“Employees are the powerhouse of an organization”
Their empowerment with current knowledge and improvement in professional skills.
Many organizations now believe that corporate training is the best solution to upgrade their employees with the latest knowledge and skills rather than hiring new ones. With the evolution in technology taking place at an alarming rate, it is crucial for professionals at every level of the organization to upskill themselves.
Technology, as well as online or digital learning, has gained much hype during the pandemic these days. It is having a great impact on the professional as well as personal lives of individuals. Corporate training has been around for many years, but has gained much potential in the last few years.
This article will discuss corporate training and its importance at both employees and organizational levels.
What is Corporate Training?
Corporate Training refers to the process of training and upskilling employees with the help of a system of activities and projects that train professionals by utilizing different forms of learning platforms.
Corporate training is believed to be a catalyst in achieving the success of employees, which in turn drives the success of an organization.
To cut it short, corporate training is the process in which a company’s employees are equipped with the required knowledge and job skills through an organized method of instruction. It generally takes the form of offline or online instructive content (in the form of text or videos), virtual or actual group discussions, live mentorship and lectures, and also real-life projects or physical lab activities.
It has now become an integral part of professionals’ lives. Did you know that if a company invests in its employee’s training programs, a whopping 94% of employees are likely to stay in the same company, according to a survey report published by LinkedIn?
Let us have a look at some amazing facts related to corporate training.
Fast Facts:
- Research indicates that corporate training has helped some organizations to achieve a whopping 200% or more revenues from each upskilled employees
- A study made by the American Society of Training and Development, corporate training has helped organizations in earning 24% higher profit margins
- The global market size of the Learning Management Systems (LMS) industry is anticipated to grow from USD 8.76 billion in 2019 to USD 38.10 billion by the year 2027
Importance of Corporate Training
Employee training and development are crucial for companies to improve the performance of their employees. It helps in improving the job skills and knowledge of employees, which enables them to perform better at their workplace.
The importance of corporate training is listed below.
- Improved Efficiency
Your team becomes more effective and productive when training is well-designed and tailored to the needs of the participants. These upgrades will raise your business’s profitability over time.
There are training programs that are specifically curated for upgrading the skills of professionals who are already in their job. This way, they get a significant room for working while upskilling themselves.
- Reduced Employee Turnover
These days, professionals are not happy with their paychecks. They wish to work with employers that offer professional development opportunities, flexibility, and a sense of purpose. If employees don’t get opportunities for professional development, they are likely to switch jobs.
This tendency may prove to be expensive for recruiters. The cost of restoring employees in an organization is around at least one-half of an employee’s yearly package. Since turnover is avoidable, businesses have a financial incentive to retain employees who are motivated and productive.
- Improved Motivation
By conducting training programs within the organization, individuals, teams, as well as departments come together as a single entity or organizational culture. Employees that are aware of how their position contributes to the firm’s overarching mission and goals are better able to distinguish between “my work” and “the success of my organization.”
When your employees get motivated, they give their best of their efforts in their work, thereby improving the productivity of an organization.
- Developing corporate culture
The top-class learning management system provided by an organization aligns with corporate strategies and values. Moving apart from basic culture demonstrates that the organization is interested in investing in its employees for the long term. When employees get to learn and upskill themselves while working, it advances their careers and builds a belief in them that they care for their employees.
- Corporate Training helps organizations in attaining better talent management
The most important benefit of conducting corporate training is that it has the potential to make young professionals into future leaders. Apart from reducing employee turnover, it also increases employee satisfaction. It helps organizations in finding the right talent and understand their requirements.
- Corporate Training helps address specific challenges
Corporate training helps executives identify and address business challenges within the organization. The training courses provide insights into the correct strategies to deal with different issues.
Conclusion
Corporate training, as you have read through, has become an important part of organizations across the globe. This is because a majority of organizations have now realized the way it improves the productivity and efficiency of employees and, eventually, the returns and profits of the organization.
The different types of corporate training that an organization can undergo include Online Learning, Virtual instructor-led Training, Instructor-led classroom training, and blended learning.
Why choose Online Training?
Online training has spread its wings across organizations. Professionals find it good to study at their own pace, get to work with real-life projects, go hands-on with emerging technologies, and get trained via industry experts, all this being a comfort zone.
Some of the benefits of Corporate training include increased employee retention by up to 60%. Also, companies that employ online learning can attain a whopping 26% higher revenues per employee. It includes improved employee engagement as well as a time-efficient way of training.
Simplilearn is power-packed with all the features that are required for ideal corporate training. It includes live virtual classes conducted by experts, Capstone projects, and peer-to-peer interaction.
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