The ROI of Quality Workplace Training

“Excellence is an art won training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.” – Aristotle.

In a study Bersin, high-impact companies – organizations at a 3 or a 4 on Bersin’s Maturity scale – have a tendency to spend more on their training programs than organizations at a 1 or a 2. These companies excel in their training programs because they repeatedly spend the money necessary to make their training programs top notch. That repeated spend has resulted in the exponential growth of corporate training programs. It is one of the biggest expenditures for companies because a good training program means the difference between skilled and engaged employees. The study says:

“In fact our research shows that these companies not only perform at higher levels, they have higher levels of engagement, retention, and employee and customer satisfaction.”

In the last two years, spending on training programs has grown from $60 billion to an astonishing $70 billion nin the United States alone. Worldwide, that number is nearly double at $130 billion.

There are awards for this, you know

So it must be important, right? Training programs determine the success of your new hires while solidifying company culture. Learning cultures established training programs are easily carried throughout the company with ongoing training opportunities for employees looking to further their knowledge and experience in their field.

Training Magazine ranks the best training programs each year. Companies who want to be considered for this award have to apply to the magazine. They are then scored a third party – a research and statistical data company – and the Training Magazine’s hall of fame. One of the areas Training Magazine considers is the financial investment the company puts into employee development. Editor-in-chief of the magazine, Lorri Freifeld, says, “They demonstrated an organization-wide commitment to and passion for training that is to be commended.” 2014’s list for the Outstanding Training Initiative Award Winners include well- known names such as:

  • BNSF Railway
  • Discover Financial Services
  • First Data Corporation
  • First Horizon National Corporation
  • Walgreens
Where there’s a skill there’s a way

“Sixty years ago I knew everything; now I know nothing; education is a progressive discovery of our own ignorance.” – Will Durant

Technology isn’t just sought after in candidates, those same candidates want to see technology in their training. As the globe grows in the number and varying types of mobile devices and advances in technology, workers expect the same of training programs. The same study Bersin said that “informal training” – i.e., the sharing of knowledge – has become popular over the traditional classroom setting.

In 2013, companies spent 39% more on these social learning tools and expert directories than the year before. Training in the workplace has transitioned to online instruction from a classroom setting. However, because a pure online training program doesn’t normally show the results companies would hope for, most organizations do a two-thirds program. Meaning, a majority of the training is done online via gamification, social tools, and knowledge sharing and the rest is instructor led.

The best corporate training programs are the ones who invest the most in them. In reality, providing quality training for your employees gives you a higher ROI and reduces turnover. If your employees understand the true value of their place in the company and how their training benefited them, there are less work-related reasons to find other employment.

The best training programs keep up with the growth of their employees professionally and technologically. We live in a digital world. To have a well-rounded and effective training program, you have to cater to the changes in technology and how your team can use them. Although Millennials prefer the online interaction, considering 4.6 million college students took one online course last year, their BaBoomer and Gen Xer supervisors want in on the action as well. Don’t leave your training behind; it needs dedicated attention, too.

Cyber Train is the remedy for any corporate training gaps. Give us a call, we will help you get started.

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