3 Key Steps To Help Gain Competitive Advantage Through Employee Development
Let’s face it: Globalization is making business a tougher game. Most companies are now competing in a global market rather than a local or national market; software can be competitively developed offshore, shopping can be ordered from virtually anywhere, and even one-on-one service-based businesses can practice remotely using online video conferencing tools.
Playing on a bigger business field means it is critical for your organization to gain a competitive advantage through employee development, which is where effective corporate training comes in. Most high-performing organizations are taking a structured approach to skill development by maintaining a training calendar for new and existing employees. The more we train our employees, the greater the payoff.
There’s data to back this up. HR Magazine reported that organizations investing $1,500 or more per employee per year on training average 24 percent higher profit margins than those with lower training budgets. There’s more: The American Society for Training and Development (ASTD) gathered training information from more than 2,500 organizations and found that those that offer comprehensive training have 218 percent higher income per employee than those with less comprehensive training.
We will take you through 3 key steps PulseLearning uses to create customized, targeted training that will improve employee development and give you that sharp competitive edge that could increase your profit margins.
1. Identify core skill requirements.
Before launching in and training employees, your organization needs to identify the core skill requirements and any skill gaps so the right resources can be created for your audience. Conducting a training needs analysis (TNA) can help analyze your requirements and where existing training fits into the picture. From there, a plan is created for how to best extend the skill sets of new and existing employees.
2. Develop appropriate training.
When you know the core skill requirements you want to train your people on, an effective training solution can be developed. Consider what kind of solution will best suit the audience. It could include eLearning, face-to-face learning, or a blended learning solution of both. An online solution works best for geographically dispersed audiences, saving time and money associated with traditional classroom training. Having your training designed for use on mobile devices (mobile learning) such as iPads and smartphones will mean it can be accessed anywhere and anytime an Internet connection is present. Training can be designed to fit in with your employees’ schedules by producing bite-sized learning chunks for busy roles or downloadable resources where reading is required to reduce screen time.
3. Evaluate the success of training.
So you’re now investing in regular training for your people, improving employee development. What you’ll want to know is how effective it has been. Did it teach your employees what it intended to? Did it engage, motivate, and delight the audience, and importantly, did the training yield a return on your investment (ROI)? Evaluating the success of your training is the final step but is the most critical in the development lifecycle. Your approach to training should incorporate continuous improvement to keep it on point. Talk directly to your employees about their training experience and use their feedback to evolve your resources.
- Article: Not Investing in Employee Training Is Risky Business. The Huffington Post Australia, 12 October 2015.