What is Skills Development?
Skills development is the process of (1) identifying your skill gaps, and (2) developing and honing these skills. It is important because your skills determine your ability to execute your plans with success.
Imagine a carpenter trying to build a house. He has the raw materials but lacks good woodworking tools. He only has a small hammer and a small screwdriver. Without the right tools like a hand saw, he can’t turn these raw materials into pieces to build a house.
Why is training important in the workplace?
The importance of training goes far beyond checking off a to-do task for your employees. A high-quality, comprehensive training program provides employees a greater understanding of your organization’s processes, procedures, and goals. It also enables them with the knowledge and skills they need to be effective in their roles.
Equipping employees with relevant and ongoing training is one of the best ways to increase productivity and performance. In fact, organizations that invest in employee training experience 11% greater profitability over organizations that don’t.
10 benefits of training employees
There are countless benefits to training employees. Oftentimes, they’re easy to overlook because it seems like training takes too much time and effort. Organizations that don’t invest in formalized training programs may overlook the importance of training and development for their employees. But, those that do, can measure the impact of their training programs and see the benefits of training and development in the workplace. If you need to make a clear case for investing in training and development, consider these benefits of training to employers and employees.
Improved skill sets
Research from IBM found that an employee’s skills generally have a “half-life” of about 5 years, with more technical skills needing improvement after just 2.5 years. IBM also found that nearly 30% of skills are lost annually because they aren’t performed regularly or reinforced through training. This means that employees continuously need to complete training that improves their business, technical, and soft skills.
Increased productivity and performance
Training has a direct impact on your organization’s productivity and performance. As mentioned earlier, training gives employees a better understanding of their responsibilities and the knowledge and skills they need to do that job. This will improve their confidence which can positively impact performance. In fact, Seismic’s 2023 Value of Enablement Report found that more than 80% of respondents believe that more training would help them close more deals and meet their goals.
Faster ramp times
New hire training is important because it teaches new employees about your organization’s values, missions, and goals. And in order to ramp new employees quickly, they need to complete training that covers the skills, knowledge, and tools they’ll need to hit the ground running.
Higher job satisfaction
By investing in training, companies show employees that they are valued. Because training gives employees access to information they wouldn’t otherwise have, they’re more likely to feel confident and prepared to do their jobs. This goes a long way in making employees feel appreciated and satisfied with their careers with 80% of respondents noting that more training would help them feel more satisfied in their job.
Lower employee turnover
Our report also found that 50% of employees are considering leaving their company due to a lack of training. Additionally, IBM found that only 21% of new hires intend to stay at an organization that doesn’t offer training for their current role compared to 62% of new employees who do have access to ongoing training.
Improved buyer experiences
More than 90% of buyers report buying from sellers who are able to provide them with the right information and content throughout the sales process. Instead of reps struggling to deliver the right knowledge and resources, proper training enables them with the right skills, information, and content to better serve buyers.
Build customer satisfaction and loyalty
Training increases lifetime customer satisfaction, loyalty, and revenue for your company. Customers who feel they receive great service from knowledgeable and friendly agents spend 140% more money compared to those who had a poor experience with a brand.
Increased consistency
An effective training program delivers a consistent learning experience and level of knowledge to every employee. Consistency is important when it comes to understanding processes, products, or services. For example, a robust customer service training program increases the likelihood that your agents will deliver a consistent experience to customers. Or, for a sales team, this means that everyone knows how to deliver a great first demo.
Enhanced company reputation and demand
A strong training program is a great way to improve your company’s brand and reputation. Employees want to have access to ongoing training and development opportunities. So, by offering different types of training, your company is likely to attract new talent.
