Similarly, employees generally expect to be provided with opportunities to grow and develop their skills. It includes things like your expectation that an employee will stay late if there's important work to finish.

In essence, this refers to the unwritten expectations that both the company and the employee hold. Companies that don't offer opportunities for learning and skill development tend to have a higher employee turnover rate.Īs well as a written contract, there's also a physical contact between a company and its employees. Research has shown that two of the most common reasons why people leave a company are that they either don't feel supported, or feel like they are going nowhere. When an individual joins in organization, they expect to gain knowledge and skills in their new role. When you don't give people an avenue to grow personally, you're missing opportunities to drive staff motivation and productivity. Self-development and self-actualization factors are two other powerful forces that energise staff and inspire them to work. Study after study has shown that people only partly motivated by monetary rewards. If you're tight with your training budget or slow to get your employees up to speed, you'll lose ground to your competitors – they'll simply be selling, delivering and serving better. It's highly likely that the most successful organizations in your sector are training their staff and investing in their future. And that means training your employees well. With the current pace of change, adaptability is the key quality that will keep your head above water and your company profitable.Īdaptability means being able to recognise changes and new trends as they happen – and then internalising the new knowledge, skills and attitudes needed to cope with the demands of the new landscape. Modern day business is in continuous flux. So why is training so important for a company's success and why is it worth the investment? Here are ten reasons why spending money on training is money well spent. When the competition is strong, a great product or service isn't enough in itself – you also need great people. Only when a business is able to compete in the marketplace is it able to be successful. Training is often one of the first business expenditures to be cut whenever there is an economic slowdown.

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