5 Reasons Training & Development is Essential for Business Growth

When business budgets are tightened, often training & development is the first to go. But investing in your employees is key to your business survival & growth. With new technologies being introduced, as well as new ways of thinking, changing industry trends and improved business models, it’s important for businesses to stay ahead of the game.

Here’s 5 reasons why you should make training and development a priority in your business.

1 Higher employee retention

With the COVID-19 pandemic and the ‘Great Resignation’, it’s important to build a good working culture for your employees, and that includes investing in their skills & development. Offering career development initiatives and access to courses and training will also attract new hires, as well as fostering a sense of loyalty among existing staff.

2 Develop future leadership

When you invest in leadership development for current employees rather than seeking outside talent, your business will not only save money but also create a promotable and loyal workforce which knows the ins and outs of your business.

3 Increase employee engagement

Regular development initiatives will keep employees motivated and ensure fresh ways of thinking, as well as allowing a business to evaluate their workforce and fill any skills gaps.  

4 Boost productivity

Equipping employees with new skills will make your business run more efficiently. Upskilling your employees can boost productivity by 10%, according to a study by IBM.

Industry-specific training will also help staff reduce errors, meet industry benchmarks and improve efficiency.

5 Attract customers

Customers will gravitate to businesses they can trust and having professionally trained, certified, and assessed staff will attract customers to your business as they will know they are in safe hands.

If you need help establishing a training and development programme in your business, CforC can help. We have a range of programmes available, from innovation and productivity to business processes and sustainability, as well as industry specific training for manufacturing, aerospace and energy sectors.

View all of our training courses here or email us at compete@cforc.org or phone +44 (0)28 9073 7950 for a free consultation, in which we can assess your business needs and create a bespoke programme to help you achieve your business goals.