Prior to the COVID-19 pandemic, technology was in a constant state of flux. Every day, new software tools and methodologies were being created, and systems were updated to gradually replace the transitioning technologies of yesterday. These new advancements offered exciting opportunities for businesses, but also required new skills to operate properly. And now, both technology and the businesses that use it must adapt to a changing environment like never before, in particular regarding how people communicate and collaborate, while striving to limit drastic changes to their current workforces?
Organizations must now invest in their workforces by providing skill training programs that help employees develop new abilities and minimize gaps in knowledge, while having to work virtually. In this new technology driven world, skill training will be crucial to remaining competitive. According to a 2018 World Economic Forum report, more than half (54 percent) of all employees will require significant skill training in just three years. In the shadow of COVID-19, those three years now feel more like three months.
Here are some other reasons why, today more than ever, it’s crucial to reinvest in your team:
Skill Training Improves Employee Retention
Data from the US Bureau of Labor Statistics shows that three and a half million employees have left their jobs voluntarily every month since January 2019. That high level of voluntary turnover speaks to the issue of low employee retention across various organizations.
So, how can businesses boost employee retention? A start is by showing employees that they are valued, and their future career paths are being taken into consideration. In a national survey of over 400 employees spanning three generations (Baby Boomers, Generation X, and Millennials), 70 percent of the respondents indicated that job-related training and development opportunities influenced their decision to stay at their job.
Training employees and providing career growth opportunities shows that businesses are dedicated to continued learning as well as their employees’ futures. Reskilling your workforce shows employees the path to career advancement in front of them, and those opportunities might excite them about their future with the company.
Skill Training Increases Employee Productivity
Training fuels motivation. When employees fully understand how to use the technology in front of them, they can work faster and produce higher-quality work. Higher-quality work leads to happier clients, coworkers, and supervisors. Better skill training is necessary to give employees the tools for success.
The Return on Investment (ROI) Is Clear
Though technical skill training programs cost money upfront, they provide a clear ROI. It’s less expensive to invest in the training of current employees than covering the expense of seeking out quality new hires. When an individual leaves a position, they take their knowledge and experience with them. The costs involved in the recruitment and hiring process are high, from advertising the position to the time it takes to train a new employee. It’s crucial to invest in current employees, not only, so employees are happier and more productive, but so money and tenured associates aren’t lost. For example, MAX Technical Training has worked with several large insurance companies who have been able to reskill current employees from non-technical roles within the organization, to lead IT positions. This is a win-win for both the company who benefits from retaining their valued talent, to the employee who not only learns a new skill but also understands their employer values them and their work.
Skill training opportunities also lead to increased productivity, which leads to less wasted time and money. The many advantages of technical upskilling are interconnected, woven together to create a strong argument for its implementation.
Are You Ready to Invest in Skill Training?
MAX Technical Training is a woman-owned business, currently in its 23rd year, responding to the changing needs of clients. We provide educational services for IT professionals, software developers, IT leaders, and knowledge workers in Fortune 1000 companies worldwide. MAX specializes in private customized classes, mentoring, and intensive bootcamps for individuals seeking a career change. Our current offerings include training in ITIL4, Agile, Business Relationship Management, Cloud Security, Kubernetes, Business Analysis, Angular, Test Automation, Java, F5, and Microsoft. In addition, we are continually adding new technologies in response to our clients’ requirements. We vet the most knowledgeable and experienced subject matter experts to teach our classes. MAX delivers training in many modalities, including open classes attended in-person or remotely, as well as private classes offered at the client site anywhere in the world or multiple locations at once using our remote technology.
To protect your investment, MAX offers employer insurance. If an employee leaves your company within six months of completing training at MAX, we will train their replacement in the same class at no charge (subject to terms and conditions). In addition, MAX also offers “re-takes” to refresh the skills and memory of clients who have purchased and attended one of our classes.
If you’re looking into skill training, reach out to us so we can discuss the best training program for you and your team. And, if you’re considering another technical training facility, see why MAX is the best possible choice.
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