Employees are the lifeblood of any business, but they are particularly important for small businesses. Small businesses will have fewer assets than larger businesses, which means that their employees likely take up a large percentage of their outgoing expenses.
As you are investing so much in your employees, it is vital that you are doing all you can to get the most value out of them. When it comes to building a strong workforce that will help you to grow and expand your small businesses, there is nothing better than training and development.
The list below outlines some of the top reasons why training and development for all members of staff are so critical for small businesses operating today.
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Training and Development Increases Employee Satisfaction
Studies have found that employee satisfaction rates directly correlate to other important metrics like worker wellbeing, morale, and absenteeism. Employee satisfaction is not only important for internal factors, like employee retention, but it also directly impacts customer satisfaction. One of the most impactful elements on employee satisfaction is training and development opportunities.
Research has found that when employees are offered training, learning, and development opportunities, they are more satisfied and feel more valued by the company they are working for.
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Improve Productivity Rates
Offering your staff regular training and development opportunities has been found to directly benefit internal productivity rates. This is because when staff are able to benefit from the most up-to-date knowledge, they can employ the very best practices. This is especially true in instances when you are introducing a new piece of technology in your workplace.
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Increase Innovation
Innovation can be life-changing for small businesses, helping you to grow your company and make a difference in your market. However, for small businesses to benefit from the innovation, they first need to encourage workplace learning. Using an online learning platform is an effective way of encouraging employees to pursue relevant knowledge that can help to boost internal innovation.
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Attract the Top Talent
Not only does training help you to make the most out of your existing employees, but it also increases your hiring potential. When people decide between job opportunities, they consider many different factors, such as salary, company culture, and training and development opportunities. Therefore, offering high-quality learning and development will enable you to attract top talent in the future.
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Increase Consistency
It is not enough to produce top-quality output only some of the time; to ensure you are able to continue to grow in the future, you will need to ensure consistency in your business. Training and development help employers to ensure consistency as all of your staff are up to date and aware of the very best processes.
Increasing consistency in your workplace will help you to reduce waste by limiting the number of human errors and miscommunication. This will also help you ensure a consistently high-quality customer experience, another important metric for business growth.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
