02 Jul, 2020
The Impact of Upskilling Employees
This informal CPD article on The Impact of Upskilling Employees was provided by Bayfield Training, a training company providing a wide range of Financial Modelling and Real Estate Strategy courses for the Global Real Estate Profession.
At Bayfield Training, we believe that the training of employees is vital. A company relies on the skill, talent and drive of every one of its employees, and I’ll be detailing, with support from a 2018 Workplace Learning Report by LinkedIn, how when you invest in your team, you get a return on investment in the form of better performance, increased willingness, and a sense of community.
The Benefit of Learning and Development Training to the Company
For a business to thrive, its employees should be reaching their maximum potential. Performance of the company reflects each individual, and everyone is as important as the other when it comes to the full picture of performance. Therefore, we believe that for maximum success, each part of this multifaceted system is important to execute to peak ability.
In order to retain employees, it’s essential to provide an environment where they feel encouraged to grow. According to LinkedIn’s 2018 Workforce Learning Report, a staggering 94% of employees will stay at a company that invests in their career development longer than if not. Therefore in order to attract applicants and maintain a team’s morale and inclination to work, it’s vital to invest – and the return on investment will manifest in having a productive, present and willing board of staff.
Of course, employees must be open to receive training, however it’s a team manager’s responsibility to ensure that all members are being pushed to reach their greatest potential. In keeping with this, 56% of employees say that they would spend more time learning if their manager suggested a course to improve skills. This shows that the enthusiasm to learn is present, however many colleagues do not know how to approach the topic of requesting training or aren’t sure if they would be supported. If shown voluntary support, employees will usually be eager to take this opportunity.
Furthermore, it’s key to align your employee’s goals, objectives and abilities with the targets of the company. To do this, it can be extremely beneficial to run training, bespoke to your team, to get everyone up to speed in terms of objectives and aims. 90% of executives agree that learning and development is a necessary benefit to the company, partially due to this.
The Benefit of Learning and Development to Employees
It’s essential for employees to feel supported by their managers and company, in order to create a team that seamlessly executes their objectives. There’s great value in employees feeling equipped to perform to their best ability. Employees undergoing training provides confidence and security in their roles, allowing them to work more effectively.
When employees are trained, their efficiency and confidence in their work can improve performance, which in turn can aid in getting recognition for outstanding and fruitful work in their role and potentially more opportunities to rise up the ladder within the company will become available to them.
A study has shown that 87% of millennials agree that progression and development is key in their job, as opposed to just 69% of non-millennials. When paired with the prediction that by 2025 millennials will account for 75% of the workforce, the relevance of learning and development schemes in the workplace is highlighted. Learning and development training builds a strengthened team within the workplace, where each part of the team is working in tandem with another and incorporating individual strengths to improve the overall outcome of the company’s returns.
We hope this article was helpful. For more information from Bayfield Training, please visit their CPD Member Directory page. Alternatively please visit the CPD Industry Hubs for more CPD articles, courses and events relevant to your Continuing Professional Development requirements.