Sustainable growth and increase in profitability will always be a recurring issue that every business has to face. As your business grows, more issues related to your expansion will emerge. With globalization resulting to tighter competition, increasing revenue is no walk in the park either. So how can companies grow and thrive despite today’s volatile market and rapid advancements in technology?
The answer: through training and development.
Many would argue that investing in training and development has potential drawbacks – and there’s no doubt about that. Spending on trainings is risky because they’re not cheap and the return of investment might not manifest. Employees can pursue better opportunities, leave the company, and use gained knowledge against you. To top it off, the global economic crisis has forced most businesses to concentrate on the bottom line and fast-earning solutions, putting training and development at the chopping block.
While these concerns are perfectly rational, companies forget to look at the bigger picture. They focus more on today’s concerns when they should be thinking for the long run – and that’s what training and development is all about. It is a proactive and long-term solution that provides competitive edge for both the company and individual employees.
Investing in training and development can yield to a domino effect of positive outcomes that can bring your organization to achieving success step by step.
Training as a two-point advantage
Without well-versed employees, your company might as well cease to exist.
Providing opportunities to advance your employees’ skills further benefit not just your employees, but also your business. Your interest in their progress can increase their job satisfaction, which in turn, motivates them to work harder, increasing productivity. This can also help reduce employee turnover and improve retention. Aside from that, you create an image for your business that attracts potential talent.
Business run better
Emerging trends and constant changes in the industry won’t be a problem when you have seasoned staff members. New knowledge and practices learned will translate in their work, resulting to an increase and improvement in your business’ performance. With employees committing fewer mistakes, operations will run smoother all the while reducing unnecessary business costs. And what happens when business runs better? You earn more.
Employee development is a definitive arm to the difficult task of sustaining growth and increasing the profitability of your business. Training and development is an investment that keeps on giving with its progression of benefits, starting with your employees’ improvement in performance which will manifest in their role, resulting to improved productivity and a direct increase in profitability. Sure, it may be a long journey, but then success isn’t a short sprint – it’s a marathon.