web analytics

10 Statistics on Corporate Training, and What They Mean for Your Company’s Future

Benjamin Franklin once said “an investment in knowledge pays the best interest”, and we think Mr. Franklin got it spot on. Training isn’t something that’s ‘nice’ to have in your organization. It’s an absolutely vital part of a company’s long-term investment and growth strategy.

This seems like a simple point, and it’s something that nearly all companies, and L&D managers alike, will agree with. But do companies provide enough training? And what does current research say about the state of corporate training and eLearning? In this post, we look at [tweet_box design=”default”]ten key statistics, and what they mean for your company’s future[/tweet_box].

1) We Need to Invest More in Training.

The U.S. Bureau of Labor statistics found that companies with fewer than 100 employees gave only 12 minutes of manager training every six months. Organizations with 100 – 500 employees provided just 6 minutes.

Source: HR Professionals Magazine

2) Employees Want More Training.

A long-term research project commissioned by Middlesex Universityfor Work Based Learning found that from a 4,300 workers sample, 74% felt that they weren’t achieving their full potential at work due to lack of development opportunities.

Source: Article by The Learning Wave – a New Zealand leadership development organisation providing management education and training.

3) Convert Beliefs into Practice!

The same research by Middlesex University’s Institute for Work Based Learning showed that 56% of HR Managers considered training and development to be an essential business enabler. Here’s a clear disjunctive between manager beliefs and practice . HR ManagerS consider it important, but they aren’t doing ENOUGH to increase employee training opportunities. (read points 1 and 2 again).

Source: Article by The Learning Wave – a New Zealand leadership development organisation providing management education and training.

4) Employees Are Disengaged at Work; You Need to Engage them!

As many as 1 in 3 people leave their organization within the first year, either voluntarily or involuntarily. An incredible 22% of staff turnover happens within the first 6 weeks of employment.

Also, according to Gallup’s 2014 research only 13 percent of all employees are “highly engaged,” and 26 percent are “actively disengaged.”

What can we learn from this? Employees are disengaged at work. If this applies to your organization, it’s time to do something about it. Higher retention rates and less labor turnover is crucial for business success.

Source: PwC.

5) Invest in Onboarding Early On.

PwC estimates that the cost of losing an employee in the first year can be up to three times the person’s salary. That’s a loss of £42bn ($63.3bn) in the UK alone.

These are astounding figures. But what does this mean for your company’s future? It means that you need to invest in formal onboarding early on. If you don’t you’ll be contributing to the above figure through employee turnover.

Source: PwC.

6) Make Retaining Your Employees a Priority.

Seven out of ten respondents in a 2015 survey said that job-related training and development opportunities directly influence in their decision to stay with a company.

The lesson here: invest in retaining your present employees. After all, the cost of retaining present employees is much less than the cost of replacing them. Help employees expand their knowledge, offer more training options, help pay for university courses, etc.

Source: CED Magazine.

7) Increase Learning Transfer

A 24X7 Learning survey revealed that only 12% of learners say they apply the skills from the training they receive to their job. This suggests that learner needs aren’t being mapped effectively before developing a program.

Source: A report by 24×7 Learning: “Workplace Learning – 2015”. September 2015

8) Take Learner Needs into Consideration.

According to a 2015 ATD research study, only 38% of managers believe that their learning programs meet their learner’s needs. In other words, 62% of HR managers believe that they are not doing a good job meeting the learner’s needs. Therefore, this 2016, make sure objectives line up with learners’ needs. If learners don’t see the course as relevant and practical to their real-life challenges, they will become frustrated.

Source: Kasperspiro.com

9) Make Workplace Training More Fun.

One out of every three employees say that uninspiring content is a barrier to their learning. This means we need to try to develop training programs that entertain and inform. Not only is fun training more enjoyable for the learner; it’s more effective, translating into less money spent on retraining.

Source: Train Like a Champion Infographic.

10) Ineffective Training Costs Money.

Given the statistics above, what is the total loss to a business from ineffective training? It’s staggering: $13.5m per year, per 1,000 employees.

Source: Grovo.


View Source

Originally posted 2016-02-29 20:00:19.

About The Author

Related posts