The Best Investment: Your People
Training your staff can be costly, but not in the way you might expect.
Companies usually cite one of two reasons for not training their people:
- No time to stop what they are currently working on in order to train.
- It costs too much.
These are not excuses. Time and money are real concerns that can prevent much-needed training from taking place.
Unfortunately, most organizations do not fully understand the high price they pay when deciding against strategic, customized training. A few key examples of this are outlined below. As you read, you’ll notice an important theme: Training actually saves time and money in both the short and long term.
- Your team is not working at top efficiency. Every technology is designed with its own set of efficiencies. If these efficiencies are not used advantageously – or if the developers are not aware of these efficiencies – then your staff is working harder and taking longer than necessary to complete tasks, projects, applications or systems.
- Mistakes cost money. This is obvious. When your team has to go back and correct errors, you are losing money and wasting time that could have been dedicated to another project. Hands-on training methods, including lab exercises that test for comprehension and teach real-world application, mitigate the risk of mistakes and errors. This training approach can be applied to application development as well as application security, change management, cyber security and networking.
- Untapped output value is being wasted. If a student learns just one relevant skill from a course that they then immediately apply to a current project, then the training has essentially paid for itself and the employee’s output value has grown for that and future projects.
- Your workforce may be unhappy. People want to be happy at work and grow professionally. A recent study by economists at the University of Warwick found that happiness led to a 12% spike in productivity, while unhappy workers proved 10% less productive. Happier employees lead to happier customers and an improved employee retention rate. Remember, on average it takes twice as long for a new employee to complete a project than someone currently working in your organization.
- Trust is essential and easily lost. If you’re putting out software with bugs or shipping applications that don’t function properly, customers may start to wonder if you actually know what you’re doing. Both internal and external clients need to know that your team is capable of achieving consistent results and adhering to a defined schedule. A customized training program fine-tunes your workforce, giving them the knowledge and tools they need to reassure customers and follow through on their promises.
It’s true that training costs time and money up front, and there is no doubt that training may be a tough expense to fit into your budget. However, not training your team is costing much more. Managers are often worried that training will be a wasted investment. But people are one of your company’s best assets, so it’s time we put that fear to rest:
Don’t worry about training your people only to have them leave.
Worry about not training them and having them stay.