Many organizations have that one person who questions the value of employee training and development. Perhaps he or she worries the investment of time and financial resources is preparing your people for future careers elsewhere. Nevertheless, these statistics may help you win the argument in favor of employee training.
Employee Training & Development
The terms employee training and employee development are bandied about as if they are interchangeable. However, they typically mean different things:
- Training is typically a specific program aimed at improving skills or knowledge needed to perform the current role.
- Development is more forward thinking. It can help businesses retain the right people by focusing on growing the employee in preparation for future roles and responsibilities.
Why Employee Development Matters
Retaining employees is important. We’ve already discussed opportunities to let your employees feel valued and respected with small acts of kindness. Another useful retention tool is effective employee training and development.
Why? People are happier when they are doing something they feel they can do well. Training can provide greater skills or knowledge individuals need to remain engaged in their roles. Further, investing in development signals to employees that your organization values their success and future performance.
Looking to build out a presentation or email with some statistics to help make your case? There are many out there online. One oft-cited stat states firms that spend the most on employee training also see higher profit margins (by 24%). But that’s from the late 90s. We’ve gathered more recent research for you to cite knowledgeably.
- 87% of millennial employees listed professional development opportunities among the most important elements of company culture.
- 21% of employees who leave a job within the first six months do so because they wanted more training.
- The half-life of a learned skill is an estimated five years.
- Organizations on average spent $1,252 per employee in 2015 on direct learning expenditures.
- 7/10 people say training and development opportunities influence their decision to stay at a company.
- Live face-to-face classroom learning was the primary training route in 2015 (49%).
- Employee development offers several benefits:
- 67% higher engagement levels
- 61% greater efficiencies
- 30% lower turnover
Ultimately, offering quality learning and training opportunities can not only improve the quality of the work but also enhance employee morale, drive greater productivity, and increase retention rates.
Employee Development and Forrest Solutions
An apocryphal quote attributed to Benjamin Franklin states: “An investment in knowledge always pays interest.” Forrest Solutions lives by this mantra by consistently training the passionate people it puts in client environments. Our employee development programs focus on sharing best practices and growing individuals so that they are always motivated to provide positive impacts in the areas that matter most to your business.