How training can decrease staff turnover and increase your bottom line.

How training can decrease staff turnover and increase your bottom line.
02 Jul

How training can decrease staff turnover and increase your bottom line.

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Running a business or a company is a constant juggling act. Sometimes managers are so focussed on day-to-day budgets and targets, it can be difficult to find time and resources to train and develop staff.

But research has shown that not training staff can be costly … leading to poor morale, high staff turnover and a reduced bottom line.

 

A study by the National Centre for Vocational Education Research found that nationally recognised training was a win-win: not only did employees decide to stay with their organisation; employers were better able to use the full range of their employees’ skills.

In fact, the research found that in some companies, training programs -

  • Reduced staff turnover by 70% and
  • led to a return on investment of 7000%.

What’s more … staff who received formal training were said to be -

  • 230% more productive than untrained colleagues in the same role. (*)

Clearly it pays to train staff … but where do you begin?

The modern work place is in constant flux: new technology, new legislation and organisational upheaval. Having an expert take an objective overview of your business to help you achieve success can be a huge advantage.

What courses should your staff undertake? Start by checking out our courses for trainers, so you have plenty of qualified staff who can train others and assess training needs in the organisation.

Whatever your industry, it’s important to keep your workforce up to date.

You might need a compliance course in sexual harassment and equality in order to address risk management. Some nationally recognised Certificate of Attainment courses can be completed in a day and other qualifications can be completed online meaning reduced disruption to business and customers.

Perhaps you need various staff members to upskill to handle new office technology or take on additional responsibility so that you can grow the business in other directions.    

Then there are courses in digital and social media marketing that could transform the capabilities of your marketing team.  Can your company benefit from training?

Any business or company large or small can reap the rewards from staff training and development.

According to Howard Schultz, CEO of the highly successful international coffee company Starbucks, training is the engine that drives business success:

“Starbucks is not an advertiser; people think we are a great marketing company, but in fact we spend very little money on marketing and more money on training our people than advertising.”                                                       

So, whether you’re a food chain, local government department, a childcare centre, or a health and community services organisation … training can be the key to engaging staff, providing new skill sets and improving your organisation’s performance and competitive edge.

Did you know North Coast TAFE can help by providing customised training solutions for your business?

                How will training change your business mindset?

As the research studies show, employees who are well-trained have the hands-on experience to carry out their job and will be more likely to stay with an employer.

Training can also attract new talent, with potential recruits drawn to a workplace that values staff and promotes career development.

Ultimately, investing in training means your employees have a more diverse range of skills, which not only leads to happier staff, but greater customer satisfaction and an improved bottom line.

Training gives your business the expertise and skills to stay on top. So, put staff training in your ‘in-tray’ today and reap the rewards for the future.

Read 762 times Last modified on Monday, 10 August 2015 03:49

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