How to Maximize your ROI through Team Training
How to Maximize your ROI through Team Training
When it comes to ensuring that your employees have the skills they need to maximize your profits, training your existing staff rather than bringing on new hires is the better route. Training is integral to improving employee satisfaction, keeping your business competitive in your space, and increasing your profitability. The numbers don’t lie:
- 45% of employees stay with companies longer if the company invests in training
- 84% of employees at top-performing companies report being provided all the training they need
- 24% higher profits are the reward for companies that provide comprehensive training
So, put aside any thoughts you have of going on a hiring binge. Let’s discuss how you can achieve a great ROI from training. When you need to upskill your staff, two basic options are open to you: individual training and team training. While both styles come with their own advantages and disadvantages, pretty much anyone you ask will tell you that team training is the better way to go when it comes to ROI.
Maximizing Your ROI from Team Training
Every penny you spend on your business boils down to ROI. This is especially true of training. When you send even one employee for training, that takes them out of the profit-making side of your company for the duration of the program. But we’re talking team training now, so multiple members of your staff will be unavailable for as long as the training takes. So, when you select your people for team training, you’re thinking your ROI had better be impressive.To make sure you’re getting as much bang for your buck as possible, you can track measurable benefits to your ROI. Here are some points to check to determine how well the training is helping your bottom line.
- Training effectiveness: If the training isn’t effective, it won’t be profitable. At all. Make sure that the trainings you select for your teams match what your employees are expected to do in their jobs. Any program should allow your employees to keep current with changes in the industry and improve their productivity. Teams that receive the right kind of training are much more efficient and effective, which equates to money in the bank for your business.
- Team cohesiveness: Teams that train together work together more cohesively. This is in part because the team members learn to better understand and appreciate each other’s roles. Training also allows individuals on the team to bridge any skill gaps, which beefs up the team’s quality as a whole. Teams that know each member’s capabilities and limitations work more fluidly—and more profitably.
- Employee retention: When you interview your employees—both those who are staying with the company and those who choose to leave—one item you should definitely discuss is how satisfied they are with the training they’ve had. Employees value companies that invest in their training, and they engage with their work more as a result. Because higher employee motivation means more productive work and less turnover, your company’s ROI is better. And that’s great for your long-term growth.
- Talent acquisition: Again, employees really appreciate companies that invest in their professional development. Once your company develops a reputation for keeping its teams trained, it becomes easier to attract top talent. When you’re hiring, advertise that you invest in employee training. And to determine whether this is effective for recruiting, find out from potential employees whether your company’s training offerings were a draw for them.
Where and How to Train Your Teams
Once you decide on the training that your teams need, it’s time to choose the best delivery method. And since ROI is still the goal, you want to choose the most effective training at the most reasonable price for what you get. Training is delivered in three ways: synchronous training, asynchronous training, and blended training. As with anything, each has its own good points and bad.
- Synchronous training: This type of training is conducted with a live instructor in real time, but it isn’t necessary for the training to be performed in person. In addition to face-to-face, in-person training, the program can be delivered online. One advantage of synchronous training is the ability for the trainees and instructors to interact. Another is that the instructor can adjust the pace to suit the level of the trainees. The disadvantages are that the programs are expensive and the teams will be away from work during the training. These negative aspects of synchronous training make realizing a good ROI difficult.
- Asynchronous training: This often involves self-paced work from the trainees. It can be delivered in several ways, including prerecorded webinars, podcasts, and interactive eLearning programs. This type of training is good in that it’s self-paced, meaning trainees have a great deal of autonomy over when to study and how to make best use of the materials to suit their learning styles. However, because it’s self-paced, it’s hard to apply to team training. Although this is generally the least expensive option, the benefit to your ROI may be reduced because of the lack of interaction with living, breathing instructors. Also, in a team training scenario, this format may lack efficiency if some team members have to learn content that they don’t need to know, which further cuts into your ROI.
- Blended training: This, obviously, is a combination of synchronous and asynchronous training, with some parts being interactive and instructor-led and others being delivered in a prerecorded format. Again, because the team isn’t always learning together, blended programs may not be completely effective. However, it still beats asynchronous training when teams are involved. And with only part of it being synchronous, your ROI doesn’t take as much of a hit.
Team training is important. It can also be expensive—especially if the program you select for your team turns out to be a bust. If you want to see a maximum ROI, you have to choose a program that touts everything you need: certified instructors, relevant training points, top-quality materials, and a smooth delivery platform. You can find all this in our Level Up 360° – Group Training Program.Highlights of Level Up 360° group training include:
- flexible scheduling
- group pricing that can fit any budget
- certified SME instructors who specialize in team training.
Level Up 360° group training also contributes to diversity because, when you provide training, you’ll be able to attract and retain any employee you want who values self-improvement. And with your employees learning skills that they can apply immediately, you begin earning your ROI through your team’s enhanced performance and productivity as soon as they complete training.We specialize in training in Data Analytics, Cloud Services, Cybersecurity, and Professional Development. If you have teams who need training in any of these areas to increase your ROI, Level Up 360° group training is the best choice for you. Feel free to contact us to discuss your needs and expectations.