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As a small business, you know that the process of finding the right team members is costly and time consuming. Job postings, recruiting, interviewing, hiring and onboarding add up quickly.
In addition, you know that keeping your employees around is vital to the survival of your startup because going through the hiring process over and over zaps your budget and your energy.
One way to boost both your business and employee morale is with learning opportunities. In this article, we look at the benefits of offering your employees continuing education.
#1: Increased productivity
Employees who feel valued by their leaders are more productive team members.
You'll find that this is a compelling reason to invest in the continuing education of your staff.
Consider that the more skills and training your employee has, the better they are at their job. Not only will they work faster because there's no learning curve, but they'll likely do their job better.
In fact, one research study says that for every hour you spend on employee continuing education and training equals five hours of productivity you save each year. Multiply this by total training hours and employees, and you'll see it pays off.
#2: Improved employee retention
In today's job market, you need an edge to keep your employees.
This is especially true when it comes to millennial team members. They make up a large percentage of the workforce, and they crave professional development opportunities.
In order to retain your employees, provide them with purpose and development in their job, and you'll have a better shot at retaining them.
By investing in your staff, they'll invest in you by sticking around.
Many managers have the misconception that employee training programs encourage team members to take their new skills to another company.
While this is a natural fear, it isn't really the case. In fact, for most employers, the opposite is true. Employees stay in their jobs longer because they know their employers see their true worth and value their skills.
#3: Increased cost reduction
As a startup owner, you'll be pleased to know that in addition to increased productivity, continuing education options also lead to a reduction in your overall employment costs.
Here are a few ways you'll accomplish this:
#4: Amplified purpose
By fostering a positive company culture and pushing continuous education and professional development forward, you show your employees that you know they want to better themselves and realize their own personal goals.
You give them extra meaning and purpose by providing a culture of learning. In turn, your team will want to work harder for you.
By giving them the opportunity to grow and succeed, you give them more purpose and drive to work towards your goals, too.
More than 87% of millennials say professional development is important in their job. Since a lack of growth and learning opportunities is one of the key reasons for employee turnover, it pays to invest in your team.
Employee turnover isn't great for business, and it costs small businesses thousands of dollars each year.
We encourage you to add education opportunities into your job benefits package. They're low cost, they can improve your recruitment efforts, and boost long-term employee morale. What's more, they have a positive impact on productivity.
Some options include online learning platforms, seminars, workshops, employer-sponsored schooling, and more.
Give your start up a fighting chance by hiring right the first time and offering your employees continuing education opportunities. You'll find they'll be happier and more loyal employees who are more productive team members.
Are you a new startup ready to succeed? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your HR duties, finances, payroll and more to us. Contact Escalon today to get started.
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