By Bhavesh Goswami, Founder & CEO, CloudThat
In today’s ever-evolving business landscape, it is imperative for organisations to diligently curate growth and development strategies for the workforce to remain ahead of the curve. Through my extensive research and experience, I have observed that industry-relevant corporate training programs in the workplace can significantly enhance the productivity and performance of employees. Such programs also demonstrate the organisation’s unwavering commitment to upskilling its workforce in response to the constantly evolving demands of the industry.
Corporate training is one of the best strategies to boost workforce productivity and improve output quality. A study by IDC supported by Microsoft has found that developing and applying a growth mindset to training and certification is extremely important to long-term career resilience and organisational return on technology. Companies that offer thorough training programmes have 218% higher income per employee than businesses without formal training, according to the Association for Talent Development (ATD). Moreover, a study by the National Centre on the Educational Quality of the Workforce (EQW) revealed that improvements in workforce education levels were far more effective at boosting productivity than improvements in equipment value (a 10% increase in both produced an increase in productivity of 8.6% for education compared to just 3.4% for upgraded equipment).
Organisations are quickly ramping up by relying on holistic models like Capability Development Framework (CDF) to assess the existing skills of their workforce and gauge the skill gaps to plan comprehensive training programs that create a futuristic project-ready workforce. Also, such frameworks describe the knowledge, abilities, and behaviors that people must possess to be competent and meet corporate priorities.
A well-designed corporate training has become an integral part of the workplace. A learning and development manager must research and diligently identify their employees’ training needs.
Here are seven reasons why corporate training is essential for workplaces, especially in the IT sector
1. Hone Robust Skill Sets:
The AI-driven business world demands robust skill sets. Employees need to acquire new skills to match the ongoing dynamics of business practices. Corporate training offers an organized approach to learning and development, allowing staff members to gain the expertise they need to fulfill their job duties successfully.
2. Fostering a Culture of Learning and Boost Workplace Morale:
A company can substantiate its value towards employees and their devotion to its success through investment in employee development. According to a study by the Association for Talent Development, 71% of employees who received professional development opportunities said they were delighted with their jobs, compared to only 45% of employees who did not receive such opportunities. A recent Gartner study says 82% of employees agree that their organisation must see them as a person, not just an employee. So a culture for relentless learning and opportunity to grow enhances workplace morale.
3. Improving Employee Engagement and Retention:
A Society for Human Resource Management survey found that employee turnover is reduced by up to 70% by implementing upskilling and development programs. Also, A study by Deloitte found that organisations that create a learning culture have a 37% higher employee retention rate and are 92% more likely to innovate. Employees feel valued and supported in their organisation when they receive training. Therefore, this can lead to greater job satisfaction and employee retention.
4. Adaptation to Technological Advancements:
Technology is evolving rapidly, and organisations must keep up with these changes to remain competitive. Earning certifications in niche areas like Cloud Computing, Artificial Intelligence & Machine Learning, and Data Analytics has gained momentum. Gaining dexterity with AI generative tools like Microsoft 365 Copilot and ChatGPT is essential for the workforce to stay ahead of the competition. Corporate training ensures they can leverage these advancements to improve productivity, efficiency, and innovation.
5. Improved Performance and Productivity:
Well-trained employees are more likely to perform at higher levels and produce quality work. Training equips them with the necessary knowledge and skills to overcome challenges, make informed decisions, and find practical solutions. An IDC report says the trained and certified teams responsible for core IT activities are almost 20% more productive than less proficient staff. Thus, corporate training leads to increased productivity, better customer satisfaction, and improved business performance.
6. Compliance and Regulatory Requirements:
Many industries have specific regulations and compliance standards that organisations must adhere to. In a survey conducted by the Ethics & Compliance Initiative (ECI), employees who received compliance training were 12 times less likely to violate regulations than those who did not. So, systematic training ensures that employees know these regulations and understand their responsibilities in meeting legal and ethical requirements. It helps mitigate risks associated with non-compliance and fosters a culture of integrity within the organisation.
7. Consistency and Standardisation:
Corporate training programs help establish consistent practices and standards across the organisation. They ensure employees understand and adhere to company policies, procedures, and best practices. Consistency in knowledge and skills minimizes errors, reduces risks, and promotes a unified approach to work.
The time when qualified IT specialists could provide for the long-term technical needs of organisations is long gone. Instead, organisations must focus on creating deep generalists who know all technology development and deployment pipeline stages. Nearly half of the world’s workforce will need to upskill or reskill by 2025 to adopt cutting-edge technologies and make the most of newly emerging job roles. Thus, businesses must invest in highly tailored and engaging employment-based skill training programmes to create a workforce prepared for the future.