Updated: April 25, 2024- 5 min read
Improving efficiency and cutting costs is increasingly a priority for many businesses. One way your company can achieve this is through enterprise training.
The biggest companies in the world didn’t get there by taking the easy road. In the world of Human Resources, it may seem easy to find a candidate with a spiffy resumé and loads of experience, rather than building upon an already existing team. This mentality, however, could be a fatal blow to a business of any size. For now, however, let’s put the gloom and doom aside, and focus on some hard facts about the benefits of enterprise training.
Enterprise Training Improves Cost Efficiency
Hiring new employees is expensive. The average cost to hire a new employee is over $4,500, a number that is only going up in the competitive hiring market. If you’re onboarding multiple employees, these financial losses can quickly add up, doing serious damage to your bottom line.
Worse, this $4,500 investment does not guarantee future efficiency. It's a bet on a new hire's potential. Spending on a proven team, however, gives you the opportunity to build on the knowledge that already exists internally. This is one of the reasons why the ROI of enterprise training is consistently a proven benefit.
A one-time fee of $40,000 to improve the performance of multiple proven, trustworthy employees is a better investment than an $80-130k yearly salary plus the cost of hiring.
Enterprise Training Improves Consistency
New employees require time to adjust, while current employees are already familiar with your systems and procedures.
Focusing time, energy, and resources on hiring is time taken away from creating solutions. Internal training not only adds knowledge to an existing base but also allows for teams to develop a more cohesive sense of internal policies. New hires, on the other hand, have to start from scratch to develop team and company synergy.
Team consistency equals efficiency.
There is great fresh talent out there, and there are appropriate moments to hire. But onboarding can be disruptive as well, and it can take weeks for new team member to grow into their full productivity.
Your current employees do not require onboarding, nor do they require time getting in sync with new coworkers. What this all amounts to is a present level of consistency that can be built upon, rather than interrupting your team dynamic with a new addition.
Enterprise Training Strengthens Weak Areas
Team training highlights weaknesses that exist on personal or team levels and then eliminates these insufficiencies in a secure learning environment. With regards to Product Management, a thorough and well-rounded training program can optimize areas that are in need of improvement.
Teams who go through enterprise training together learn to mold their expertise around each other. For example, colleague ‘A’ may be an expert on the technical side of a project but may lack communication skills. Colleague ‘B’, on the other hand, is an excellent communicator without technical ability. From a quality enterprise training session, these two colleagues learn from each other’s strengths, while also understanding where to fill in for the other colleague in the appropriate circumstances.
Enterprise Training Improves Employee Morale
This is perhaps the most underappreciated aspect of enterprise training. Employee satisfaction and happiness are essential for performance and company success. This may seem obvious but companies often overlook the importance of maintaining a happy workplace.
Many Product Managers find satisfaction in their work, but conversely they remain open to new positions. How does this translate to enterprise training? Companies that offer enterprise training often report an increase in employee morale. This improvement in morale leads to employees feeling a sense of value, which in turn inspires these same workers to produce at even higher levels.
Perhaps the most holistically beneficial side of investing in employee morale is that once employee self-worth increases nearly all the previous benefits (weaknesses, consistency, and efficiency) tend to improve as well.
Enterprise Training Ramps Up Productivity
Employees who feel secure are likely to focus their energy into producing results rather than worrying about their status within their company. Along with the security, workers who go through enterprise training no longer have to spend time on learning, but rather can focus their efforts on doing. Therefore, with an increase in overall skill level comes an increase in the number of solutions.
Hiring a new employee does not necessarily add to the productivity of a company or a team, whereas training an existing team virtually guarantees that their future level of production will increase.
The Benefits of Product Training for Teams
Product Management is a growing, resilient field. Whether you have Product Managers in your company you'd like to upskill or are introducing a Product mindset to your company, Product team training can bring real benefits. Efficiency and Product Management go hand-in-hand, and those who develop a Product skillset will become better problem solvers, collaborators, and leaders.
However, Product training needs vary from company to company. Herein lies the beauty of Product School's custom team training.
Rather than rigid instructions that lack flexibility, Product School structures curriculums that address the specific areas within each company. Furthermore, teams who complete the enterprise training program receive Product Management certificates (a valuable addition to any LinkedIn profile or resumé). So whether those taking classes are Product Management veterans that are looking to fine-tune their arsenal of tools, or employees brand new to a Product mindset, Product School crafts its enterprise training content according to your team's needs.
Schedule a call to learn more about how your can upskill your team to be more efficient and Product-Led.
Updated: April 25, 2024
