Training and Development Explained
Training helps employees learn specific knowledge or skills to improve performance in their current roles. Development is the follow up to ensure an employee is able to sustain growth and future performance as they expand into new roles.
Why is Training and Development so important?
Human Capital is the most valuable asset in any business but usually the most difficult to quantify. In the past most businesses invested in training programs when the business was in an upswing and there was a surplus of funds. This also led to training being the first to be cut in a downturn. In today’s economy change is happening at a much higher rate making training and development no longer a luxury but essential for organizations and their people to keep up with the rapidly changing business landscape. The battle for top talent is highly competitive so employee training and development programs are more important than ever because they are necessary in attracting and retaining the best people to help you grow your business and your profits.
According to the 2018 Workplace Learning Report from LinkedIn, 94% of employees said that they would stay at a company longer if it invested in their career development. Also noted in the report, Talent developers, executives and people managers agree that training for soft skills is the #1 priority. Within that area leadership, communication and collaboration were the highest ranked.
What are the benefits of training and development?
Profit & market growth
Larger talent succession pool and transfer of knowledge
Achieving competency & productivity in less time
Increased employee motivation & satisfaction
Increased employee engagement & performance
More opportunities for career advancement
We view training and development as a capital investment and our focus is on producing a targeted result for the business that will impact the bottom line. We begin with a needs analysis and discussion about the desired outcomes the organization is looking to achieve.
The next step is to analyze the strengths and weaknesses in your organization and to identify the gaps between employees’ current level and the desired level of skill.
Following is to establish a learning dynamic for your company.
Ensure employee readiness
Select the training and training method
Ensure Transfer of training
The last step is to develop an evaluation plan. This will include the need to monitor and evaluate the programme. Once or twice a year it is important to assess your training and development needs then implement what is required to help the organization achieve its desired results.