There is no doubt that employees are the cornerstone of any organization. Despite rapid growth in digitisation and advanced technology applications, organizations remain highly dependent on human abilities. Employee training and development both are different but many peoples are consider same.
Successful organizations are aware of this, and they know how important investing in talent is. Research shows that pharmaceutical industry training and development programs are not only able to increase their profits, but also maintain an extremely high level of employee retention. In the long run, training employees is a worthwhile investment because replacing talents is much more expensive than retaining them.
Organizations are realizing the importance of employee training as markets continue to evolve and business environments become more competitive. Nowadays, employee training isn’t exclusive to CEOs and CFOs. Employee training is becoming one of the main growth engines for companies.
What is Employee Training and Development?
In the past few years, leading organizations have invested heavily in employee training and development due to the numerous and varied benefits that training can provide. As a business strategy, employee training has become important not only for employee retention, but also for creating a skilled workforce for the future.
People use the terms ‘development’ and ‘training’ interchangeably, but both are two different things. Development programs typically focus more on broader skills, such as leadership, communication, and decision making, whereas employee training has clear, measurable goals that are related to improving productivity and accuracy.
In short, employee training and development is more than just specific job duties. Development programs increase employees’ future performance and growth, but employee training focuses more on acquiring new skills and knowledge that employees can apply immediately to their current roles to execute them.
Training and development are becoming more important than ever as businesses compete to retain top talent. According to Edward Hess, a professor of business administration and author: “Companies that can learn faster and adapt better to changing environments do well in the long run.”
When to Do Training Need Assessment?
Businesses have different needs, so employee training may have a different significance depending on specific areas and functions. How do you decide whether your employees need retraining or development? Here are a few tips:
If your organization is experiencing a knowledge or talent gap.
If certain areas or functions need improvement.
If there is a need to fill specific skill gaps.
If your company needs to train employees in a specific program.
If your organization is updating its technology.
If you need to apply personalized strategies to each employee.