4 reasons a company should invest in staff
Whether or not to invest in staff training and development is a contentious issue for many companies. For most organisations it is typically low on the list of priorities, with little regard for its benefits. Yet, how a company supports its employees has a direct effect on the organisation’s success. Enhancing staff knowledge and skills can boost both the employees and organisations potential. For a better understanding, let us review the four key reasons a company should invest in its staff.
1. Enhances job satisfaction and retention
Employees want to keep learning, improve their skill sets and increase their value to the company. But many feel stuck in their jobs and falling short of their full potential. This leads to dissatisfied employees, ready to jump on the first interesting opportunity elsewhere. When staff are properly trained and skilled, they are more happy, motivated and likely to stay.
2. Cost-effective for the company
It might not seem like a big deal if your staff move on because you can always hire someone else, right? Bringing in new staff involves the cost of time and money to locate, select and train someone new. We are talking many applications, interviews, and trial periods. The cost of up-skilling and retaining staff is much more cost-effective than recruiting new employees.
3. Increases credibility and expertise for the employee
Staff investment ensures employees are up-to-date with skills relevant to their role, as well as with industry standards and trends. When your highly-skilled staff are talking to clients or networking, they will come across as more credible. Furthermore, when they are needed to take on higher duties or a new project, they can step into the new role right away.
4. Provides flexibility and relevancy for the company
Relying on previous training and knowledge not only holds an employee back, it also limits the organisation. Having the most highly skilled employees improves the company’s viability in the market. The organisation is much more agile and responsive to ever-changing needs, giving it a competitive edge.
The answer of whether or not to invest in staff is clear. Companies who invest in training their existing staff find they have the most skilled, effective, productive and motivated employees. Ultimately, investing in existing staff makes sense and is crucial for competing within the market.