not using their current systems or technology in an effective and effective manner, the time savings often result in monetary savings, as well. In addition to this in many industries professional development isn’t just for monetary or time efficiency but is also a legal requirement with regular professional updates and development essential. Unfortunately, training is one of the areas that often suffers most when there are budgetary cutbacks in an organisation.
A reduction in learning and education in an organisation will just make any problems worse. The investment in training can however have long-term benefits for a business or organisation.
Training is a valuable and important tool. However, if you cannot show that to management with numbers, then it may be overlooked in favor of another initiatives with more measurable results in many cases. Does your organisation have a training budget? Do you know about available funding that is available? Training can often be accessed through government funding!
Look at each qualification or course as part of a continuous improvement effort not just for the individual employee but also for the business as a whole too. Demonstrate the effects of one individual, who saves money by using time more efficiently after going through training. The employee may be able to help improve the process or system by knowing how to use systems or technology better or they may be able to take on more responsibilities in turn taking pressure off of other employees or departments.
Explain how those results can lead to monetary savings by allowing the employee to work smarter. If a system is working better, often you can capture data that is more meaningful to management. Extend the effects of that training by showing how better productivity can lead to greater employee engagement.
Employees who are improving may also find that they can advance in the organization, leading to pay increases, rewards or recognition, and this in turn will often result in an overall lower employee turnover. Make sure to tie in the cost savings of the reduced employee turnover. When employees feel like they are valued and are contributing to the success of an organization, they are less likely to leave.
Prioritize and Restructure Your Staff’s Professional Development
Rita Smith, in her book Strategic Learning Alignment: Make Training a Valuable Business Partner, writes “the only reason that learning functions exist is to drive business outcomes.” Make sure your learning and development program is aligned closely with your company’s goals and priorities.
It is best if your organization’s management can see the tangible (measurable) and intangible benefits of training that are associated with their business outcomes. If you cannot do that in a way that stays within your budget, then you may want revise your talent program. Examine your training methods. Are you using only face-to-face classes? Try adjusting your training design to include online modules or distance learning where appropriate. Does your company qualify for funding or part funding through government training schemes or local development funding? (Speak to us about your funding options as many businesses and individuals can access a number of different funding streams that may work for their organisation).
With all of the training methods, have individuals set goals that can be tracked through the learning process. Make sure these goals are specific, measurable, and aligned with the organization’s vision. Have supervisors and development staff review the goals periodically so they can be included as part of the ROI.
Speak to one of our training account professionals today to discuss your investment in training, access to funding, bespoke training or CPD programmes. Contact our team today and let us help to development your team!