It is the ripe moment that professionals from human resources check employee performances and start budgeting their training spending’s for 2019. Human capital is the largest asset and key to obtain a well-planned business goal. For this it is crucial to prepare your workforce to perform best in highly competitive environment with the help of training.
It is well-known that employees are always eager for more learning and development from their employer. Even the employers reap higher revenue investing in employee training programs. Creating an employee training budget ensures that the company is committed financially towards employee training and development, so as to engage and retain top talent as well as their productivity.
Technology and learning are connected closely. As high-tech innovations develop, so do the opportunities to create best corporate training delivery methods and programs. However, 5 must do tasks to consider, while calculating employee training spending’s for 2019 are given below.
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The C-suite and human resources work in synch
Lack of proper planning and dedication from C-suite [senior executives] keeps the efforts of training and development in an organization from achieving its full potential. If the leaders are not aware of what their training goal is then they are wasting resources. The C-suite and the human resource professionals need to define the principles. Practices and processes, which the company, departments, and employees can apply to improve their competencies and performances. In this way, they can take care of one of the crucial productivity boost zones.
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Develop capabilities for company’s future goals
For consistent health management of a business, the management needs to target employees capable to handle leadership roles in future. Using Internet monitoring software, the management can sieve their competent employees and give them training on communication & problem-solving skills and leadership development. It will help to build an agile team that are capable to evolve with time.
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Give emphasis to communication skills
Employee’s soft skills like emotional astuteness, teamwork and negotiation are very valuable in a business. Nurturing these abilities can improve leadership, foster employee retention and even help to build meaningful company culture.
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Consider training milestones
Business owners will ridicule at the concept of offering incentives in a training program. A simple reward system like points, badges, and leaderboards helps to motivate passionless learners. These tools can act as springboard until their true interest kicks in.
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Think about employee training as an attraction for talent acquisition
Employees wish to work with companies offering professional and personal development. This is a deciding factor, while searching for new job opportunities or determining to stay with current employer. Training is the major differentiator between businesses competing for talent. Use training as a leverage and think about it as a source of incentive to engage and retain employees.
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Create an effective training program
While developing a training program consider the learners work environment, experience, technical skills, and performance level. Content training is the past, today you find training clips on YouTube, Skype classroom sessions, online open courses, or shared posts on social sites. All such elements can be converted into learning content. Training can be delivered via multiple platforms like mobile and classroom, so that the time crux for busy employees get eliminated.
How much budget to set aside for employee training?
Simple rule is to spend 1% to 5% of total salary expenses on training. You can even use the training budget calculator available online and even learn ways to save money on training budget.
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