Source: CUSTOM HOME Magazine
Publication date: September 1, 2004

By Carol Smith

Employees can only serve a customer to the extent that they know what to do and how to do it. In a world where change is continual—sometimes exciting, often unwelcome, and frequently disruptive—training can stabilize, encourage, and challenge companies to new levels of performance. Whether you have one employee or 20, investments in training pay significant rewards.

Typical organizations spend approximately 1.5 percent of revenues on training. Organizations that excel invest as much as 5 percent. The results of the larger training commitment include positive correlations with higher sales, greater productivity, fewer product defects, less attrition among personnel, and fewer days of work missed.

Employees who are well trained require less time from managers and reflect well on the person who hired them. They make better decisions, solve problems faster, suggest more improvements and innovations, and enjoy their work.

In today's job market, where many candidates constantly evaluate career options, training can be one of the factors that leads to retention of valued employees. To grow, whether by increasing share in a current market, expanding into a new market, or venturing into a new product line, companies need employees who are ready for promotion–what sports enthusiasts refer to as “bench strength.” Training helps develop that talent.

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