Benefits of employer-sponsored education
Benjamin Franklin once said that “an investment in knowledge always pays the best interest.” However, employee training benefits are often misunderstood and viewed as an “employee perk” rather than an effort to drive business results.
The truth is that training and educational programs can positively impact a company’s bottom line. When employees are more skilled, they are more engaged and confident. These employees are more capable of delivering upon business objectives, especially during disruptive times.
Investing in your employees is good for business; when sponsoring an employee’s advanced learning, consider the many benefits it can bring to your organization.
Start by asking:
Do you have any identified gaps in knowledge or skills necessary to implement your plans?
Are there performance issues in certain areas that could be improved?
Is your organization in a period of rapid change (market-driven or infrastructure changes)?
Are you experiencing low employee engagement or higher-than-expected turnover?
Are your future leaders prepared to take on new assignments as required successfully?
Once you have identified your gaps, it is easier to focus on the skills needed and the expected return on the training investment.
Some returns on investment appear in the following ways:
Training employees will help you keep up with the latest innovations, procedures, and technologies
A company’s workforce has never been more dynamic, so employees must be trained extensively on deploying new technologies and maintaining an organizational culture based on innovation. To reap all the rewards from the initiatives in your workplace, you need to upskill staff regularly so they can quickly adopt the latest developments that help speed innovation within processes and products. This is particularly true when trying to keep up with industry changes, rules, and regulations. Having up-to-date knowledge about your industry will also help you stay ahead of the competition.
An employee with a higher level of education will be able to think critically and solve problems with ease
Employers need employees who can think critically and solve problems in today’s increasingly competitive workforce. Education can provide critical thinking and problem-solving skills by allowing employees to learn and explore new concepts and ideas. This can help them see problems from different perspectives and identify creative solutions to complex problems.
Education can help employees develop the communication and teamwork skills essential for success in the modern workplace
Employers are increasingly looking for employees with well-developed communication and teamwork skills. Further training can help employees develop these critical skills in many ways.
Education allows employees to learn how to communicate effectively with others. This includes knowing how to share thoughts and ideas clearly and concisely, both verbally and in writing. In addition, employees will have to opportunity to further understand the importance of active listening and nonverbal communication.
Professional development can also help employees learn how to work cohesively with colleagues. This requires employees to collaborate with others, resolve conflict, and set and achieve group goals.
An employee with an education will be able to research and find information quickly and efficiently
Additional schooling matters in order to quickly and efficiently research and find information. Because educated employees will have engaged in extensive research for their papers and projects, they will know how to use different research methods, tools, and strategies. Furthermore, an educated employee will typically be able to understand and process the information they find with greater ease.
Employee training and development programs are essential for any business that wants to foster a positive work environment and increase employee satisfaction
By providing employees with opportunities to grow and develop their skills, businesses show that they are invested in their employee’s success. This leads to happier and more engaged employees, increased productivity, and improved morale.
Providing employees with the chance to learn new skills, gain new knowledge, and progress in their careers is an investment that will pay off for both employees and employers. A 2019 LinkedIn Workforce Learning Program discovered that 94% of employees would have stayed at a previous company longer if offered more development opportunities. A 2021 July Monster job index also found that 49% of employees expect their employers to support and aid their professional development. This shows that robust development programs have become a “must-have” in today’s marketplace to attract, retain and maintain an engaged workforce.
In today’s competitive job market, businesses need to offer more than just a paycheck; they need to provide a fulfilling work experience. Employee training and development programs are one way to do this.
All in all, sponsoring employees’ advanced education is a sound investment for any company. Companies can increase employee productivity, satisfaction, and motivation by allowing employees to improve their skills and gain new knowledge. Employee-sponsored advanced education is a win-win proposition for everyone involved.
Considering one of the University of Fredericton’s many programs for your professional development? You can find more information about UFred's programs. If you have questions about the programs we offer and how they can support your professional growth, our Program Advisors would be happy to answer your questions. An advisor can be reached at information@ufred.ca or by phone at 1-877-454-6232 ext. 1.