With today’s competitive environment, there is a large focus on retaining employees. That means a concerted effort in enhancing training and development must be a top priority. Paying for training can add a significant amount of money to the bottom line, yet it is a worthwhile investment. It makes employees feel valued and appreciated, and more likely to remain with their employers. Companies that offer training and development opportunities save an average of $94,444.47 by avoiding turnover. The more technical the position, the more it costs to replace employees, sometimes averaging over $125,000.
Training and Development Trends
Developing an in-house training program could help. In-house programs not only provide a platform where more employees can be trained at one time, but also assists in keeping schedules flexible and on a consistent rotating basis. According to Training Folks, there are a few trends employers should be aware of:
1. The Shift to Corporate Training Programs is High
In a culture of increasing workload with less capital, investing in corporate training is at an all-time high.
2. Enhanced Training Techniques
Companies are hiring consultants that can develop techniques that are effective and efficient. This includes eLearning platforms, understanding learning styles and employing digital training modules that will adapt to all employees.
3. A Focus on Individual Goals
Although employees become more marketable when acquiring specialized training, companies have placed an emphasis on providing training that will align with the employee’s personal goals. This adds value and increases employee loyalty.
4. Implementation of Advanced Technological Methods
Self-directed study and corporate training through eLearning and computer-enhanced modules are prevalent and give the employee autonomy on how and when they learn. This gives employees an incentive to move at their own pace, knowing that they hold a high level of responsibility in their success.
5. Gaming Is Appealing
Corporate training developers have embraced the prevalence of gaming techniques in a young and savvy workforce, which enhances learning while keeping the overall scope fun and engaging. Students enjoy the thrill of competition and moving through different levels to show their proficiency.
Massive Online Open Courses (MOOCs) have also taken center stage, with employees taking the initiative to get their own training and present it to the corporation. There are a number of companies that have embraced this concept and developed their own set of MOOCs for their employees, which has worked for a variety of trainings including new hire orientation and safety procedures. A Future Workplace survey indicated corporate entities saw a valued opportunity to integrate MOOCs into their corporate learning environment.
How Can MOOCs Help a Corporate Environment?
- Synchronized learning
MOOCs allow a group of individuals to go through a module together for motivation. This group will participate in lectures, exams, readings and discussions and work at the same pace for collaboration.
MOOCs employ a “flipped classroom” environment where course materials are introduced prior to a class, which includes videos, readings and other elements of the upcoming assignment. Students are then directed to show their proficiency and understanding of the material during their training.
Overall, having a corporate training program is a must in today’s work environment. Employees appreciate when a company gives them a reason to improve themselves. This usually propels an employee to work harder to move up the corporate ladder and lend their new expertise to the company. The bottom line: corporate learning programs are a good investment into employee retention.