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Because….
Because…..
According to Ferdinand Fournies, performance problems occur because employees (1) don't know what they're supposed to do, (2) don't know how to do it, and/or (3) don't know why they should do it. Targeted training is one solution to all three factors.
Because…..
According to the American Society for Training and Development, investment in employee training enhances a company's financial performance. An increase of $680 in a company's training expenditures per employee generates, on average, a 6 percent improvement in total shareholder return. Based on the training investments of 575 companies during a three-year period, researchers found that firms investing the most in training and development (measured by total investment per employee and percentage of total gross payroll) yielded a 36.9 percent total shareholder return as compared with a 25.5 percent weighted return for the S&P 500 index for the same period. That's a return 45 percent higher than the market average. These same firms also enjoyed higher profit margins, higher income per employee, and higher price-to-book ratios.
Firms that invest $1,500 per employee in training compared with those that spend $125 experience an average of 24 percent higher gross profit margins and 218 percent higher revenue per employee (source: Laurie J. Bassi et al., "Profiting From Learning: Do Firms' Investments in Education and Training Pay Off?" American Society for Training and Development, 2000).
The Cheesecake Factory, one of the most successful restaurant chains in the nation, spends about $2,000 per employee for training each year and reaps sales of $1,000 per square foot-more than twice the industry average.
…Training saves labour. By reducing duplication of effort, time spent on problem solving, and time spent on correcting mistakes.
… Training saves money. A better skilled workforce means fewer machine breakdowns, lower maintenance costs, lower staff turnover, lower recruitment costs, fewer bad debts, fewer customer support calls, fewer help desk calls, less need for supervision, reduced downtime, and increased worker productivity.
…. Training improves a company's competitive edge.
According to Nobel Laureate Gary Becker, professor of economics and sociology at the University of Chicago, "Any company has to recognize that not only is the human capital of their employees a major asset, it is also a depreciating asset that needs continuing investment." Keeping worker skills up to date keeps a company in the running.
…..Training increases worker productivity. Just a 2-percent increase in productivity has been shown to net a 100 percent return on investment in training (source: "The 2001 Global Training and Certification Study," CompTIA and Prometric).
Motorola calculated that every dollar spent on training yields an approximate 30 percent gain in productivity within a three-year period. Motorola also used training to reduce costs by over $3 billion.
….Training saves supervisory and administrative time and costs. The less time and money a manager has to spend on monitoring and guiding employees, the more time is freed up for more profitable activities.
….Training improves customer satisfaction. Better-quality work means better-quality products and services . . . resulting in happier customers.
…..Training improves employee satisfaction and retention. Many people assume that once employees are trained, they are more likely to leave the company for greener pastures, but actually, the opposite is true: trained staff are happier and more likely to stay put. |
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