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Smart business owners realise the key benefits of training their employees: the development of skilled staff who can work across their business, increased staff retention, customer satisfaction and business growth.
An analysis by the National Centre for Vocational Education Research (NCVER) on research undertaken on the returns on investment in training in Australia, found that across a range of sectors, training investments can yield very high levels of returns for businesses.
The NCVER analysis found that the immediate returns to training are highest when the training is highly focused on a clearly identified business problem or, put more simply, the actual needs of the business.
If you are experiencing any of the following business problems, it’s clear that you need to think about investing in employee training.
Do you find yourself engaging contractors for expert solutions or do you feel your employees are not working to their full potential? By cross-training your employees in the areas that are important for your business, you will have the flexibility to respond to changes in business workflows and you won’t be caught short if an employee leaves. Upskilling your current employees in areas new to your business, such as digital and social media, can help you achieve business growth, save money on hiring new staff and provide new development opportunities for your employees.
Upskilling your employees across different areas of your business will help increase their efficiency and productivity, prepare them for career progression within your company, encourage their loyalty and help them stay engaged with your business. Not only are you encouraging employee retention, you are also making your business more attractive to potential employees who factor in training and development opportunities when deciding where they will work.
Providing training and development for your employees through a registered training organisation such as North Coast TAFE may also be a legislative or licensing requirement for your business. If your employees do not have the qualifications that are required of them to perform their tasks, customers will take their business elsewhere. If your customers are dealing with well-trained, knowledgeable staff, this helps promote your business reputation, encourage long-term relationships with your customers and ultimately, increase your business growth.