When times are tough, the economy is rattled, and you're worried about your profit line, it's easy to push employee training programs down to the bottom of the list of priorities, especially when we're talking about strengthening corporate culture rather than upskilling your workers. Investing money in developing employee activities and losing out on work hours by releasing employees from their regular, revenue-driving tasks can seem like a lose-lose situation.
But even when your biggest concern is profitability, employee training programs that promote a positive company culture to new and existing employees are worth both your employees' time and your enterprise's money.
Here are 6 reasons why employee training programs are the secret sauce behind your company's success.
1. Increase Productivity
Simply earning a salary isn't enough to motivate employees to do their best work. We're all far more willing to give our all when we feel connected to the cause. Employee training programs that promote company culture, educate employees about corporate values, and share the enterprise's big vision help workers feel part of the greater whole.
Employees who see themselves as a vital element in the larger company are more invested in the enterprise's success. They consider that company achievements are their own personal achievements too, and want to do as much as possible to advance them, ramping up productivity. They are also more committed to stick with the company through tougher times, believing in the company's vision of success.
2. Drive Innovation
Sharing your company culture creates a supportive atmosphere that appeals to a diverse group of employees from different backgrounds and generations. Diversity breeds innovation, with 89% of companies agreeing that a more diverse, multi-generational workforce makes them more successful.
Although they each bring their own outlook and experiences, a common corporate culture helps unite everyone to work as a team, building on each other's ideas. It's particularly important right now, when the majority of employees need to collaborate while working from home.
Employees who feel part of a positive corporate culture are also more likely to feel safe enough to speak up with new ideas for workflows or products, driving innovation and growth within the enterprise.
3. Attract the Best Talent
Although unemployment rates soared recently due to the pandemic, there's still huge competition for the best talent. Today's top applicants aren't solely motivated by compensation and benefits; they are looking for enterprises with a company culture that welcomes them into a team and encourages them to build their own skills and abilities.
Checking employee reviews about their place of work is commonplace, with 38% of jobseekers saying they wouldn't even apply to a company that has poor employee online reviews, and when rating the most important factors in selecting a new job, 42.75% of people placed an inspirational culture at the top of their list. Culture can't be ignored.
4. Retain Top Employees
Attracting the best new talent is only one half of the picture. You also want to hold on to your best employees and nurture their growing skills and abilities within the company. Promotion from within is a top priority today, but it's only possible if your employees feel like a valued part of your business.
On top of that, experienced employees who have been with your enterprise for years gain knowledge and understanding of your workflows, your product, and your market that can't be replaced by new hires. You might think that you're throwing money away on bonding experiences and corporate culture training programs, but investment in employee experience boosts retention and convinces employees to stay. High employee turnover rates cost far more in the long run, in terms of hiring and onboarding new talent.
5. Develop a Can-Do Atmosphere
When you provide regular employee activities and bonding events, you generate an atmosphere of unity that places everyone on the same team, without unhealthy competition or one upmanship. This gives employees confidence to take on more responsibility, apply for a role that's a level up, or attempt a task that stretches their abilities, because they know they won't be shamed if they fail.
The same is true of onboarding programs for your new talent. Effective onboarding brings new hires to feel "part of the family" faster, encouraging them to begin contributing to the enterprise and pushing themselves to learn as they go.
6. Differentiate Your Enterprise
It's highly unlikely that your company is the only one in your vertical or niche. Although there might be many things that you feel set your enterprise apart from all the rest, your corporate culture is the driving factor. Your competitors might mimic you on price, product, and marketing style, but they can't imitate the feeling among your employees.
Company culture doesn't only impact on current and potential employees, but on consumer choices as well. Today's buyers, whether business or consumer, pay attention to the way that enterprises treat their workers and how people talk about their employers. When your employees view you company as caring, value-driven, and ethical, it filters out into your brand reputation among your target audience, too.
Employee Training Strengthens Your Enterprise from Within
Far from being a waste of time and money, investing in employee training and onboarding programs that promote your corporate culture are a key way to drive your enterprise towards success. Employee training helps you attract and retain the best talent, boost productivity, encourage innovation and dedication, and market your company to consumers and prospective employees alike.