The ROI of Investing in Corporate Training
Your company hiring process is airtight — meaning, only the most qualified candidates ever get their foot in your door. So, why would you invest in unnecessary company training when employees are brought on with all the knowledge needed to do their jobs well from the start?
As industries become increasingly competitive, independent business owners depend on their employees — and the quality of service they provide — to build the kind of relationships that keep customers coming back.
How to help your employees deliver service that stands apart from the competition? Train them. Continuously. For the life of their employment.
The American Society for Training and Development (ASTD) states that customer service training has been shown to increase customer satisfaction by 9.5% in the first year alone!
And, happy customers are 33% more likely to give you repeat business.
But, company training isn’t limited to customer service. Here are just a few of the ways you can invest in your teams:
The ROI of Leadership & Management Training
The ASTD states that investing in leadership and development training alone can boost your company-wide profit margins by 47%. In addition, companies that invest in leadership development training are among the top “Most Admired” on Fortune 500’s list.
The ROI of Finance & Accounting Training
Cash-flow management can be quite challenging. To ensure the books are balanced and business runs smoothly, invest in this corporate training area to experience an increase of 16.3% in cash flow, valued at $ 9,673 per employee.
The ROI of Human Resource Management Training
Human resource management training can help reduce your staff turnover up to 70%. The reduction in turnover ALONE helps improve customer retention by 5% across industries.
The ROI of Personal Development Training
Your employees are your real asset. Investing in their growth by offering personal and professional development training can increase productivity by 5.2%.
The ROI of Sales & Marketing Training
Sales and marketing- sales is the lifeblood of your business. Invest in sales and marketing corporate training to increase your sales by up to 6.5% and enjoy a 24% higher profit margin.
The Research Is In: Corporate Training Pays Off
Training is proven to pay off… by an average of $8 net benefit for every $1 a company invests in elevating their employee’s skills. How is the ROI of investing in training so great? Remember that the sum of a whole is greater than its parts.
Employee training results in enhanced communication, teamwork, and problem-solving skills across roles. Managers and supervisors report improved relationships with employees. And, teams report a decrease in time and effort spent solving problems.
In short, a lack of training is just bad business. Don’t want to pour your budget down the drain? Consider making ongoing training mandatory. By prioritizing learning, you can create an environment that encourages effort, action, and engagement in any role.
The Right Training Can Make or Break Your Business
From the moment you decide to start your own venture, you’ll never stop learning. Your success has depended on having the right knowledge at the right time. Now, you need the same knowledge and commitment from your employees. Learn how LightSpeed VT can help you invest in the future of your business. Schedule a demo today!