By Clive Ormerod, Managing Director of OMS
At OMS, when working with different businesses we have found that many organisations develop their training budgets, as a percentage of their total salary bill and this can be up to 2-3%.
It really does vary depending on the sector of business, as some employees need constant training to keep them up to date if they are dealing with new legislation, technology or rules, whilst others just provide refresher training sessions when required.
I believe that upskilling the workforce and developing employees should be within all organisation’s business plans and strategies. If provided training is targeted correctly and the learning needs are assessed in advance, it will undoubtedly have a positive impact on any business to drive it forward year after year.
Here are the six key benefits that a company will find when training their staff:
Motivating staff and boosting morale
A company which upskills their employees enhances the individuals capabilities, confidence and motivation in the workplace. It can also improve the whole working environment for an organisation.
Return on Investments
ROI’s allow employees to measure the effectiveness of an investment for a company, employees can be challenged with return on investment projects to integrate into their company which enhances company profits. This also allows employees to look at existing processes with fresh eyes where improvements can be made to make any procedure more efficient.
Improving Employee Retention
Training staff reduces the numbers of leavers in a workplace as they feel valued, appreciated and improves their self-esteem.
Employees want to continue with a company that is investing in their development and their future career plan.
Reducing contractual costs in the workplace
To upskill existing employees to carry out certain things contractors may complete will save money and it will reduce unnecessary ‘paid’ visitors on site.
Keeping your company and employees up to date
Training employees and giving them up to date skills makes a company more relevant and relatable to customers and it also gives a competitive advantage over competitors.
Specific on the job training
Training individuals on key competencies in order for them to carry out their job role in a safe and protected manner is vital and also reduces certain risk factors, such as:
1. Lost time Injuries in the workplace
2. Fatalities at work
3. Production down time
4. Covering colleagues remits (holidays/sickness/Absences from work).