6 Reasons For Engaging In Corporate Training

Estimated reading time: 4 minutes

 

 

Corporate training is growing fast. It is becoming a trend to cultivate higher skilled employees who can contribute to the company success. Spending on corporate training is rising rapidly as well. According to Bersin by Deloitte, corporate training spending increased 10% in 2014, 12% in 2015, and 15% in 2016.  Corporate training is a ‘necessity’ in today’s ever-changing business world. Embarking on corporate training no longer provides an organization with a competitive edge. Rather, it is deemed as an essential investment. According to a study done by American Society for Training and Development (ASTD), investing in corporate training is able to yield financial returns for firms and their investors. Here are 6 other benefits of implementing corporate training.

 

At a glance, here are 6 reasons on why your organization should engage in corporate training:

1. Reskill the employees
2. Upskill the employees
3. Increased cost efficiency
4. Improved employees’ morale
5. Reduced employee turnover
6. Risk management

 

1. Reskill the employees

Rather than having a high turnover rate with frequent new hires who are only perceived to have more valuable skills, it might be better to optimize your current talent. Help to grow and train your current hires and equip them with the relevant skills that your organization needs now. Coupled with the workforce transition in the time of automation, reskilling the employees is now more important than ever.

 

2. Upskill the employees

Upskilling current employees is also a business priority. With limited resources – both in terms of human talent and financially, in an organization, upskilling the employees will help to retain current employees by increasing their morale and reducing employees’ turnover rate.

 

3. Increased cost efficiency

Hiring new talent and re-training them are often more expensive then retaining a current employee. You are losing the investment you have made in the current individual – not just in terms of the time and effort you have put into cultivating that individual, but also letting that individual go with the knowledge and experience that he has accumulated at your organization. A report by Oxford Economics has put the cost of  has put the cost of a new hire at around $30,000. Meanwhile, the average spend of $1,500 per employee for ongoing training barely registers in comparison.

 

4. Improved employees’ morale

For employees to feel productive before actually being productive, they have to feel that they are contributing to the success of a company and that the company cares about them. The easiest way to do show that your company cares about your employees is by providing them with corporate training and show them that you are willing to invest in the betterment of their professional skills. It is found that 87% of millennials said that professional development and career growth are significant to them.

 

5. Reduced employees’ turnover

Employees who underwent corporate training and those who had the opportunities to further grow their professional skills at work are often the most motivated and happiest ones at an organization. By providing your employees with corporate training, it will boost their morale and increase their motivation to stay with your organization, reducing employees’ turnover rate.

 

6. Risk management

For industries that are prone to accidents such as the transportation industries or finance industries, sending your employees to courses like process management or money laundering would prevent and minimize unexpected accidents from happening. In providing these trainings to your employees, it would also make these training sessions more meaningful to your employees and ensure that they have the necessary knowledge and skills to carry out their job scopes efficiently.

 

There are way more benefits of corporate training than what are mentioned in this post. Before all these benefits can come into being, what you can do is to ensure your organization engages in corporate training. Choosing an appropriate training provider can be made easy by reading more about the top 3 technical training providers in Singapore.

 

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Opus Kinetic believes that people are why organizations are successful, and giving people the knowledge to perform well at their job is integral for success. We pride ourselves as the premier provider of knowledge, offering acclaimed in-house trainings, and many other professional training courses spanning from various industries. Our training courses are well-researched and updated with the latest industry trends. For more information on our professional training programs, check out our training calendar.