While many corporations are focusing on laying back their staff and souping up their systems and integrations, the true value of human resources can sometimes be overlooked and underestimated.
Equipment vs Education: the True Costs Involved
Industry experts have done large-scale surveys and crunched the numbers, and the results are clear. There are in fact many benefits that come with consistent learning and development programmes for workers across a wide range of industries, but 3 key benefits stand out;
1. Staff Development Results in Higher Retention Rates
In a 2015 study by Deloitte, it was revealed that organizations who increased their learning and development budget that year enjoyed significant improvement in staff satisfaction and retention, cited as the greatest challenge facing the study’s participants.
2. Investing In Equipment & Technology is Twice as Costly as Staff Training
Another survey carried out by the National Center on the Educational Quality of the Workforce (EQW), which included over 3 thousand workplaces, uncovered some interesting data. The EQW discovered that a 10% average increase in workforce education resulted in an 8.6% increase in overall productivity. Conversely, increasing the value of equipment by 10% only netted a 3.4% increase in productivity.
3. Increased Training Spend Increases Output & Your Bottom Line
Most interestingly, yet another study performed by the Association of Talent Development indicated that so-called “leading-edge” organizations trained on average 86% of their staff while spending twice as much on each employee, with the majority of their competition educating only 74% of their employees. The survey showed a direct correlation between organizations that had the greatest development budget and those that yielded the greatest net sales per employee, the highest gross profit per employee, and the best market-to-book value ratios.
Learn More about How You Will Benefit from Corporate Training Today
When you consider the benefits of education in the workplace, you would be at a disadvantage not to prioritize training in your 2019 budget. There’s never been a better time to invest in corporate training and development programmes for your staff, so get in touch today for more information without delay.