The case for ongoing development efforts

Can your firm execute on your strategic vision if 40% of your talented staff leaves?

How will your customers be impacted by that talent churn?

Simply hiring and providing some basic onboard training isn't enough to retain your talent leave alone carve out a competitive advantage.

We'll gloss over that nearly 60% of firms in one survey admitted they focused on processes and paperwork when onboarding new team members.

And Zippia Key Employee L&D Trends report indicates nearly 60% of employees received no training at all and 74% felt a lack of development opportunities prevents them from reaching their full potential.

Adam discusses reducing training during tough times

Some more stats to consider

• Companies with comprehensive training programs have 24% higher profit margin - American Society of Training & Development 2023

  
  

• 16% increase in customer satisfaction with companies using learning technology - Kaltura 5 Reasons Why L&D Is Important in 2023

  
  

• Ineffective training costs companies $13,5 million per 1000 employees annually - Teamstage - Cost of Progress in 2023

So higher retention, profits and customer satisfaction are a biproduct of effective corporate training programs.

But Adam, we provide training during onboarding we're good right?

As shown above your firm is clearly a step ahead which is great.

But if the lure of keeping your talent long term and increased revenue isn't enough to convince you the learning effort isn't complete, here are some practical examples of why ongoing development training can help you move your business forward.

Adam discusses how much time is needed for ongoing development programs

Skills Gaps Or Behavior Changes

If you've recognized your teams need to learn big new skills to thrive or you're trying to change deeply embedded behaviors it's going to take repetition through ongoing training to move the dial.

You can wait on experience to organically develop the skills but why wait?

Complexity

If the material or skills are increasing in difficulty it usually requires time and effort to master them.

Often time skills take job experience to master so sequencing learning with time in role makes sense.

Currency

Legal, regulatory or certification needs often demand recurrent training leave alone adding in new skills and understanding through development efforts.

Market Conditions

Carving out competitive advantages and helping your teams go after new opportunities is often supported through ongoing development efforts. If a program is already in place, it gets far easier to quickly capitalize on changing conditions.

Competition

For smaller firms, late stage start ups or large autonomous teams, consistent training efforts can help you carve out a advantage against larger competitors. Effective training isn't exclusive to deep pockets and mega corporations and smaller firms can often be more nimble.

---

So whether its the pathway to higher revenue in general or a more concrete practical reason, the case for building out ongoing development programs is strong.

The starting point is making sure your onboarding and job skills training is sorted first.

But its clear that building on that foundation promises big regards for your people, customer and firm.

Why wouldn't you invest the time putting this together?