Training your staff boosts profits and breeds loyalty. So why aren’t more businesses investing in staff training?
Research continues to highlight the neglect of staff training across the UK economy. New research by online learning provider Filtered.com shows that despite the availability of flexible and wide-ranging training programmes, 60% of UK workers admit to being in need of key workplace skills while only 25% receive training.
The study also revealed the size of the company you’re working for has a knock-on effect as to the training you receive. In the case of small businesses (with fewer than 50 staff), only 20% of the workforce receive the right training, while large enterprises also fall short with only 20% of the workforce receiving training.
These findings align with research conducted by AAT earlier in the year, which highlighted widespread under investment in staff training and the financial impact this is having on businesses.
Here are five reasons why training is a failsafe investment for your business:
Cut out losses and boost your profits
Earlier in the year AAT laid bare the possibility that as much as £2.9 billion is being leaked by SMEs through tax miscalculations, unpaid invoices and fines. With investment in finance training you can cut out these ‘silent’ losses and boost productivity and ultimately profits too.
Keep skills fresh
Being aware and properly trained on regulatory changes such as PAYE and VAT is an ethical and legal necessity first and foremost. It also motivates and empowers employees to refresh their skills and know that they are not remaining static in their development.
Boost motivation levels
Training is a great way to reinvigorate your workforce. We all know how easy it is fall into the grind of day-to-day work and this repetitiveness can be demotivating. Training can help your staff to avoid that stagnation and rekindle their enthusiasm for what they do.
Having a high staff turnover can be a time consuming and costly expenditure with businesses spending as much as £30k hiring replacements. Training your employees can help reduce staff turnover. Here are more reasons why training your staff breeds loyalty.
Enhance your reputation
Attracting desirable candidates for new roles can depend on your company reputation. What could be better for your reputation than a happy workforce backed by an expansive staff training programme? Companies like John Lewis and Aldi have built their brand image on more than just products – their staff development programmes have made them highly desirable companies to work for.
Huw Moxon is AAT's Marketing Campaign Manager.