Investment in trainings - is it worth it?

Any successful project manager will tell you that investment in training is essential to the success of any project. By ensuring that all team members are up to date on the latest best practices and have the necessary skills to carry out their tasks, you can avoid problems later on down the line. In addition, investment in training can also pay dividends in terms of employee satisfaction and retention. By investing in the development of your team, you are showing that you value their skills and experience. As a result, they are more likely to stick around for the long haul, saving you time and money in the long run. So if you're looking to get the most out of your next project, don't forget to invest in training. It might just be the best investment you ever make.

Project training

Business training is a topic that has both its supporters and opponents. It might be caused by the different quality of training available on the market. In business, you can learn from many sources and the knowledge can pertain to many disciplines. But is it worth investing money for hours on end with a coach, mentor, specialist, teacher, or another guru who will help you improve your qualifications and the qualifications of your employees? It seems so, but there are exceptions to the rule.

What do the figures say?

Statistics from different sources show that investing money in employees' development through training is quite a sensible idea. Thanks to the training, not only are our personnel more experienced, but they also enrich our enterprise with an aspect having an effect on its value, that is to say, knowledge and know-how, which allows us to introduce various, often innovative, solutions in the business. The knowledge our employees possess means a competitive edge in the market.

Let's take a look at the statistics. Go-Gulf shows in its infographic, which collects data from several sources, that 40% of employees who are not trained regularly leave the company after the first year of work. 72% of employees even consider covering some of the training if only the employer invests in their development. 42% of companies want to increase their budget for such training each year. 68% of employees think that training is one of the most important things in the company's policy, and 35% add that training influences on improving the company's morale. There are two more important statistics. Companies that often send their employees to training have per employee productivity higher by 37% and income higher by 21% per employee. As you can see, it is worth it.

Properly selected training

Courses come in all shapes and sizes. We can send employees to hard training, that is, training that teaches them specialist knowledge. During such training, the trainee is to learn skills strictly connected with the job, occupation, the newly-created position, etc. Such training is also organized in situations in which it is necessary to change the scope of duties or in the case of promotion. In this type of training, we include, for example, IT training, management training, accounting training, sales training, marketing training, and executive training. Soft training is the other type of teaching which focuses on developing an individual’s skills. This is about, among other things, assertiveness, resistance to stress, teamwork, etc.

The form of teaching can vary as well. Starting with workshops, conferences, seminars, open and closed training, events, and the like. When a training program is being selected, it is important to adjust it to the expectations and needs of the employees. Some forms do not work well when building project teams, and others are useless when we want to teach sellers.

Training benefits

There are five main reasons for which it is worth training yourself and your personnel. These are:

• improved qualifications, which translate into higher effectiveness, which, in turn, is associated with greater profits for our business. Teaching the personnel has a positive effect on the perception of our company not only on the inside but also on the outside. The brand is seen as one that invests in people, cares for its employees, etc. In addition, a trained employee who knows their job knows what tools to use and will need less time to familiarise themselves with the demands of their new position, to perform a task, etc. A well-trained team is more effective, so the company operates better and achieves better results.

• boosted the competitive edge of the company. Thanks to a well-skilled team, the company builds the image of a professional brand that has a specialized and trained team. This is so because the main indicator of the competitive position in the competitive potential, which consists of – apart from material resources – the state of intangible assets of the enterprise, that is, factors connected mainly with the employees' qualifications. The source of this advantage will be the employee and their experience.

• Higher competence and better internal communication. The teams work more harmoniously and there is less tension in them. This is achieved, for instance, by joint training of superiors and subordinates.

• increased engagement and loyalty of the employees, which at the same time decreases staff turnover, which is in turn associated with reduced costs of recruitment and on-boarding of new employees. The employees in whom we do not invest are less loyal and do not feel the same attachment to the company as those who take part in training courses and other training events.

• boosted morale. If employees know that the management eagerly spends money on training and different types of team-building trips involving learning, they are more satisfied and have greater motivation to work.

Satisfied and experienced employees are our company's showcase. Competence and knowledge are their weapons, and it is employees who stand on the front line, contacting our clients. If we do not have a trained staff, we will lose to a competitive team that has more knowledge and skills. As you can see, the advantages of investing in development and project training bring very tangible benefits for business.