July 28, 2022
Employee Training that Sticks Isn't an Expense — It's an Investment
Budget cutbacks in your future? Let me guess, you're thinking that cutting the employee training budget might be a good place to start. You might want to think again. Training Magazine's 2021 Training Industry Report found that the average company in the U.S. spent $1,071 per employee in 2021 on training costs — not that much if you consider your people to be your most valuable resource. And like most things in life, you get what you pay for. Just how effective is the training you're providing?
Why does it Matter?
Very simply, effective training can positively impact the bottom line. Companies that focus on employee development and training see an average 24% gain in profit margins. Also, a study of more than 3,000 U.S. workplaces found a 10% increase in educational development will result in a 6% gain in productivity. Compare that to the fact that an employee that feels their company won't fulfill their career goals is 12 times more likely to leave.
Do You Train to Test or Train to Learn?
In the short term, you can probably fulfill examiner requirements by training to test. In the long term, training to learn not only produces results examiners love, but also:
- Increased Loyalty — Good training not only increases employee loyalty, but customer loyalty as well. And loyalty leads to better staff retention and customer longevity.
- Engaged Employees — When your employees feel valued, they're more engaged and less likely to leave, decreasing turnover. Focusing on your employee development will also help uncover any skill gaps that may occur so you can address them efficiently.
- Boosted Innovation — Well-trained employees are quick on their feet and adapt easier to changes in the marketplace. They also tend to think more out of the box when it comes to problem solving.
- Better Candidates — Word gets around when you have a good training program. You'll attract more top-level candidates when employee development is a priority at your financial institution.
Training to Learn is Training that Sticks
We've learned over the years that the best way to achieve sticky learning is through interactive, engaging, gamified, and video-based content in addition to various delivery formats to reach a variety of learners. Why video? One study found that after three days, learners retained only 10-20% of written or spoken information, but almost 65% of visual information. Why gamification? Game-based learning can promote brain elasticity, adaptability, and creativity.
Great continuous learning shouldn't be a punishment. It should be a perk. Investing in your employees' development is not just a good idea; a well-trained staff serving your market is just good business.
BVS Performance Solutions
4060 Glass Rd. N.E.
Cedar Rapids, Iowa 52402