If there’s one thing that adds value to any organization, it’s good corporate training. Investing in your employees’ knowledge and skills can improve morale and increase your team’s performance.
A quality training program can be the catalyst by which your company sees record productivity and profits — but it’s a big investment, and you want to make sure you get it right.
So, how do you know which program to choose?
In this guide, we’ll cover the value of corporate training and exactly how it will benefit both your company and your employees.
What Is Corporate Training?
Simply put, corporate training (aka corporate education or workplace learning) is a strategy that uses a system of activities designed to give employees the skills and knowledge needed to be successful in their jobs.
Not only does it benefit employers, but it also helps employees progress both personally and professionally.
By facilitating and supporting the success of your employees, you’re, in turn, promoting the advancement and potential growth of your organization.
How Do You Know Which Corporate Training Program Is Best for Your Company?
The type of training you choose will depend on:
- Your industry and the skills required to succeed
- What you intend to achieve as an organization; and
- Where you see the biggest need for skills development
Many corporate training programs are designed to develop a well-rounded employee and, depending on your industry, may include:
- Soft skills training
- Team training
- Technical or technology training
- Sales training
- Communication training
- Negotiation training
- Managerial training
- Quality training
- And more
For years, commercial negotiation firms have been choosing The Maker Group as their preferred corporate training company.
Our combined experience and years of expertise, combined with our proprietary Maker Framework, offer commercial negotiators everything they need to succeed in their field.
Contact us for more information about what The Maker Group can do for your organization.
The Importance of Training in the Workplace and 9 Ways it Benefits Your Organization
Why corporate training? There is no short answer.
Corporate training programs have proven to be incredibly beneficial to employers and employees. From lowering attrition and increasing productivity to boosting employee morale and increasing profits, we outline the value of corporate training in the points below.
#1: Decreased Turnover Rate
Employee and corporate training programs reduce employee attrition rates by 53%.
Providing training is an investment in employee retention, lowering corporate hiring costs and new employee training programs.
Employees feel valued in their positions when training and development are prioritized, and they’re far less likely to leave when they feel like a part of the success of the company.
#2: Improved Efficiency and Consistency
Think of it this way; if your employees feel confident in their skills, knowledge, and abilities, they’ll be less likely to make mistakes — thus improving efficiency and consistency.
59% of employees claim they had no formal training and that their jobs were entirely self-taught. Imagine how much longer it might take for an employee to feel confident in their job without ever knowing if they’re doing it right.
Not only that, but if employees aren’t trained on how to complete tasks in the most efficient way possible, then they may end up taking the long way around simple tasks.
#3: Better Employee Performance
A staggering 74% of employees believe they aren’t reaching their full potential due to a lack of training and development opportunities.
Effective training is no longer cookie-cutter programs designed to train hundreds of people at a time during a week-long conference. Training must be tailored to the needs of the business and should be ongoing.
Employees who receive proper skills and knowledge training see an increase in their confidence and show greater competence at work, ultimately performing better in their jobs.
#4: Improved Company Morale
Disengagement in the workplace is a growing trend, and job satisfaction is decreasing at a rapid rate.
But studies show that 65% of employees agree that workplace training boosts morale and positively affects their attitude.
However …
- Only 29% of employees ranked their current career advancement opportunities as satisfying
- 59% of employees claim they received little to no workplace training
- 74% of employees are interested in re-training programs or learning new skills
- 87% of millennials believe that corporate education is a significant factor when accepting a position
So, what does all of this data tell us? Simply put, training your employees shows that you appreciate them. As a result, employees are more likely to feel satisfied and motivated in their current positions.
#5: Increased Productivity
Employees who have the skills and knowledge to complete their jobs efficiently are likely to complete more work in a day than those who haven’t been trained properly.
In addition, employees who have been properly trained spend less time on learning and more time on doing.
Training increases confidence, which generates a sense of enthusiasm and pride, translating directly into improved productivity.
