Across nearly all industries, today’s small businesses and midsize companies are concerned with improving operational efficiency to support profitable growth. Facing an increasingly competitive marketplace – characterized by globalization, market consolidation, increasing regulation, competition for resources and the rapid pace of innovation – many companies report that improving operating efficiency is critical to their ability to thrive.
Several market pressures present both challenges and opportunities for companies with goals for profitable growth. Coping with these challenges and turning them into an advantage requires speed and innovation, responsiveness, and adaptability. While maintaining these attributes becomes more difficult as a company grows – and adds headcount, or expands into new regions or lines of business, the right training can make all the difference. Increasing operational efficiency means reduced costs and increased profit margins.
One of the many misconceptions in business is that a training program is there to train the company’s employees. However, the only justifiable reason to have a training program is to assist the company in attaining its bottom line goals or critical business goals. The benefits of incorporating a comprehensive training program are variables such as Increased Revenue/Sales, Decreased cost, Improved customer satisfaction, Improved quality, Increased productivity, Improved employee satisfaction/morale, and Reduced employee turnover.
There is a different culture developing for learning and training departments. This culture can be summed up in three phrases:
- Business need based
- Integrated into assignments
- Tracked through business outcome metrics
The quality of employees and their development through training and education are major factors in determining long-term profitability of a business. If you hire and keep good employees, it is good policy to invest in the development of their skills. Training often is considered for new employees only. This is a mistake because on-going training for current employees helps them adjust to rapidly changing job requirements.
These principles are being applied by many companies. It is important that you solve business problems when you are actually solving training issues. By asking the right questions and using a little business acumen, it is possible to see the real value of training emerge