Training employees is essential for specific purposes related to your business. Incorporating training that will develop employees for their long-term career goals can also promote job satisfaction. A more satisfied employee is likely to stay longer and be more productive while employed.
A recent survey indicates that 40% of employees who receive poor job training leave their position within the first year. Often, the lack of skills training and development is the principal reason they move on.
Consider the cost of turnover. With even one fewer worker, company productivity slips. Sales decline, staff members are required to work more hours, morale suffers. To find a replacement, you spend time screening and interviewing applicants. Once you hire someone, you need to train that person. The cost of staff turnover adds up. It can be a hefty price to pay for not training staff.
The new Canada-B.C. Job Grant is an employer-driven, cost-sharing program that can help you offset the expense of employee training – and boost the effectiveness of your workforce.
The grant will cover up to two-thirds of the cost of training an employee, to a maximum of $10,000 per grant. You can invest in your workforce and equip your workers with the skills they need to help your business succeed. You can use the grant to upgrade the skills of current employees or to train a new worker and you can choose what best suits your business needs.
Despite the initial monetary costs, staff training pays back your investment. Here are just some of the reasons to take on training and development initiatives:
- Training will help your business run better. Employees will be equipped to handle customer inquiries, make a sale or use computer systems.
- Training is a recruitment and retention tool. Today’s employees are seeking employment that allows them to learn new skills. You are more likely to attract and keep good employees if you can offer future development opportunities.
- It’s very important to share knowledge among your staff. Spread knowledge around — the more people who have knowledge, the stronger your business.
- Training gives seasonal workers a reason to return. If seasonal employees know there are more ways to contribute if they have a chance to learn new skills and benefit from their experience.