We have all heard this saying before. Now that we are in business; as owners, leaders, and managers of a company, how does training affect your company, what does it mean, and why should you do it?
We continue to see an increase in training & development spending, and it is worth the investment. US spending on corporate training rose by 15% last year. This represents the highest growth rate in 7 years, according to a study from Bersin by Deloitte.
Training improves customer satisfaction
Training improves employee satisfaction & retention
Training saves labor
Training saves money
Training improves a company’s competitive edge
Training increases work productivity
Training enhances company profits
Motorola calculated that every dollar spent on training yields an approximate 30 percent gain in productivity within a three-year period. They also used training to reduce costs by over $3 billion and increase profits by 47 percent.
Source: Tim Lane et al., “Learning to Succeed in Business with Information Technology,” Motorola