Benefits of Corporate Training and Development Programs

Both employees and employers can benefit from investments in training and development. Employees can grow their skills and become more effective in the workplace, making them more desirable to hiring managers. Whether they advance within organizations or move to new employers, they can use their skills to climb the career ladder. 

Employers also benefit from the increased productivity and retention that comes from well-trained, engaged employees. Gallup found companies that invest in development reported 11 percent higher profitability compared to others in their industries. 

There are multiple tangible benefits of investing in employees, and even more intangible ones. Here are a few reasons it’s worth it for companies to invest in their workers. 

Employee Satisfaction and Retention

According to Gallup, companies that invest in development are twice as likely to retain employees, which reflects the worker buy-in and engagement that comes with development. When an employee feels like their employer wants to see them succeed, they’re more likely to do their best and embrace learning opportunities. 

Increasing retention has a direct financial impact on organizations. Experts estimate replacing an employee costs between one-half and two times their annual salary. If someone on your team earns $100,000 per year, it could cost between $50,000 and $200,000 to replace them. If you have more than 100 people in your organization, your company could lose $660,000 to $2.6 million annually because of low retention.  

Don’t think of employee development as an expense, but rather an investment that will increase profitability in the long run. Your company can get every dollar back and then some when you retain engaged and skilled employees.  

Increased Efficiency and Productivity

Investment in training and development can make employees better at their jobs, allowing them to run into fewer roadblocks throughout the day. When faced with a problem, a skilled team member can use their tools to overcome it, reducing delays in production or employee dependency on managers to address issues. Even if an employee can’t fix an issue on their own, developing a culture of continuous learning could make them more open to training to address problems in the future. 

Even if your team is skilled and adept today, they’ll need regular training to prepare them for the future workplace. For example, the World Economic Forum found more than 75 percent of corporations plan to invest in big data, cloud computing and artificial intelligence in the next five years. If your teams aren’t already using these tools, training and development falls on your organization if you plan to use them.  

Cost Savings for Organizations

We’ve already discussed how development and training can significantly reduce your turnover costs, reducing the burden on your hiring and onboarding teams. However, there are additional ways that investing in your existing employees can help your organization save. 

When your employees have the skills they need to help your organization succeed, they can take on projects and roles directly. This reduces your vendor and contractor costs because more projects can be completed in-house. You also won’t have to hire specialized employees who have one specific skill. Instead, you can build up the skills of your current team members.   

Increased productivity also leads to cost savings for organizations, as the same work gets done in less time. Employees can also learn from their mistakes and make fewer errors in the future, further maximizing productivity. 

Career Growth and Opportunities

A recent survey of 800 employees found that 84 percent of workers believe their employers should provide training so they can succeed in their evolving roles. This reflects the desire for employees to participate in development and professional growth programs. 

Employers can provide training services internally or recommend reputable online programs to their team members. This could include recommending an online Master of Education program to employees or providing access to a relevant certification course. Established programs can give employees the skills they need while strengthening their resumes, and some offer financial aid or scholarships to help students. Employees can use their new skills and credentials to advance within your company and apply their training to grow your organization. 

As more companies discover the value of corporate training, they are hiring training managers and staff members to enhance their development departments. Demand is high in the corporate world for people who have advanced education degrees, like a master’s degree in education. You could step into a role that challenges you to create engaging learning materials that are memorable and applicable. You could even stay in education and become a school administrator, taking on a role where you teach teachers. 

Evaluate different industries and consider where you want to go. There are plenty of opportunities for professionals interested in working in healthcare, technology, logistics, hospitality and finance if any of those fields speak to you. 

How To Become a Corporate Trainer

Becoming a corporate trainer is an exciting and rewarding career change, but it’s not something you can start overnight. You will need to develop educational skill sets that can help you present information concisely and in a manner that appeals to adults. Many people still want engaging presentations that help them better understand complicated concepts. 

The first step is to make sure you have the right education to step into this field. Many employers look for master’s degrees when hiring corporate trainers — and particularly value degrees in education or a related field. 

The next step is to develop your skills. In the same way that teams continue learning in the workplace, you’ll continue to grow your essential skill sets throughout your career. Skills like public speaking and presentation, clear communication and knowledge of adult learning principles can help you better engage with the people you teach. 

Finally, embrace the ups and downs that come with gaining hands-on experience in instructional design. You can discover what works for your students and what they don’t respond to. You will face unexpected snafus and will learn to overcome them. Formal education and training are valuable, but your field experience will help you grow over time. 

Companies across all industries can benefit from corporate training programs. As a corporate trainer, you can prove your value and the value of development as a whole by preparing your students to apply the skills you teach. You can bring your employer into the future by introducing new skills and ideas that will make everyone more efficient.