#6: Increased Employee Engagement
Employees who are engaged work productively on behalf of their companies. They care about their jobs, and they form an emotional commitment to their work.
Engaged employees outperform those who are not by up to 202%.
When companies begin to see the value of corporate training and career growth opportunities and invest in their employees, the rate of engagement skyrockets.
Having employees who are dedicated to the goals and success of your organization is priceless.
#7: Ability to Identify and Overcome Weaknesses
Training exposes gaps and weaknesses and provides employees with the education needed to eliminate them.
Providing a secure learning environment promotes sharing of expertise among employees, allowing them to mold their skills and abilities around each other.
For example, employee ‘A’ may have excellent communication but lack analytical skills, whereas employee ‘B’ may be an analytical person but not a good communicator. These two employees will have the opportunity to build upon their skills by learning from each other’s strengths.
#8: Higher Customer Retention Rates
Untrained employees are far less likely to lose customers. When your employees are confident in their knowledge, customers develop a sense of trust and are more likely to return.
#9: Increased Revenue
When your employees are confident, skilled, and knowledgeable in their jobs, the work gets done more effectively and efficiently. Productivity goes up, attrition goes down, and customers feel confident in your company’s goods and services.
All of this leads to one very important factor which truly highlights the value of training employees — profits.
Companies that invest in comprehensive and strategic training programs show a 218% higher income per employee. With numbers like that, corporations simply must invest in quality training programs.
The Value of Training Employees: 5 Ways Your Team Will Benefit
#1: Increased Confidence in Their Abilities
Confident employees are productive and worry less about their value to the company, giving them more time to focus on getting things done.
By training your employees, you’re giving them the gift of confidence. As a result, they’ll be more likely to step outside their comfort zones, aiming for and achieving new goals.
Additionally, confident employees show more conviction in their words and actions, making them more likely to be taken seriously.
#2: Developing Important Soft Skills
Soft skills are critical in adapting to workplace changes and improving interpersonal communications.
Corporate training programs are highly effective in fine-tuning critical soft skills, such as:
- Communication
- Leadership
- Time management
- Decision-making
- Soft sales skills
- Organization
- Problem-solving
- And more
These qualities are paramount in today’s workforce, making up one of every three sought-after skills by employers, and a major reason why corporate training is so important.
#3: Staying Ahead of the Industry and Changing Technology
Technology is changing rapidly. With the entire world moving toward digitalization, it’s increasingly critical for corporate training to provide employees with the most up-to-date changes in their industry.
Innovation is becoming more and more important, as is following the technological trends. Corporate training programs encourage employees to think critically and incorporate ingenuity into their positions.
#4: Understanding What’s Expected of Them
Employee training programs help establish clear performance expectations and reinforce the importance of meeting goals.
Helping employees to understand what is expected of them will ultimately increase performance and efficiency, resulting in less wasted time.
#5: Increasing the Possibility of Job Promotion and Expansion
Employment advancement is one of the single most motivating factors for employees when considering a possible position. When companies recognize the value of corporate training, they can use it to increase the scope of work for potential employee job expansion.
Corporate training has proven to be an effective method of improving and acquiring skills, increasing productivity and morale. This leads to corporate growth and promotion possibilities for your employees.
The Maker Group: Offering Corporate Negotiation Training Workshops Across America
When the true value of corporate training is realized, many issues within the workplace can be avoided. Not only will your employees be better equipped for success, but your investment will lead to an increase in profits.
Corporate negotiation training and workshops offered by The Maker Group are customized to the unique needs of your organization.
Our decades of experience as successful commercial negotiators have prepared us to provide your employees with the skills to:
- Increase productivity
- Improve efficiency
- Increase engagement; and
- Boost profits
We aim to maximize your team’s ability to succeed in their role and continue to contribute to your organization positively and effectively.
For more information, contact The Maker Group today.
