How Upskilling Your Staff Saves Cash In The Long Run

Upskilling

To upskill your staff – yes or no? Will it be a drain on your already limited staffing budget, or is it the answer to all your workforce issues? If you are in a dilemma whether to invest in your existing staff, we have some good news:

Upskilling saves cash. Not only that, but there are a myriad other advantages to this strategy, for both employer and employee. It’s a win-win situation for the whole team.

Businesses typically suffer from a skill shortage, which is a threat to the overall growth of the company. In order to compete and develop, companies need skilled staff who are up to date with techniques and technologies. Upskilling is vital in this respect for growth and development of business, plus maintaining competitiveness in the market place.

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Team Investment

Although some staff may see training as an inconvenience that takes them away from their desks, many enjoy the stimulation of learning new skills. It also increases employee’s sense of value which leads to greater motivation and loyalty to company. Staff that feel valued are more likely to stay long term in the company, which builds the overall feeling of being part of a team. They are happy and satisfied with their jobs.

Build your Business

Motivated and happy employees are more efficient and tend to go the extra mile for the company. Better training equates to greater productivity and increased time efficiency, which leads to higher long-term profits. This more than offsets the cost of the training.

In this cut-throat business world companies need up-to-date skills and knowledge to remain competitive. By instigating training, development and upskilling, staff are kept industry competent and abreast of industry advancements.

Retaining talented personnel should be a high priority, as you can be sure your competitors will jump at the chance of welcoming them onto the payroll. Show your members of staff that you value them and consider them to play a large part and role in the growth of company. By upskilling you are demonstrating your trust in them.

Attract the Best

A good staff development programme is attractive to future employees. If it is well-known in your industry that you have a commitment to the development of your team, you will attract a higher calibre of staff. Your short-term investments are likely to have long-term beneficial repercussions.

Keep it In-House

Upskilling fills gaps in the organisation that you may find challenging to fill. It can also be a more efficient method of plugging a skills gap. Re-deploying staff to different areas plus recruiting within the workforce for higher positions is more effective than dipping into the massive skills market outside of your organisation. Upskilling provides the tools to undertake established and new tasks and roles to best of your staff’s abilities, without them feeling out of their depth.

Safety and Supervision

Skilled staff help create a safer environment, with less risk of accidents and incidents, as their awareness of different situations increases. Skilled and motivated workers are also less likely to become involved in office- based litigation, as they are generally happy in their work and loyal to their team.

Another bonus is that competent and skilled staff require less supervision and overall management, leaving management to concentrate on their own roles instead of babysitting their taskforce. This leads to increased efficiency from a different tier of the company.

Keep the Till Closed

The good news to businesses is that there are often grants and funding available for professional development schemes, thanks to the government’s investment in training and education. So some courses will cost you very little, and some nothing at all.

However, if you do have to open the till to pay the bill, you will almost certainly reap back the costs and more. Upskilling negates the need for recruitment, which has a major price tag attached to it. Not only that, but costs are reduced by improved productivity and increased efficiency.

So the next time you are wondering whether it is worthwhile sending your staff on the latest course, do yourself and them a favour and book them straight in. You will reap the rewards for a long time to come.