5 Reasons to Train Your Employees and How to Make it Affordable
- On November 26, 2019
By Lisa Derby Oden, Workforce Program Coordinator, MassMEP
Weaknesses – we all have them. And when everyone’s individual weaknesses are all bundled together…well, you have probably found the source of many of your workplace issues. Training can be a primary solution for dealing with these issues.
Let’s look at 5 top reasons to train your employees.
1. Improve your operational efficiency
We hear companies express the concern that if they train their employees, then they will leave. Is not training but keeping them really better? Did you know that untrained employees take up to six (6) times longer to perform the same tasks as trained employees?
2. Provide consistent and expeditious onboarding
Did you know that about one-third of frontline employees do not receive any formal workplace training? (“State of Frontline Workplace Training Study” by Axonify and Ipsos.) There is not much worse than starting a new job and being left to sink or swim. This is often where bad habits are formed and/or learned from others who were also left to figure it out on their own.
3. Align with your company’s succession planning
As you look at the years ahead, how will you advance your incumbent workforce so that they can fill the shoes of those that are leaving? Baby boomers make up about 25% of manufacturing, so this provides a good opportunity to upskill those that are staying. It also gives you a chance to preserve “tribal knowledge” and pass it along to those being trained to move up.
4. Reduce your employee turnover
Did you know that if you don’t train your employees that you are three (3) times more likely to lose them than companies that do train their employees? Another study learned that 81% of employees believe training makes them feel more engaged at work. (“State of Frontline Workplace Training Study” by Axonify and Ipsos.) It should come as no surprise that when employees are happy and satisfied in their jobs, they are more productive and feel like a part of operation. Many employees value additional training and learning new skills over getting a raise. Training will increase the value of the employee, who is then better positioned for future career growth. In addition, hiring new employees is expensive. It can’t always be avoided, but retaining your incumbent workforce and providing training is more efficient and cost-effective.
5. Enhance your company reputation and improve its image
Word gets around quickly when you provide regular training and you may notice you become an “employer of choice” and that job candidates seek you out as the place that tops their list for work. Beyond that, well-trained employees perform better at all levels and, consequently, outsiders will form a better opinion of your company.
How can your company afford to participate in a training strategy and implementation effort?
Paying for an individual to attend a single training may be in the budget, but a training strategy across all levels of the organization that you aspire to can be expensive. Fortunately, the Massachusetts Workforce Training Fund Program can help with that. There are a variety of grant funded training programs that you can qualify for:
- General Grants of up to $250,000 for businesses of all sizes. http://workforcetrainingfund.org/programs/general-program/
- Consortium Grants are a form of General Grant where several companies join together to submit an application for training that they all send employees to.
- Express Grants for companies with 100 or fewer employees for up to $30,000/year or $3,000/employee/course. Approved companies will be reimbursed 50% of actual training cost. http://workforcetrainingfund.org/programs/express-program/
- Small Business Direct Access Program is for companies with 100 or fewer employees. It takes on smaller-scale training needs by making training slots in popular topics available, at no cost, to eligible businesses. http://workforcetrainingfund.org/programs/direct-access-program/
How to get started with your training strategy:
Contact Lisa Derby Oden today at firstname.lastname@example.org
Also visit Commonwealth Corporation at www.WorkforceTrainingFund.org