Michael’s Corner
ARTICLE NO. 12
HOW TRAINING AND DEVELOPMENT ASSISTS YOUR EMPLOYEES AS AN ASSET
When it comes to your businesses most valuable asset, a lot of areas come to mind. Customers, accounts, marketing, or even a patent might take the top spot. But that is not even close to your businesses most valuable asset. The answer is the five, tens, or hundreds of employees that make up your business’s workforce.
In whatever way, degree, or manner, it’s considered today the knowledge of employees and their productivity your businesses most valuable asset; remember, all of your intangible assets, such as patents, copyrights, intellectual property, brands, and trademarks, are created by people.
Therefore, people matter most to you and your business; they are the essential contributors to profits and value. That said, people are vital assets for any business. In today’s continuously changing business world, human assets, not the fixed or tangible assets, differentiate a company from its competitors. The knowledge economy distinguishes one business from another.
Training is not just necessary to any company; it is vital.
Although there are many training categories such as management training and or sales training, employees with Project Management skills are an essential asset to any organisation.
But What Do Training and Development Mean to Your Organisation?
Training presents a prime opportunity to expand the knowledge base of all employees, but many employers in the current climate find development opportunities expensive. Employees attending training sessions also miss out on work time, which may delay the completion of projects. However, despite these potential drawbacks, training and development provide both the individual and organisations as a whole with benefits that make the cost and time a worthwhile investment. The return on investment from the training and development of employees is an undeniable choice.
Training can be of any kind relevant to the work or responsibilities of the individual and can be delivered by any appropriate method.
For example, it could include:
- On-the-job learning
- Mentoring schemes
- In-house training
- Individual study
How People Benefit Your Business
Employees champion your business and determine its success or failure. The work they do determines what customers, and the competition are. See, you need to treat your employees with the value they bring. Employees leading a business might be replaced physically, but their skillsets and knowledge cannot be. This is because each person hired brings a different set of skills to the table even though the job description may display the same skills.
Besides, the skillset of employees accounts for 85 per cent of a company’s assets. Therefore, employee efficiency and talent determine the pace and growth of a business. We need to recognise the value of employees in the industry and praise them accordingly. This includes their knowledge, expertise, abilities, skillsets, and experience. These are all invaluable and intangible assets for securing a future for the business. So, when employees feel valued, they will gladly compete in the race and beat the competition.
Reasons Employees Are Considered Invaluable Assets
Essential to providing goods or services – Improving employee efficiency and performance are major priorities for any business. Employees produce the final product, take care of finances, promote your business, and maintain the decision-making records.
Employees are the first customer of any business – If the firm does not have happy and satisfied employees, they will not deliver performance-oriented results. Therefore, reducing the profits of the company.
Employees give their 100 per cent to any business – No matter what size the business is, success results from continuous strenuous and intelligent efforts put in by happy and valued employees. This results in keeping the company going, competing with its competitors, and elevating ahead of them all.
Employees are the face of a business – It’s the satisfaction level of your employees that matters the most. So, if an employee is not happy, she might spread a negative word about the business, even after leaving it. What is more, an unhappy employee will lack motivation and will not perform well, leading to unsatisfactory performance. This results in unachievable performance targets, low profits, and employee churn.
They are the nurturers of the business – Employees are the ones who give their heart and soul to a company. Similar to how parents raise their children, employees nurture their business with their values and endless efforts to take it to the top.
Skilled people with knowledge – The most irreplaceable factors employees bring to the table are their skillsets. Their skills include training and development programs, experience in a specific field, and an understanding of workplace cultures, systems, and work procedures.
Employees are the base of a robust and long-running business – Employees run the business, no matter what level. This means their strength, commitment and dedication, and their emotional connection with the company cannot be judged as assets in monetary value.
Motivated employees make a significant difference – Employees reach new targets, meet customers’ demands and needs, develop new and innovative products, and perform enormously considerable efforts to achieve the company’s objectives.
Employees are significant contributors to the profits and worth of the business – This results in excellent customer reviews and creating brand loyalty from customers. Therefore, employees are the most valuable assets a company has. It is their abilities, knowledge, and experience that cannot be replaced.
Therefore, it is your job to invest in your employees by providing them with the best training and development that you can.
Please note that this is general advice for information only. Any application of legislation or Industrial Relations, or contractual requirements may require professional advice to suit your circumstances.
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