A lot of organisations who invest their time in corporate training programs try to do it inhouse, rather than outsourcing it to corporate training companies. Why? Because hiring a corporate training company looks like an extra cost. Doing it inhouse, they will be able to save on the extra cost of a third-party vendor.
While some feel that corporate training companies are an extra cost, others feel that corporate training programs altogether are a drain on their resources! And that’s why whenever there is a need for cost cutting, employee development is the first one to face the axe.
If you think about it, there are a lot of reasons why corporate training programs and companies are an investment. Today, I am going to list down the top 5 reasons for you. Let’s take a look:
- The biggest reason why an organisation should invest in corporate training programs is, for enhancing the capabilities of the employees to perform better and yield better output. Developing employees means working on their capability to improve productivity. And it’s no rocket science that higher productivity can give higher revenues and higher profits to an organisation.
- The second benefit is related to the first one. Corporate training programs for employee development help in creating a pool with enhanced capabilities who can move up the hierarchy. Hence corporate training helps in succession planning by creating an in-house pool of employees that are ready to take on higher positions. This saves big time on recruitment cost for higher positions. It also ensures that you have employees at the top who know the pulse of the organisation by having steadily grown through its ranks.
- Corporate training programs are also very useful for attracting good talent. Talent that’s looking forward to development of organisation and their career. In fact, not just attracting; but also retaining the good talent. It is beneficial for creating a good reputation and enhancing the employer branding in the market.
- Regular corporate training programs help employees in staying up to date with the new trends in the market. Rather than hiring new people with up-to-date technological knowledge and trends, it is always better to improve the existing people and keep them updated. This will also help in engaging the employees more and increase the retention rate.
- The fifth reason why corporate training companies make a difference is what many Human Resource professionals tell us. Employees tend to take a third person with a neutral view to the organisation and the employees more seriously than an inhouse trainer who may have biases. Figuring out the training needs through a corporate training company rather than doing it inhouse also eliminates internal biases and provides more valid data.
And a sixth reason, a corporate training company typically has more exposure to various other organisations and industries. They would therefore have a better idea of the best practices in the market and can help their clients implement the same.
So there we go. Have given you more than the promised number of 5😊 I just couldn’t help it as there genuinely are many reasons!