The Big Business Advantage: Why Large Companies Have Employee Training Plans
When it comes to learning and development (L&D) training, our minds automatically think of large companies such as the tech giants Amazon, Facebook or Google. But why is this? Employee training is a core benefit for all companies to invest in, not just the global corporations.
Below, we discuss why larger companies have always invested the most in the growth of their employees and the best way that small businesses can compete and keep up when it comes to upskilling their staff.
Why Large Companies Invest Millions Of Dollars Into Learning & Development
The answer to the question ‘Why do large companies invest millions of dollars into learning and development?’ seems obvious, right? It’s because they have the financial resources to invest in their employees. Yet, that is not the only reason.
Companies such as Amazon spend a lot each year to upskill their employees. According to SHRM, Amazon offered over 100,000 of its employees, from the warehouse to IT departments, employee training opportunities which will cost over $700 million over the next six years. Similarly, Salesforce which has a strong company culture built on employee engagement and empowerment expanded its Pathfinder training program globally. This is a free, four-month workforce training program that helps to upskill students and workers.
But it doesn’t always come down to the fact that these companies have the additional financial resources put aside to purchase learning and development programs. It’s because they know first-hand the benefits that both their employees and business will receive when continuous employee training is made a core focus of their company culture.
What Advantages Do Upskilling Your Employees Have?
So, what exactly are these advantages and why should all businesses aim to invest in employee training plans?
It is clear to see that learning and development training is essential for keeping your business competitive. As you know, industry technology and processes are always evolving. That will never change. To be resilient, your company needs to be able to grow alongside those to stand out amongst competitors. To do that, you need to not only equip your business but also, your employees with the tools they need to succeed.
When employees are provided with continuous learning opportunities, companies will receive the following benefits:
- Improves employee performance
- Boosts employee morale and job satisfaction
- Improves innovation and creative thinking
- Promotes consistency in the workplace
- Reduces employee turnover
- Builds the foundation for great company culture
When these benefits work in tandem with each other, not only will you notice an improvement in productivity levels but also, your employees’ attitude towards work. Most individuals look to join companies that value their personal and professional development. When these opportunities are provided, employees tend to feel more respected, valued and appreciated. This leads to higher levels of loyalty and retention.
By taking employee training seriously, your company may be making the smartest business decision it has ever made.
How Can Small Companies Compete?
If you are a small business owner you may be wondering how you can compete against giant global corporations such as Amazon. The fact is that you can. Even the smallest of Canadian businesses can provide their employees with learning and development training courses at an accessible and affordable level.
When it comes to upskilling employees in a small to medium-sized business, sustainable training plans are key. These L&D training plans should be designed with longevity and agility in mind and are offered on a continuous basis every year.
In regards to financing such an employee training program, there are many government grants available. The Canada-Ontario Job Grant helps businesses to invest in their employees by helping them gain access to the same level of training that corporations avail of.
Here at the Training Company, our goal is to help small and medium-sized businesses all across North America to access learning and development training courses that will allow companies to always upskill their employees. We work with you as your designated training provider and help you to design a sustainable employee training plan that will keep both your business and your staff ahead of the curve.
Interested in hearing more? Get in touch with our team today and we can talk you through how our learning management system works and how you can get the best benefits from upskilling your employees.