The Hidden Costs of Poor Internal Training
The Hidden Costs of Poor Internal Training
Effective training is an investment in not only the performance of your employees, but the success and future of your business. Great training can yield unexpected benefits such as creating staff loyalty, improving efficiency, increasing productivity, reducing incidents, and reducing staff turnover – just to name a few.
However, did you know that poor training can yield some nasty downfalls to your business. Poor training will cost you more than just financially. Let’s take a look at some of the things internal training can affect within an organisation, and how these can quickly turn into hidden costs when poor training is given.
Bridging Gaps in Knowledge, Confidence and Experience
If the training objectives are unclear or poorly presented your staff will fail to grasp what’s being put down. Ineffective training could even have the opposite of the intended effect and instead confuse your learners. Leaving things to chance can open the door for training gaps – and these will cost your business. Whether it be down to the slowing of inefficient processes, a lack of confidence and direction or an increase in work related issues or incidents, ultimately the cost will catch up.
Staff need to feel confident in their role, understand clearly what they are there to do, know the processes they need to follow and where to go and who to report to within any organisation. Great training will set out these key pieces of information, build on skills, confidence, knowledge and understanding alongside reinforcing what is learnt.
Guiding Staff Through Workplace Changes
Over time, any and all successful businesses will go through periods of change. This could be due to organisational processes, use of equipment and tools, changes in management and or updates to the law. Regardless of which category your business may fall into, your staff need to remain up-to-date and confident in any changes that take place, and know clearly what those changes mean to them and their role.
If your employees are not prepared or equipped to manage these changes in stride, you increase the risk of staff reverting to old practices that they feel comfortable with. This will cost your business in many ways, including the slowing down of processes, the enabling of poor customer experiences and could even leave the door ajar for more serious problems such as those that could include work related accidents or legal proceedings.
The Tools to Innovate and Get Ahead
In the change-driven and competitive world of business, those that fail to innovate, create, and keep up with new industry trends are unlikely to achieve long-term success. And for the businesses that don’t allow their staff to do so, will find that they struggle to compete with those that do.
Keeping staff up-to-date in all areas including industry trends will give them the needed knowledge to innovate within their work. This will in turn contribute to the success of your business by creating new and exciting intellectual property, designing more effective processes, giving your company a competitive edge and ultimately keeping ahead of the market rather than falling behind.
The Rate of Staff Turnover
Not investing properly in your staff leaves you at an increased risk of high staff turnover. Lack of training opportunities, investment and career progression are often why high achieving and skilled employees leave their job. Ambitious individuals want to develop their skills and continue to learn. If you don’t invest in the development of your staff, how can you expect them to invest in your business.
When a business loses an employee, they aren’t just losing a worker. They also lose the experience, skill and insight that the staff acquired over their time working with your company. These are assets that will then often be handed to your competitors instead.
Paying attention to the training needs of your staff will not only improve their skills and productivity but also improve their loyalty to you and your company.
Hopefully, this article has helped lift the veil on some of the key hidden costs of poor training, as well as educate you on the value that great training can hold.
Effective training is not only an investment in your employees, but a long-term investment in the future success and growth of the business as a whole.
Don’t be victim to thinking short-term, instead think to the future and envision the potential your business holds.
If you are wanting to make a change and elevate your current approach to internal training and development, start the conversation today and let’s see how we can help you to achieve those goals. We are experts in building bespoke solutions to ensure you get exactly what you set out to. Let us help you to get the most from your training, the most from your staff, and ultimately the most from your business.