The Cost of Training vs. Not Training
Training costs often become a deterrent for most organizations. It’s easier to throw a new employee into his or her job without giving training, expecting the employee to learn on the job. However, the cost saved by not training employees can benefit you only in the short-term. Costs incurred on account of mistakes done by untrained employees, lost sales, lost customers, and constant supervision on them can be much higher in terms of money and duration.
Reasons why organizations shy away from investing in employee training:
Few organizations believe that by investing in training their employees, they are actually honing their employees' skills for them to take elsewhere. However, if your employees are getting ample opportunities to learn and develop their skills, there are more chances that they will stay with your organization longer. In reality, your readiness to invest in their development leaves you being regarded as a good employer and increases your law firm's chances of attracting good talent.
- Training costs
- Off-shore training incurs travel costs
- Employees have to be away from their work
- Risk of trained employees leaving for better opportunities
Benefits of training your employees:
Here are few questions a law firm that decides not to invest in training costs, must ask:
- Increased staff morale leading to higher retention rates
- Reduced recruitment costs sometimes from internal fulfilment of job vacancies by skilled employees
- Increased quality of work leading to efficient and accurate work and satisfied workers
- Efficient time management
- Better inter-personal communication skills
- Reduced workplace errors
- Increased market competitiveness as employees stay updated with changing industry practices
- Higher productivity
- Increased employer brand image
Not many years ago, organizations had the option of training their employees. In today's time when the markets are getting more and more competitive and innovation is the king, only those organizations who have the wealth of skilled and motivated workforce can survive the currents of market competitiveness. If an organization continues to do what it did five years back, in the same way, it will start becoming obsolete because, in most probability, others are investing in newer techniques and training their workforce to deliver increased value to customers.
- What will the consequences be of not training my employees?
- What will be the cost of training vs. not training my employees?
- Will the cost of damage arising out of untrained employees exceed my cost of savings?
- What is the amount of time wasted because my managers lack leadership skills or proper functional skills required for their day-to-day functions?
- What is the cost of opportunities lost owing to poor customer service or product quality?
- How will you stay competitive and keep your workforce updated with the latest trends and techniques?
- How will you keep up your employee morale?
- How will you contribute in your employees' skills and career development?
The success and competence of an organization is directly related to the competence and skill-adeptness of its employees. By deciding to not train your employees, you are saving on your expenses today but inviting ignorance and long-term trouble for your business.