Why invest in training? ("The only thing worse than training your employees and having them leave is not training them and having them stay." - Henry Ford)
Today we know that your greatest strategic differential is in people. They are the point of contact between the image that the company projects and what it really does. Business success is directly related to the investment and training their employers. Among the advantages of investing in training are:
Competitive advantages over the competition:
The competition for talent is growing. Offering your employees a development program as part of the benefits package is an excellent way to attract candidates to your company instead of losing them to the competition.
The increase in employee loyalty:
When your company invests in the training and development of its employees, they feel valued. Loyalty increases and the likelihood of them staying with the company increases. In addition to being more motivated and engaged in their activities, less supervision is needed.
According to a research of the SHRM (Society for Human Resources Management), the substitution of workers can cost between six and nine months to gain the knowledge and effectiveness of the previous employee. In addition to the obvious financial losses, a high turnover also affects the company's market position, profitability, and revenue. By training employees and investing in the development of their careers, we can make them feel valued by the organization.
One of the reasons why investing in training is advantageous for companies is the increase in productivity. Employees who have received training manage to develop specific skills and competencies for the best performance of their functions, which results in greater productivity and work quality.
Terex understands the needs of the markets and our customers, in addition to our face-to-face courses, we now also present E-Learning training solutions. We offer options such as operation, technical, diagnostic and maintenance courses on our Terex University platform.
In addition, machine and system specific courses will become available for purchase in the near future.
Accessibility and Convenience.
E-Learning materials are easily accessible allowing people to learn the information at their own pace and in the way that is most convenient for them. In addition, unlike face-to-face training, it allows employees who learn more quickly to complete training earlier and gain productivity. It should be noted that employees located in remote locations have access to training with the same consistency as if they were working on location. Finally, taking into account that people currently work very often, in different time zones or shifts, the fact that the learning tools are available 24/7 allows companies to provide training without taking in account to those limitations.
Increase Collaboration and Reach.
With E-Learning, it is possible to instantly access employees in different locations, departments and teams. In addition to allowing teams located in different locations to participate in real-time problem-solving challenges. These tools also bring other advantages such as instant connectivity with experts on a given topic, regardless of their location. It’s a win-win relationship with employers and employees involved in training.
More environmentally friendly and cost-effective.
Companies incur significant costs with conventional training. Usually, money is spent on traveling, instructor time and producing the documentation. E-Learning is not only less expensive, but also more environmentally friendly. From the moment the training goes into electronic format, paper and ink consumption is significantly reduced. All this contributes to an organization realizing significant cost reductions.
Suitable for Millennials (Generation Y).
Finally, one of the less mentioned benefits has to do with how much e-Learning is more suitable for the employees from the new generation. Today the best employees (and consequently the most disputed) choose companies not only for money issues but also for continuous learning. Based on a classroom context, employees are confined to a limited number of training programs in a specific time frame. With e-Learning, knowledge is available to people when they want, which allows them to access topics of interest to them.
Activity Management and Measurement of the ROI.
Using a learning management system, you can easily assess employee's progress and get reports on their development. The company can create general learning objectives, allowing participants the freedom to manage the process of achieving their goals. It is also possible to verify each employee's commitment to their own development and also check in real time the effectiveness of a specific training program.