Chances are that in the early years of running a business you were flat out managing rapid growth and assembling a dedicated team. But as your business evolves, your team also needs to continuously develop their skills and knowledge. That’s when you need to get serious about staff training and professional development.
Studies show that training can increase workplace productivity by more than 8%, exceeding the wage gains of upskilled staff. But more than that, employees often report that they value the opportunity to use their skills and abilities at work more highly than pay.
In other words, training has benefits for your employees as well as your business. It builds staff confidence and motivation. It also provides employees with opportunities for advancement and a reason to stay with your company.
In other words, training has benefits for your employees as well as your business.
There’s one proviso though: The training you choose must be appropriate for the needs of your business and your staff. Perhaps you have introduced new technology, or moved into new business areas. Or your expanding business has revealed weaknesses in your back office or management process. So start by identifying any skills gaps, then look at the skills your employees already have.
Likewise, some training can be mandatory, such as work health and safety, depending on the nature of your business and the industry you operate in. While some professions are legally required to undergo continuing professional development. An important element of this is considering your insurance cover. Professional indemnity insurance along with other business insurance policies are helping small business owners sleep at night. Your Steadfast insurance broker can help you decide which type of insurance is appropriate for the needs of your business.