Importance of training and learning in businesses and corporates

Learning and development do not stop with schooling or college. Learning is a natural process that extends to all fields and across time. With new developments each day in technology, market trends, business scenarios and varied phenomenon affecting business operations, there is a demand for learning within an organisation. Businesses today undergo various transformations and must adapt to change to keep in pace with the fast-moving industry. Such changes call for training and development in each aspect of business operations. Employees and leading management must train themselves both technically and conceptually to be able to best adapt to these changes and grow with the requirements of the job.

“An investment in knowledge always pays the best interest.” ―Benjamin Franklin

The Association for Talent Development (ATD) has discovered that companies that provide detailed training programs have a 218% higher rate of return per employee than companies that do not offer any training programs. It is evident that training and learning in any business brings growth to the overall business in terms of better employee retention, better income, increased profits, skilled personnel with updated knowledge, efficiency in work etc. The benefits of training exercises are numerous, and any company must invest in learning and development through corporate training programs to boost the morale of the employees and enjoy the status of a profitable organisation.

There are 2 broad types of training programs that can be undertaken in a corporate:

1. General soft-skills training including all soft skills
2. Targeted training for any particular skill

1. An all-inclusive training program touches on various ways and methods to strategize and organise your employees to perform more efficiently. It focuses on a wide range of skillset comprising of leadership, team management, resolving conflict, adapting to change, delegation, financial management, formulating strategies, organisational growth, interaction, effective communication etc. Such learning and training is deemed important from the perspective of the organisation’s best interests. Business leaders and Resource managers have continuously stressed on the importance and need for training and development exercises for the organisation’s overall health. An all-inclusive training program can be customised as per the needs of the company and impart general education about effectively managing business operations.

• Targeted Training focuses on particular skill development like leadership training or training in effective communication, team management, change, innovation etc. Such training is very specific and tackles an individual issue or two issues. It is more of an in-depth learning process including various concepts and exercises pertaining to the particular skill. Such training is more effective in bringing desired outcomes and dealing with particular problems more efficiently. There is a constant need for upgrading skills and developing an aptitude for new technology or new demands in the market/ any industry. Such requirements call for training and development of employees from time to time in particular skills. This is where targeted training plays a significant role.

There are several ways to conduct corporate training and learning programs. Some of these are:

1. Seasonal Training Workshops
2. Corporate e-learning modules
3. Outbound Training
4. Training through sports/ team activities
5. Regular classroom training sessions
6. One-on-one training

The best suitable option for your company depends upon your needs and the employees who are subject to the training. This decision rests upon the organisational head or HR managers to select the best medium of training for their company’s needs. A study by the National Centre on the Educational Quality of the Workforce (EQW) showed that the increase in organisational learning level proved to be more effective in increasing the productivity of the company than an increase in the value and quality of equipment. With a 10% increase in education and learning, the company’s productivity increased by 8.6%, while, with the same increase in the value of equipment, there was only a 3.4% increase in productivity. This proves that the value of training and corporate learning is increasing rapidly and companies that wish to grow and increase profits must opt for the best learning and training programs.