Companies across the world spend approximately $100 billion per year to educate and train employees for the skills required to improve their corporate performance on topics like sales techniques, performance management, operations, and communication. Organizations find it easier to retain their employees and keep customers happy with an effective training and engagement program. The following steps can be followed by organizations to ensure successful implementation and better results of their training programs for closing any skill gaps, maintaining cross-organizational rules, and sustaining an engaged workforce (Gusdorf, 2009).
According to a source, over $500 billion is lost every year due to disengagement of employees. With an organized training program, employee engagement can be maximized. 76% of employees are looking for career growth opportunities. Through employee training and career growth opportunities, employees believe that the company has invested in their growth. 40% of employees with poor training leave their job in the first year as employees are constantly networking and looking for better opportunities and made employee retention a challenging task for HR.
When the organizations have identified a technical skill gap, they need to address it with technical training. After organizing realistic goals of learning, and deciding on the topics of training, a coherent structure of the training program is to be formed (Wagonhurst, 2012). Rather than succumb to planning fatigue, it is important for managers to think about the details and organizing the plan-after all, a structure can make or break the training program.
The easiest way to form the structure is to think about the outcome of the desired goal. By the process of reverse engineering, it can be ensured that every decision is supported by learning initiatives. Components like assessment; teams, assessment, scope, pacing, and application have the biggest impact on outcomes.
According to the Association for Talent Development (ATD), organizations that offer training programs have 218% higher income per employee. The companies also enjoy 24% higher profit margin than those who spend less on comprehensive training. Companies investing in training and development are more profitable.