By Legal Futures’ Associate Kaplan Altior
A skilled and motivated workforce is at the heart of every successful business. Therefore, nurturing and investing in your team is vital to ensure that you futureproof your business and get the best from your people. More than ever, companies need to start looking at more innovative ways to maximise their team’s potential, providing them with the right knowledge to apply to their daily activities and enhance their existing skills. Jody Tranter, head of legal and professional training firm, Kaplan Altior, reviews the importance of ongoing learning and development, how you can achieve this and how it can positively impact your business.
- Time is no longer a problem
Time is the number one challenge that individuals and organisations are facing in the workplace, with only 3% of companies allowing their team to dedicate seven hours a week to professional and personal development. This is a very limited pool, so what might be the solution? This is where virtual learning can help. It provides the perfect opportunity for your team to develop the skills needed to get ahead of industry trends, staying abreast of any legislative changes and also to enhance service offering for clients with the development of both personal and professional skills. But as well as impacting overall standards of service, choosing an online training programme can also offer financial benefits. In fact, you can reduce training costs by up to 50% without having to compromise on employee development. With the added option of flexibility for companies and delegates alike, it’s a great opportunity to invest in training with minimal time away from the office and everyday work tasks.
- The Brexit factor
Rising up everyone’s agenda as of late (regardless of whether you’re in the remain or leave camp), Brexit is predicted to have an ongoing impact on the British workforce if we opt to limit the free movement of people between Europe and Britain. Although we cannot be certain of what will happen when we leave the European Union, this may leave UK businesses facing new challenges to operations, especially with regards to recruitment. This is why now may be the ideal time to develop your existing team with ongoing training, focusing on upskilling them, tackling any skills shortage issues as well as working to improve retention rates within your team.
- Retain your talent
Research continuously tells us that training shouldn’t be undervalued and should always be taken into account as it plays a key role in boosting employee loyalty and retention rates. For example, PWC recently carried out research with millennials around their expectations and desires when looking for a new job. This demonstrated their eagerness to learn and acquire new knowledge, with 22% of respondents highlighting training and development as a valued benefit and 52% of them stating that the opportunity for career progression is an attractive prospect in an employer. Implementing a training scheme will improve your reputation and retention rates, setting you apart from other organisations in your field. Additionally, according to the Association for Talent Development, companies that invest in training courses have a 218% higher income per employee and 24% higher profit margin. The proof is in the numbers.
- Increased productivity
Giving your team the opportunity to enhance their professional skills will help keep them engaged and satisfied in their job as well as make them feel more valued within the company. By focusing on ongoing training and development, not only will you ensure that they are competent and compliant to carry out their role, but it will help to secure the right knowledge to achieve the best results for your business. Studies have shown that companies who have invested in training courses for their teams have a 37% higher productivity rate and 21% income increase per employee. Productivity levels are at the heart of all business successes, so this should always be a careful consideration when you want to boost efficiencies and team performance.
- Make the most of morale
Alongside moral boosting activities such as social events, team perks and financial rewards, investing in ongoing training and development can have an extremely positive effect on team morale. One of the secrets to building a strong and efficient workforce is creating a positive atmosphere to help motivate your team and training courses can certainly help to contribute to this overall goal. After all, when individuals feel that career progression isn’t available to them, you can start to lose talented people. Statistics have shown that when employees can’t grow professionally and achieve their careers goals, they are 12 times more likely to leave the business. If we look at entry level employees, the number rises up to 30 times. Part of appreciating your team is showing your interest in their career progression and by investing in them, this will reflect your commitment to developing them as individuals within the wider organisation.
Training and development are much more than just tools to enhance your team’s skills. Continuous development can add value to your business, making it more appealing during key recruitment phases and can also positively impact the team’s performance levels which will inevitably affect the firm’s profits. Not only will it contribute to a more skilled workforce, but it will also increase engagement levels in your team, improving loyalty and retention rates. Development is now easier than ever before as it’s accessible through online learning platforms like Kaplan Altior’s Live Online, allowing many staff members to continue their development from their desks (or at home should they prefer). But regardless of how you choose to undertake training, in the long run, the money invested in your team will prove extremely worthwhile
For more information about Kaplan Altior, visit: https://altior.co.uk/