The Benefits of Employee Training and Development
There are numerous benefits of investing in employee training and development, including:
- Increased job satisfaction and morale among employees. This has an added benefit of making your company more attractive to prospective employees.
- More motivated workers who will in turn tend to increase productivity and spur profits.
- More efficient use of workers' time as a result of higher skill levels, combined with a better understanding of the set job functions.
- Employees become competent, and therefore feel more confident, self-assured and well-trained.
- Employees will be able to share an influx in the number of ideas, recommendations and suggestions for improving performance, or processes and procedures.
- Lower overall employee turnover, and less absenteeism.
- Investing in employee training enhances the company image as:
- a healthy workplace environment.
- a company that offers its employees the opportunity to grow and meet their individual goals and aspirations
- a company that values employees and provides them with a sense of stability and makes them feel secured.
- a company that nurtures its employees
- Creating a pool of cross-trained employees can bridge gaps when someone unexpectedly leaves the company - or if they accept a transfer or a promotion.
- Doing so tends to create more efficient employees that require less supervision and who need less detailed instructions. This frees management's time for higher value added activities.
- Employees who receive international training tend to be better equipped to adapt to changes and challenges facing the credit department in particular, and the company as a whole.
Department managers must determine where training is needed. It is usually a poor use of resources to implement a department-wide generalized training program. Scarce resources [such as a training budget] should be allocated where it is most needed. If the company's training budget permits each employee to be trained, then training should be customized to [a] the needs of the department and [b] to the skills and aptitudes of each employee.
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