The new year is fast approaching, so it’s time to start working on those new year’s resolutions. Here at Ving, we like to set personal goals as well as company goals. For 2018, we want to focus more on employee training, and we’ve found some great statistics to explain why you should too!
Companies with comprehensive training programs for their employees see a 24% higher profit than companies with inadequate or no training. Improved training increases employee engagement and productivity, which means the whole company benefits. In addition, many employees feel that workplace training should continue long term, regardless of experience or seniority. If you can better your employees and increase company productivity and profits by simply investing more effort in training, then why aren’t you?
About 40% of employees who aren’t trained well—or at all—leave their jobs within the first year, caused by a lack of effectiveness and understanding of important procedures. Employee retention is important for a productive business. The time and cost of hiring and training new employees on a regular basis, combined with a lack of seasoned employees, is inefficient and not profitable for anyone.
Ineffective training costs businesses around $13.5 million annually for every 1000 employees. If you’re going to pay for training, use the time and money toward a better solution in the first place instead of spending the money and still using inadequate training. Imagine how much you could improve your workplace if the money lost went to top-notch training solutions.
The average employee only has 1% of their time available during the workweek for training. For this reason, it’s very important to choose training options that work best for their environment. Many businesses are moving toward microtraining and various online options for a more flexible training approach.
After a great onboarding experience, 69% of employees are more likely to stay with the company for at least three years. Again, retention is key. Employees who stay with the company for a minimum of three years are relatively experienced employees with a solid foundation in the company.
Make your resolution for 2018 and stick with it. Better training makes better employees, and better employees make better companies. If you need some ideas for training solutions, check out our other blog posts for inspiration!