For many companies, investing in training and training resources tends toward two extremes. On one extreme, companies lean towards mediocrity: just enough training to say it got done, with as little money spent as possible. On the other, companies will “chase the shiny,” grabbing every new technology and teaching method that comes down the pike.
Mediocre is not good-- those companies tend to be the first to lose out to major players like Google and Apple, who invest millions in corporate learning strategies. The reason behind this is no mystery: a study by Accenture showed that for every dollar invested in training, companies received $4.53 in return. That’s a 353% ROI.
But chasing down every new technology is not the solution, either. That high ROI comes only from proven training methods and technologies used within a strong learning culture. Google and Apple don’t just dump money into training. They build strong learning cultures.
Having a strong culture of learning is what helps startups grow faster, and helps more established companies stay relevant. Here are some ways in which developing a learning culture increases ROI:
Training engages employees, which in turn makes them more productive and loyal to the company. When employees feel like they matter, and they have the opportunity to grow, they thank you with higher productivity.
Learning by innovation
Employees don’t have to be technically savvy to innovate, they just need room to learn as they produce. A company with a strong learning culture is tolerant of the mistakes and messy process that comes along with learning-as-you-go. Companies who aren’t lose their competitive advantage as they are stuck behind the current in rapidly changing markets.
Balance of knowledge
While most companies train high-ranking employees, they often forget that training helps at all levels of a company. Building a culture of learning, together with technology for easy content delivery, can help ensure the people who most need training get it, creating a more efficient workplace.
Managing isn’t an innate skill. Often employees are promoted to management positions without proper training, creating an uneven management force within a company. Those bad managers can end up costing your company a lot of money.
Bad management and inefficient employees are expensive. They lead to lawsuits, mistakes, recalls, etc. All these things can be avoided by a strong training program.
A strong learning culture is an asset for any company that builds one. Not only does it increase ROI, but it ensures long term success for both your business and your employees. Still not sure how to start building that kind of culture? Talk to us, and we can find some steps that will work for your organization.