The global demand for professional training continues to increase. Approximately 370.3 billion U.S. dollars have been spent on education for employees in 2019. The amount is 4.1 billion U.S. dollars more than the expenditure in 2018. Overall, it’s a 125.9 billion U.S. dollars increase since 2009.
The escalation proves that learning is always a necessary curve for companies to yield results. In 2017 alone, employers have spent approximately 1,296 U.S. dollars per employee on learning and development, which translates into an annual learning volume of 34.1 hours per person.
Countries leading the training game
Switzerland may come in fifth in the World Economic Forum’s latest Global Competitive Report, but it’s still the country with the most skilled workers. Why? It’s also the one with the best opportunities for vocational training, on top of on-the-job training and employ ability of fresh graduates.
Meanwhile, the European Union is still the most active regional player when it comes to securing its economic competitiveness.
In terms of a standardized inclination for further education, Asian countries such as South Korea and China lead the way. This is because their traditions and cultures are rooted in the appreciation and practice of lifelong learning.
Our take on this: no matter where your organisation is based in, you will do well to look up to these countries for some notes on yielding growth through professional training.
The benefits of professional training
Professional training works wonders. How so?
1. It’s proven to boost employee morale and productivity.
- Where there is job satisfaction, your employees will find it easier to contribute to the success of your organisation. When they are well-trained, their efficiency is increased which, in turn, increases the company’s productivity rate as well.
2. It can increase the cost-efficiency of your company.
- Trained staff would be exposed to the best economic use of materials and equipment when on their jobs, while also learning to minimise errors and wastage of resources.
3. It can help your company evolve.
- On a larger scale, professional training can help your organisation to adapt to the evolving requirements of your industry as well as market trends.
The disadvantages of professional training
In order to really know if it’s the right step for your company, you also need to measure your case against the disadvantages of going for it.
1. It can be expensive.
- Obviously, professional training can be costly. It can especially feel expensive when your budget for employee training is limited, to begin with.
2. It doesn’t guarantee your employees’ loyalty.
- Investing in professional training can also be a gamble, as there can be no proven guarantee that your employees will stay with your company for a long time, after.
3. It won’t work without the proper “fit”.
- Choosing the right programs for your company can also be tricky. The wrong option actually increases the stress of your employees instead of boosting their morales.
4. It doesn’t always give you the insight you need.
- Then, there’s also the fact that the survey methods used to measure the success of a program can only reveal partial aspects of the training strategy at hand. Results are also based on the varying subjectivity of its participants.
So is professional training right for your company?
A professional training session does not have to be a scary experience, so long as it’s an option chosen for the right, premeditated reasons that can evidently fuel your company’s success.
It’s worth consulting your case with our experts in this field before making your decision. To find out if it’s a right move for your company, you can always contact us for advice.
At TÜV Rheinland, we ensure that your best interests are always taken care of.