Providing initial training and ongoing education doesn’t just boost employee performance, engagement and morale. Money spent properly training your teams comes back to companies in the form of increased profits.
For companies with dedicated training, investing in training isn’t just the right thing to do, it’s the smart thing to do. One study by the American Society for Training and Development found that companies in the top quarter of spending on employee training enjoyed 24 percent higher profits than those who invested less.
Yet a 2019 survey of 240 companies of varying sizes (less than 1,000 employees to over 10,000 employees) revealed that the average company spent 5.3 percent less on training compared to the previous year.
It’s clear that companies of all sizes need to be mindful of their bottom line, but they need to see training costs as an investment rather than an expense.
“When you strategically invest in employees, you attract and keep all the best candidates, and you also build a strong work culture unafraid of innovation, change, failure and success,” according to Forbes magazine.
Among the benefits Forbes lists:
- Attracting and retaining great employees
- Boosting employer reputation
- Increasing innovation
- Providing upward mobility for promotable employees and performance
- Encouraging forward looking
JazzJune for Business allows companies without a formal training program to launch one quickly and affordably. It also integrates seamlessly with existing programs and provides for extensive customization, tracking and socialization. Visit our page for business applications along with a brief demo video.
Invest in your employees’ training and education. You can’t afford not to.