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3 reasons why spending money on training is money well spent

3 reasons why spending money on training is money well spent

With the End Of Financial Year creeping up, many Training or HR managers are scrambling to spend their allocated budget. Investing in your people is one of the best investments an organisation can make. It is one thing to have a strong product; it is another thing to have strong, CONFIDENT people selling that product.

Why is training important? Let’s find out.

1. Your competitors are doing it

We know, we’re training them. We can guarantee the most successful organisations that you are up against are investing in their team. You can have a fantastic product or service but this won’t mean anything if your people don’t know it, believe in it and can translate it to your members or customers.

2. Improved staff retention

The proof is in the pudding when it comes to staff retention. If they feel valued and invested in then your organisation will reap the benefits of this loyalty.

Studies have shown that monetary rewards alone are not enough motivation to retain staff. The modern-day workplace is more complex than this and people need to feel a sense of pride and recognition in their workplace. Investing in their career progression can often indicate to staff that the team has faith in their advancement.

3. No one can escape change

Change is everywhere and in order to stay ahead we need to have an adaptable workforce. We can expect a lot from our staff but without the right training how can we assume they will keep up?

Training our workforce has come a long way since the one week induction program they probably sat in on. So many organisations have people in their team who have been with them for over 20 years. If we don’t invest in our team throughout their tenure then we will only get back what we as an organisation have put in.

“If you always do what you’ve always done, you’ll always get what you always got.” – Ed Foreman

 

Conclusion

Spending money on training is an investment, not a dollar sign. To get the most out of your team you need to show them that there is faith there in their abilities.

The right training helps build an organisation and prepares them for the next technology disruption or new players to the game. Don’t get left behind.