The Impact of Training for Your Business
Improved staff retention
Training increases staff retention, which is a significant cost saving, as the loss of one competent person can be the equivalent of one year's pay and benefits.
The flow-on effect
The benefits of training in one area can flow through to all levels of an organisation. Over time, training will boost the bottom line and reduce costs by decreasing:
wasted time and materials
maintenance costs of machinery and equipment
workplace accidents, leading to lower insurance premiums
recruitment costs through the internal promotion of skilled staff
There is a common factor out there - successful businesses and organisations train their staff!
Improved quality and productivity
Training that meets both staff and employer needs can increase the quality and flexibility of a business's services by fostering:
accuracy and efficiency
good work safety practices
better customer service
Businesses must continually change their work practices and infrastructure to stay competitive in a global market. Training staff to manage the implementation of new technology, work practices and business strategies allows your business to remain competitive.
For further research on the benefits of training for businesses, please read: Smith A., 2001, Return on Investment in Training: Research Readings NCVER.
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