Finding talented employees is one of the biggest challenges a company faces. From their very onset, firms place great emphasis on searching for the most qualified personnel to best serve their vision. But filling up a company’s ranks is only getting more and more difficult with the rapidly changing trends of the job market.
As the labor force is constantly growing, companies are lengthening their selection procedures and interview processes. This doesn’t just create tough circumstances for job hunters; it also puts more demands on the company’s budget.
Having to spend resources like time and money on the selection of employees doesn’t work in the company’s favor. It could cause a delay in the company’s projects, which require new personnel for their completion. It may even require the company to save a greater part of the budget for selection interviews and tests. Then, there’s the large number of company board members who will have to spare time for these extended procedures to take place.
In such a situation, it’s better to think of other options rather than just laying off your current employees in the hopes of hiring more experienced team members. For instance, you can educate and train your current workforce. If you focus your attention on the employees you already have, they might end up becoming the experts that you were looking for.
Picking an employee education program isn’t that hard in this information era. If you want to boost your company’s output in addition to the individual talent of your employees, check out these 8 MBAs and their concentrations that cater to different aspects of business. From a general MBA to specializations in fields like accounting, business analytics, entrepreneurship, finance, HR Management, Cybersecurity, and supply chain logistics management, they’ve got you covered.
If you still need convincing as to why your company should invest in employee education programs, you can look at some of the reasons given below to see how it might benefit you in the long run.
Enhance Employee Skills
The employees in your company aren’t just looking for stable sources of income. They’re constantly looking for chances to level up their skills. Every year, thousands of employees quit their jobs in search of better opportunities for career growth. So, if another firm includes improving the skills of its workers as a part of its vision, your company might not attract many talented individuals anymore.
But if you provide employee education, the results may be more productive than you can imagine. Employees can unleash their potential swiftly with a quality education program. Applying their learning to their everyday tasks, they can improve your company’s output bit by bit. By the end of the program, you might have an entirely new, specialized workforce!
Improve Retention Rate
A significant concern for companies is the need to focus on their employee retention rate. If you keep changing your employees whenever a talent upgrade is required, you’ll have to keep hiring new employees over and over again. However, improving the skills of the workforce you already have may prove more beneficial as its been shown that furthering employee education can result in a dramatic increase in retention rate.
It should also be noted that it’s estimated that 70% of employees are willin[a]g to leave their current job if another company is willing to provide quality employee training. So, the top talent you hire may resign to seek further skill enhancement elsewhere if your company does not support employee education.
Boost Recruiting Efforts
A subtle way to hire an exceptionally talented workforce for your company is to conduct a strategic recruiting phase. If your company focuses on furthering employee education with some special training programs, you’re likely to boost your recruiting efforts. Surveys conclude that 68% of employees consider employee training programs[b] as the most important policy in a company. So, with adequate attention to a quality employee education program, you may see a huge number of talented job seekers competing for a position in your company.
Corporate Tax Savings
Aside from obtaining an able and highly skilled team of workers, including a good employee education program in your company’s job package can relieve you of some of your taxes, too. If your company’s employee education program meets the standards set by US federal tax law, you can qualify to apply for a significant tax reduction. For every employee who utilizes your program for their benefit, you can get a tax reduction of $5250 per annum. Additionally, the employees also get the same tax reduction to meet their educational expenses during the program. So, your provision of the employee education program can also become partly funded by the federal government. Otherwise, you would also have to fund books, tuition, and other supplies with your company’s finances.
Improve Employee Satisfaction
A huge perk of providing an employee education program is that the employees will not feel the monotony so prevalent in a usual day job. Sure, newly hired employees are quite determined and excited to apply their skills and knowledge in a practical environment. But after a while, that spirit starts diminishing. As workers get used to performing the same job every day, their motivation levels and productivity might suffer.
However, if your company provides employee training programs, they will always have something new to learn. And significant improvement in skill levels may lead to promotion to different and better posts in the same company. When employees have such things to look forward to, they would likely be quite satisfied working at your company.
Employee education programs have benefits for both the employees and the company that offers them. The success of individual employees and the company as a whole is connected in many ways. By showing concern for your employees’ needs to upgrade their skills, you can create a consistently evolving workforce in addition to enjoying financial bonuses like tax reduction and increased profit. Going through some of the benefits of an employee education program listed above, it’s evident that a company that focuses on employee education can avail a lot more than one that doesn’t.