Investing in Employee Training: The Value of An Educated Workforce

Job offers that come with opportunities to earn certifications and learn new skills are becoming increasingly attractive to applicants across multiple industries. The promise of education can sometimes be a justification for taking a pay-cut or moving into a new vertical. Companies offer employee training in a variety of different ways, doing everything from having a small discretionary fund for short courses, to financing entire Bachelors degrees and Masters programs.

Perhaps you’ve been considering offering training to your employees. Or perhaps you’ve been approached with requests for funding. Either way, you’re here wondering whether the investment in employee training is worth it.

Courses and certifications of quality rarely come cheap. So unless you have bottomless pockets it’s unlikely that you’ll be funding employee education without considering the benefits first.

You might also be interested in: The Benefit of Corporate Training for Your Company

The Benefits of Funding Employee Training

A smarter, more productive workforce

The first benefit is the more obvious one. An educated workforce is an empowered workforce. This is especially important for companies that are rapidly growing, or even pivoting in a new direction. As your processes and efforts mature, you need the skill sets of your employees to mature along with them.

Let’s look at some scenarios where training can turn great employees into all-star employees…

  1. A leader whose small team is rapidly growing would benefit from learning new leadership styles and techniques. Leading a team of 3 is very different to leading a team of 30, and the skills they learn from something like a Product Leadership Certification would benefit not only them, but everyone working under them as well.
  2. An employee looking to transition laterally into a new role would benefit from training to help them get a feel for the new position. It’s better for their career development and it’s cheaper/smoother to train internally than it is to hire new talent.
  3. Giving whole teams effective training programs can even the playing field when it comes to knowledge and skills, and help both individual employee performance and cross-functional collaboration.

Providing learning and development opportunities for your existing employees can have a long term business impact, by making your teams more productive, more engaged, and more agile. Personalized training can give them a fresh perspective on some of your challenges and growing pains, leading them to think outside of the box and find new solutions to old problems.

Improved employee satisfaction and retention

The most valuable employees aren’t the ones you haven’t hired yet, they’re the ones you already have. According to PeopleKeep, employee retention is more important than most people think, with the main benefits being:

  • Greater productivity
  • Increased revenue
  • Better customer service
  • Increased employee engagement
  • Improved employee satisfaction

Research suggests that the cost of paying for employee training (which reduces employee turnover) is lesser than the cost of hiring new talent. When you lose an employee, you lose something that you can’t find in new candidates; institutional knowledge. High employee turnover rates also cause disruptions to team working and can have a negative impact on company culture.

If The Great Resignation has taught us anything, it’s that employees aren’t afraid to move on to greener pastures. By educating your employees, you’re letting them know that you value them and their career development, and empower them to step into new roles and take on new responsibilities in your organization.

man drinking on yellow cup while reading book

Attracting a higher quality talent pool

Even though employee retention should be a big priority, it’s also inevitable that growing companies will need to hire new talent! And candidates are becoming more and more selective in who they apply to!

Nowadays the trend of a job that blends learning and working is popular for numerous reasons. For some, it’s because in their field of choice experience is valued more highly than pure education, so learning on the job is critical for opening doors in their career.

Many are also not financially in a position to learn without earning, and the more companies there are that offer on the job skills training, the more diverse the talent pool becomes. In an ideal world, economic background doesn’t impact the opportunities that are available. On the job training and education gets the industry closer to that ideal world.

So if you want top talent knocking at your door, offering some form of education or training plan is a fast-track to attracting all-star candidates.

You might also be interested in: Remote Work as an Opportunity for Diversity in Tech

Why Product Management Training?

Product Management training for those working in Product Management roles is a no-brainer. It helps them to learn the skills they need to excel in their role and to bring your visions for the perfect digital product to life!

But we like to argue that Product Management training can be beneficial to many different functions within a SaaS organization.

If you’ve been approached by a non-Product Management employee requesting Product Management training, they’re looking to develop their understanding on these key areas:

  • Communication
  • Prioritization
  • Team leadership
  • Cross-functional collaboration
  • Stakeholder management
  • User research
  • Discovery
  • Project planning

This is by no means a comprehensive list! Product Management sits at the intersection of business, design, marketing, and technology, which means that employees working in a multitude of functions can benefit from PM training.

What Now?

Now that you’re interested in empowering your employees through education and training, you may be wondering what the next steps are. There are a few options that Product School can provide for your employees depending on their needs.

  1. Individual Product Management Certifications: This is a great option if you only have a small handful of employees, or even just one, looking to get trained in Product Management. If you need help choosing between the three different levels (Product Manager, Product Leader, and Product Executive) check out our certifications homepage or book a call with our Director of Admissions.
  2. Corporate Training: Where you’re in an office or in a fully remote and distributed team, corporate training in Product Management is the best option if you’re looking for customized training for your entire team. Employees learn how to face the specific challenges of your industry or organization, and learn how to be more productive and aligned. Get started by requesting a Training Brochure or connect with our Enterprise team.

.

Enjoyed the article? You may like this too: