Investing in Training and Development.

Updated 27th July 2023

There continues to be a lot of social media chatter about the expectations of employer training programmes.

In my experience, employer training is usually led by the job role you are performing. Ensuring that you have the skills and knowledge to remain current and up to date in your role. Often particular focus is on legislative or health and safety requirements when budgets are tight.

Employers often have a formula or an amount per ‘head’ for a training budget. Therefore, it can be tricky to secure funding for your own personal development if it is not deemed a requirement of your role.

Many would argue that learning and development budgets are never larger enough. It is important for individual businesses to decide what is right for them. Technology introduced in the last few years,  enables Training companies to support employers to stay ahead of the game and spend their budgets wisely.

A previous study by www.Undercoverrecruiter.com  revealed that 1,400 people survey found that almost half of them (49%) didn’t believe that their employer was offering them enough learning and development opportunities.

Here are 8 reasons why training and development is important to your business.

These points also benefit individuals who take charge of their own development.

1. Improved employee performance – goes without saying that employees who  receive further skills and training will perform their job better. This increases confidence, helps them with a stronger grasp of what is needed in both their role and their place in the business
2. Get a head of the competition – training your employees in industry-standard best practice could also assist you in building your brand, your reputation and giving you the edge against your competitors.
3. Wide understanding of the business – if employees understand their role and how it impacts on the business, through shadowing team members from other departments or roles it can help you create a collaborative environment. It encourages a culture of employees learning from others and a wider understanding of the business can result in team members being more accountable for their actions.
4. Improved staff retention – some turnover in staff is ok. A high turnover is not sustainable, it costs around £2.5K (CIPD) per member of staff that leave an organisation. Disruption, lack of capacity and loss of skilled employees will have a negative impact on the business. Investing in training and development is a more effective method of improving staff retention.
5. High employee engagement – I talk a lot about motivating and engaging staff. It is an area  you should not under-estimate. The negative impact on a person’s engagement, ambition, motivation and performance is huge, if they do not feel appreciated by the organisation they work for.
6. Develop your internal skills and talent pool – regular training sessions with the team can help your business stay ahead of the competition. It is also cheaper to train your talent rather than recruit new. Encourage individual teams or departments to maintain a close eye on what is going on in their part of the sector. If some one spots something interesting get them to present the ideas to those in the team that are interested.
7. Improve your profitability – productivity, motivation and performance are critical to boosting your business profits. Training helps you in all these areas. It is only logical that training and improving team skills will be better for team performance and better for your business.
8. Builds your succession plan – all businesses need a succession plan, a plan to replace staff when they leave or retire. Promoting and organically growing your own talent is a cost effective solution for most businesses. If you don’t train and develop your team,  when it comes to succession they will be left behind and unable to step in to the vacant role

Having said all of this, business owners and companies alone are not the only ones responsible for training and development.

Is it good to invest in your own training?

One word…….. YES!!!!!!

I believe that maintaining responsibility for our own personal development beyond our immediate job requirement, is the responsibility of the individual particularly if you want to be stretched and challenged.

About Tracy-Anne Barker;

I am the Founder and CEO of  TA Barker Associates; we are a training and coaching business specialising in working with Business owners, Managers and HR Professionals so they can equip their managers and teams with the right skills to maximise their performance and have a high performing business that is sustainable. Get in touch if you have any questions Tracy-Anne@tabarkerassociates.co.uk