The pandemic has led to a re-examination of what was supposed to be the norm in the workplace, followed by a revamp of existing policies and work structures. One of the reasons for this recursion is to alert people from different fields to their obvious skill gaps in most industries. This skills gap has a negative impact on young people as it can lead to unemployment and low wages.
It also has a negative impact on businesses as they are unable to achieve their objectives or function optimally. for example, Investigation According to research conducted by national and international organizations, 50% of India’s youth population will not have the necessary education and skills to secure employment by 2030.
Therefore, providing young people with opportunities to upskill should be an investment. Employees as well as employers can help integrate technology, helping to increase production and reduce costs. This article discusses how corporate learning can benefit both employees and businesses.
Benefits for your organization
Corporate learning in an organization can take three main forms. Virtual self-paced training where employees can participate in pre-recorded training sessions online, virtual live sessions where teams join live sessions conducted online, and PMP classroom training where employees are trained offline. All these formats have advantages and disadvantages. However, some of the common benefits of corporate training that occur in organizations are:
reduce employee turnover
Hiring new employees is an expensive task for many organizations.that is Estimate An amount equivalent to 50-60% of an employee’s salary is spent on retraining efforts. Therefore, companies need to reduce employee turnover, and providing opportunities for upskilling is an effective way to do so. According to a recent survey, 94% of employees reported they would stay with the company longer if they invested in training.
Upskilling and reskilling can also reduce employee layoffs. This is important because layoffs can lower employee morale and motivation to work. Training ensures their skills remain relevant and updated with the latest developments in the field.
Enhanced employee engagement
Another study reported that employees who felt their organization invested in training and development were 3.5 times more likely to be involved in their job profile. Employee engagement is essential for an organization to achieve its long-term goals and objectives, and training programs keep these in mind.
Helps attract talent
As many studies show, employees value skill-building opportunities. Therefore, having a comprehensive training program in place can help attract talent and reduce turnover. In other words, companies are able to hire and retain dedicated workers.
As previously mentioned, employees value upskilling and reskilling opportunities. Corporate training allows you to stay updated and job relevant as the industry develops. It will also help you advance your career with opportunities for promotion. Greater job satisfaction is achieved when employees feel their work is intellectually stimulating and valued by the company.
Corporate training is essential for organizations and employees to achieve their goals. Helps reduce employee turnover and turnover. Increase job satisfaction and provide opportunities to engage meaningfully with working conditions. Most importantly, it helps create a workforce that is ready to compete in the global marketplace.It’s a win-win situation.
The above views are the author’s own.
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