Many companies have full blown employee training programs in place. There are many benefits of employee training, including safety and retention. The ASTD annual report states that companies in the United States spend about 2.34 percent of their payroll on training each year. This report also states that an estimated $58.5 billion is spent each year training employees. Additionally, the Wall Street Journal estimates that U.S. firms spent approximately $156 billion on employee learning during 2012.
As you can see, the amount of money being spent on training reflects the fact that companies do gain through the benefits of employee training. According to the Bureau of Labor Statistics, in July of 2013, there were an estimated 3.7 million job openings in the United States, many of which could see positive results and the benefits of employee training.
What are other benefits of employee training? Employees can experience higher job satisfaction and morale. This is also a great way to attract new employees. The benefits of employee training will also be present in a higher level of motivation by your workforce. As you know, this motivation will increase productivity and it turn, higher profits.
Benefits of employee training include your workforce being able to use their time better because they have attained high skill levels through this training. They will also feel more competent and more confident.
Your employees will also experience the benefits of employee training, as they will have more ideas and recommendations about improving performance and profits. They will also be absent less often.
The benefits of employee training and employee retention programs can also create cross trained employees who can pick up the slack should another employee leave the company unexpectedly. Employees who have gone through employees training or other types of employee training tend to need less supervisions, which is one of the best benefits of employee training. This allows management to worry about other activities, not just overseeing employees.
You can find other benefits of employee training that use employee of the month programs, and other such incentive programs. Implementing employee training plans and programs that your employees go through on a regular basis can produce these benefits.