Is it coincidental that Australia’s most progressive companies spend as much as 10 to 20 percent of their annual payroll on training?
Not at all. There is a definite link between business success and the employer’s attitude towards Nationally recognized training.
It pays to train! Training is an investment in the immediate future. It’s not just an overhead cost! As well known American seminar speaker, Tom Hopkins is oft to say, “No train … no gain”.
High-performance businesses are twice as likely to train the owners and managers and to train twice as many employees as low-performance businesses.
No matter what the industry or the size of your business, both international and national research shows that training brings direct benefits to business –
- profits – a positive return on investment – of more than 30 percent – “money in the bank”
- productivity – greater output. People who receive formal training can be 230 percent more productive than untrained colleagues who are working in the same role- opening a greater share of the market, or expanding it by improving products, services, and reputations.
- staff retention – which is a significant cost saving, as the loss of one competent person can be the equivalent of one year’s pay and benefits. In some companies, training programs have reduced staff turnover by 70 percent and led to a return on investment of 7,000 percent.
- accuracy and efficiency
- good work safety practices
- customer service and satisfaction
- staff morale and satisfaction
- ‘soft skills’ such as inter-staff communication and leadership
- time management.
- wasted time and materials
- maintenance costs of machinery and equipment
- recruitment costs through the internal promotion of skilled staff
The decision to spend dollars on training is similar to any other business decision. The fundamental question should be:
“Will I get more back in increased productivity, quality of life and/or enjoyment than the actual cost of the training?”
If the answer is “yes”, the decision to proceed is obvious.
Here at Global Training Institute, we offer a wide variety of qualifications as well as short courses to suit your needs. Wanting to delve deeper into management? Some of our courses include Diploma of Civil Construction Management, Certificate IV in Project Management Practice, Diploma in Project Management, Certificate IV in Frontline Management, Diploma of Management – Business Management and the Advanced Diploma of Management. Some of our short courses also include Project Management Skills, Communication Strategies, Workplace Diversity and many more!
If you feel that this is something you’d like to know more about, please contact us on free call 1800 998 500 or email Anne at [email protected]