A new study has revealed that making investments in employee learning and development is the key to your businesses’ success.
The report, which has been published by www.findcourses.co.uk, surveyed the United Kingdom’s 100 top performing businesses, and identified that by spending time and money on learning and development opportunities for your employees, your business can reap the benefits. Advantages on these investments include excellent staff retention rates, happier employees and an increase in productivity which can then lead to increased revenue and profit for the company.
The UK Learning and Development (L&D) Report shows that even in the UK’s present economic climate, a staggering 94% of the best performing companies that were surveyed stated that learning and development is vital when it comes to improving the success rates for businesses. They have put these opportunities’ for their staff at the heart of their business strategies and as a result have enjoyed the lowest turnover of employees.
Out of the 100 top performing companies who were surveyed, none of ones who spent above the national average of £300 per employee for training have a staff retention rate of six months or less. These companies are also twice as likely to report that their employees are highly satisfied within the job.
The ground-breaking study has been conducted in an attempt to encourage businesses to take on-board this ‘forward-thinking’ approach.
One business that already reaps the benefits of staff training and development investments is Midlands based company Winster Ltd. Established in 1949 as the country’s original quality hose and assembly supplier, the company have spent the past year making changes to their business strategies. Having taken on-board a ‘lean thinking’ approach when it comes to business, Winster Ltd are also encouraging their employees to open up about any additional training they feel would benefit them and their team.
Each staff member is allocated a time slot for a one-to-one talk where they can chat to management and let them know about their experience with the company. They have the opportunity to relay ideas for improvements or to talk about what they think is working well. However, in addition to this Winster are asking for their staff to let them know if they feel they would like any more training and development opportunities presented to them. If it’s going to benefit the team and the business, staff will then receive fully funded training, which it is hoped will be reflected within their role or progression in the company.
Speaking of these new investments and opportunities presented to Winster Ltd.’s staff, Managing Director Val Gardener said, “By letting our own staff decide on what sort of training they’d like to undertake, they are then almost in control of their own career with us. They get to decide on their training and developments which could then influence their progression in the company too. We know that this approach is working well with the staff, no one feels capped or limited at how far they can go with Winster”.
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