Implementing the right training and development programme can bring far-reaching benefits to a company. Upskilling employees is an investment that can yield significant returns for a company, says Mark Wilson, MD of Syspro.
What if you could increase employee productivity by over 200%? Seems somewhat unattainable doesn’t it? The good news, it isn’t. If a company invests in the right training and development programme to upskill their workforce, the return greatly outweighs the initial cost, benefiting the organisation tenfold.
According to Deloitte’s 2017 Human Capital Trends Report for South Africa, only 28% of organisations help employees build their skills, despite 83% of executives having acknowledged learning as important. It is evident that South Africa is lagging in terms of human capital growth.
To counteract this, implementing a training programme allows employees to build on an existing skill set and increases their chances of succeeding. This not only motivates employees but upskills a company’s workforce, giving them the upper hand in today’s competitive corporate environment.
Ultimately, equipping the right people with the right skills can have a direct impact on a business’ bottom line. By harnessing technology, a company can implement training programmes that drive productivity, resulting in increased profits.
Employee retention
A recent IBM study showed that among best-performing global companies, 84% of employees are receiving the training they need. On the other hand, in worst-performing companies, just 16% of staff members have access to the training they require.
Naturally these programmes are also good for individual career development, which in turn has a positive impact on employee retention. In fact, 42% of new employees are more likely to remain with a company if they feel they have been equipped with the skills they need to perform. This presents major benefits to a company’s bottom line. Think about the costs involved in the recruitment process, and it doesn’t stop there, the time it takes to then train and upskill them. It all adds up.
Boosts morale
By investing in your employees, you are creating a workforce that is likely to become loyal and motivated. This will further help retain value-adding employees.
Reduced supervision
Time is money. Having to deploy resources to train and supervise employees is costly. But what if a company upskills an employee, giving them the necessary resources and training to be self-sufficient? Firstly, the likelihood of mistakes is reduced, and so is the workload of the manager and the costs incurred.
Competitive advantage
Upskilling employees’ encourages engagement, resulting in improved performance which translates into profitability. Plus, upskilling employees ensures your workforce is up-to-date on industry trends and best practice, keeping your company abreast of its competition.
By implementing the right training programme, you are investing in your business by creating a capable workforce, providing them with tools needed for your company to exceed.
Attracts new talent
A company that actively invests in its existing workforce through training programmes is likely to attract new talent, as they see how the company uplifts and upskills its employees. With this, when a position opens, employers get to choose from the cream of the crop.
Harnessing technology
Before implementing a training and development plan, businesses should ask a few important questions, like will they be able to use those skills in their day-to-day role within the organisation? Will the training have any other benefits for the business?
Once a business has established that a training programme is right for them, measurable goals should be set based on what it aims to achieve, both for the business and the employee. By harnessing the right technology, managers can stay on top of their employees’ growth.
For example, the Syspro Learning Channel (SLC) has full reporting capabilities, enabling companies to measure and monitor educational progress of each SYSPRO user. And with its one-stop online portal, managers gain valuable insight into how objectives are being met. This visibility leads to operational improvements and cost savings.
Essentially the platform is an Open Learning area that provides any SLC member with information and educational material. This includes access to content such as training guides, tutorials and videos, via a desktop or mobile device.
SLC members have the opportunity to upskill themselves across a broad range of topics, from sales and project management to administration and finance. Each programme provides a structured view of multiple e-learning courses.
In this way businesses can ensure their staff members are receiving practical, comprehensive training. All-in-all, by upskilling employees, a company is essentially equipping itself with the necessary tools to meet its objectives.
As coined by Benjamin Franklin: “An investment in knowledge always pays the best interest.” Really, knowledge is power. At the end of the day, training is a massive investment that can contribute significantly to business growth.
CFO asks CEO: “What happens if we invest in developing our people and they leave us?” CEO responds: “What happens if we don’t and they stay?”