In today’s business environment, the cut throat competition is not easy to beat. Innovation in the products and services is vital. However, the success or failure of any organization is immensely dependent on its employees. The knowledge and skills of the human resources are invincible competitive advantage. To survive the performance pressure due to technological advancements and ever evolving needs of the consumer, progressive organizations are embracing the changes by making their work force ready for facing any business challenge. This is significantly implemented by modern day businesses through continuous training and development. As rightly quoted by Richard Branson “Clients do not come first, employees come first. If you take care of your employees, they will take care of the clients”. Consequently, effects of training are shown in an increasing consumer experience.
There are only 8-9 percent of executive leaders who believe in providing training for both business and employee growth. Contrarily during any economic crisis, eliminating the training programs is the most preferred choice by rest of the leaders. Without realizing that it can help the firm and employees for smooth sailing through a rough tide. The positive and assured outcomes of well-trained staff can be summed out in these points:
- Increase in adaptability and acceptability levels
- Decline in the errors in processes and output
- Higher motivational levels and less turnover rates
- Increase in productivity and growth
- Rising Customer Satisfaction
There is no doubt that there are costs incurred in arranging effective and frequent training programs. Although its important to compare them with the costs raised by inadequacy or absence of trained employees. The results driven from researches had mostly concluded that the cost is higher in the later case. Lack of training can lead to many risks in an organization like:
- Obsolete skills and knowledge of employees
- Lack of motivation and innovation
- Higher employee turnover
- Affected productivity
- A rattling balance sheet
- Poor Customer Service
- Rise in customer dissatisfaction
Poor quality and mismanagement of training programs can also induce backlash, resulting in any of the consequences mentioned in the list above. Answer to all the risks and costs involved in training is eLearning solutions. The customization of these solutions in alignment to the goals of the firm can deliver tangible results. The emphasis should be on quality and consistency as the costs of online training programs are considerably much less than the traditional method.