Employees are the lifeblood of any company, so helping them develop and hone their skills and knowledge should be a top priority. Corporate training supports them at work and in their personal life, allowing them to strengthen their interpersonal, emotional, and professional abilities. Not only does it make them more effective workers, but it can also increase morale and retention by demonstrating to employees that you’re invested in their growth.
The appetite for corporate training is only increasing, as shown by the over $50 billion spent on training resources in 2020. Development programs designed to meet your organization’s and employees’ needs is an excellent way to increase productivity and efficiency, directly leading to greater profitability.
This article illustrates corporate training programs’ benefits and how companies derive value from them.
On this page:
- What is Corporate Training?
- The Importance of Corporate Training
- Top Benefits of Corporate Training
What is Corporate Training?
Corporate training or learning and development programs are how companies educate employees on essential knowledge and skills. Traditionally, learning and development functions have primarily focused on professional skills. Still, there is an increasing desire for training that can assist employees in their lives outside work, such as learning techniques for managing stress.
Standard training courses include but are not limited to:
- Management training programs
- Business skills training
- Technology skills training
- Diversity, equity, and inclusion
- Soft skills training
Modern training programs are typically run through in-person, instructor-led sessions or a blended approach that integrates technology. However, more companies are running some or all training online using a Learning Management System (LMS). Businesses enjoy using an LMS because it makes tracking and evaluating employee progress easier.
The Importance of Corporate Training
The value of learning and development programs to employees and employers is tremendous. Giving workers access to resources that allow them to learn and perfect skills make them better employees. Employee training and development is critical for companies to strengthen their employee performance by enhancing their skills and knowledge.
Furthermore, companies that offer training stand out to potential employees over competitors. A recent Gallup study revealed that 65 percent of workers believe employer-provided upskilling is very important when evaluating a possible new job. The same report found that nearly half of American workers would switch to a new job if it offered skills training opportunities.
In an increasingly competitive labor market, businesses need every advantage to attract and retain top talent. For companies that have yet to consider implementing corporate training initiatives, it’s an effective way to set up your employees and, therefore, your company for success.
Top Benefits of Corporate Training
Here are some of the main benefits of corporate training:
More skilled employees
Whether it’s communication, organization, technology, or public speaking, everyone has weaknesses at work. Learning and development allow employees to improve where they need it and sharpen skills they already excel in. Training in soft skills, also known as power skills, can help workers become better problem solvers, managers, strategic thinkers, and much more. Likewise, training in hard skills can teach employees to become experts in more technical areas, such as using software applications and equipment and understanding compliance regulations.
Everyone has a preferred communication style, whether it’s via meetings, emails, phone calls, or Slack messages. Miscommunication is one of the most significant obstacles workers encounter. It can lead to missed deadlines and misunderstandings between staff that can escalate into substantial issues and impact employee morale.
Communication training is essential for employees at all levels, not just managers. It equips workers with the necessary skills to stay on the same page, prevent miscommunications, and improve productivity.
Interpersonal skills are considered soft skills and are often overlooked by companies offering training to staff. However, communication, empathy, and emotional intelligence are essential skills that impact your ability to build relationships at work. Good development programs focus on interpersonal skills, teaching employees how to cultivate genuine relationships with coworkers.
Better relationships increase employees’ connection to the company, making them happier and increasing retention rates. Higher retention levels mean less turnover and more profit for the business.
Develop effective leaders
Management training programs are always in high demand because they generate a tremendously valuable asset: great leaders. Leadership courses allow managers to develop the skills necessary to run a team or business unit, including effective communication, strategic thinking, and servant leadership. Since employees prefer working for managers they can relate to and consider quality leaders, so management training is crucial in most companies.
Raise employee morale
As the Gallup study showed, employees value professional development and think more positively of companies offering training. You can directly correlate your learning and development offerings and employee morale by that measure. Companies often focus on training senior leaders and managers and neglect to offer courses to other employees.
When you invest in training for all employees, you show that you value them, which makes them happier at work. Empowering employees with more knowledge and skills make them better at their jobs and improves their feelings of self-worth.
The logic is simple: if work makes employees feel good about themselves, they will feel good about work. Employees that feel good about work excel in their roles, are more productive, and stay with companies longer.
Creating a culture that values professional development is an effective way to make employees happier and better at their jobs. More confident and skilled employees, in turn, improve productivity and result in greater corporate profits. There are many avenues companies can now take to establish corporate training initiatives depending on the company’s structure. In-person classes work well for some organizations, while entirely digital training is valuable for remote or hybrid companies. Whatever path you choose, you can expect employees to buy in and appreciate the opportunity to learn and develop their skills.