Recently, I attended the Sacramento Business Journal’s “Best Places to Work in Sacramento” awards luncheon at the Sheraton Grand in Sacramento. It was fun to hear the list of incentives provided to employees in these highly productive and engaging workplaces; among them, gym memberships, table, and video games, company retreats, flex hours, telecommuting and opportunities to volunteer during company time.
But, the most telling thing was the one incentive these award winning companies shared: Training. It was the common thread in all businesses represented; the first employee perk mentioned when accepting their awards. Considering I’m in the business of training, this pleased me greatly.
And here’s why it was the thread that bound the award winners: Among other recognized benefits of training, employees are seeking training to have self-direction over their career paths, rather than being limited to a set of skills quickly mastered. They want to learn new things they can apply on the job, and to have fun. There is also the issue of job sharing: employees are interested in growing their widening base of knowledge within their industry, so peer to peer training enables employees to share information and broaden their knowledge base. But the main reason employers focus on training is due to retention. Training instills loyalty and commitment toward your company. People you’ve chosen to grow your business or represent your brand are far more likely to stay if you offer them opportunities for growth. Staff looking for the next challenge will be liable to stay if you offer ways for them to develop professionally.
Let’s chew on some stats. Companies spent approximately $700-1000 per worker on training per each year, and budgets for training are increasing roughly 4% a year for employers 100 and greater. 35% Millennials consider comprehensive training and development programs as the top benefit they would want from a company. In a study of more than 3,100 workplaces, a 10% increase in educational development led to an 8.6% gain in productivity. Employees who feel they cannot develop professionally in a company are 12 times more likely to leave the company.
Next year, become the company lauded with happy employees! Take a good look at the opportunities you provide your employees regarding training and take the next step in your companies educational evolution! And contact Captial Training to help you in developing the right programs for you and your employees.