As Benjamin Franklin once said, “An investment in knowledge pays the best interest.” Training isn’t something that’s ‘nice’ to have in your organization. It’s a vital part of a company’s long-term investment and growth strategy.
How is training an investment?
There are numerous reasons to invest in training, like; improved quality or in other words reduction in errors or defects, enhanced productivity, increased motivation, helps in retaining the talent pool, capacity building, groom the leaders, etc.
Why is training considered as a long-term investment?
Training is a vital part of a company’s long-term investment and growth strategy. Training is an investment for two main reasons: it brings the best out of your people’s talents and, ultimately, helps you retain your staff. … They feel engaged and when they do, their employer believes in them and keeps investing in them.
Why spending on training should be viewed as an investment?
Despite the initial monetary costs, staff training pays back your investment: Training helps business run better. … Training is a retention tool, Staff looking for the next challenge will be more likely to stay if you offer ways for them to learn and grow while at your company. Training adds flexibility and efficiency.
Why training is an investment not a cost?
But training is not a cost if it’s done right. It’s an investment that has great returns such as higher production, reduced errors, lower internal costs and more motivated employees. Remember the old adage “the only thing worse than training employees and having them leave is not training them and having them stay.”
How much should I invest in training?
How much do companies spend on training? Many medium and large organizations invest anywhere from 2 to 5% of salary budgets back into training. While that may not be realistic for a small business, it’s important to find a training budget per employee your company can absorb.
Is Training and Development costly?
How much does it cost to train an employee? According to the Association for Talent Development, organizations spend an average of $1,252 per employee on training and development initiatives.
How does training differ from development?
Training is a job oriented process. Development is a career oriented process. … Trainings are performed in an aim of improving knowledge and skill that are needed to perform their existing jobs. Developments are performed in an aim of improving knowledge and skill to face future challenges.
What are the disadvantages of training employees?
Disadvantages of Staff Training:
- Waste of time and money: There is surely a waste of valuable resources, as the organization needs to spend money, time, and hire other people for training. …
- Increased stress: …
- Too much of theory: …
- Loss of interest: …
- Leave for the new job: …
- Time requirements: …
- Control of training:
What is the objective of training?
The objective of training is to develop specific and useful knowledge, skills and techniques. It is intended to prepare people to carry out predetermined tasks in well-defined job contexts. Training is basically a task-oriented activity aimed at improving performance in current or future jobs.