I recently came across a cartoon which revealed a conversation between a CFO and a CEO. The CFO asked the CEO what happens if we train them and they leave? The CEO responded what happens if don’t and they stay.
So what happens if you don’t?
Low staff morale, performance inefficiencies, business stagnation, poor knowledge retention and high turnover. Those are the expected results of little or no training and development in your organization. I would like to hazard a guess that you are in business to make a profit and to keep doing so. Training your staff provides them with the skills to innovate (Barber 2004, as cited in Aguinis & Kraiger, 2009) and facilitates organizational knowledge retention (Acton & Golden, 2002). Training then provides some stability for your employees and your business and helps to ensure its longevity. With improved skill comes the opportunity for increased productivity, effectiveness, and operating profit. Research shows that continuous investment in training will result in increased job satisfaction and reduced levels of job-related stress (Acton & Golden, 2002).
So my question to you is, why not make the investment in training?
Acton, T., & Golden, W. (2002). Training: The way to retain valuable IT employees. Informing Science, (pp. 1-12).
Aguinis, H., & Kraiger, K. (2009). Benefits of training and development for individuals and teams, organizations, and society. Annual review of psychology, 60, 451-474.
For the audio recording of this post, click the play button below.