Training: Revenue Priority or Corporate Risk

It’s a common corporate dilemma: What if we train people and they leave, taking all that knowledge—and investment—with them? But what if they stay and we haven’t helped them improve? Are the risks worth the reward?

Employee needs are corporate needs

Balancing business needs against staff development is tricky. But, no matter the product or service, companies need good, highly-skilled employees. Investing in the continued professional development of people is beneficial, both for employee morale and the corporation’s bottom line.

Training improves revenue

Training in the Automotive Industry needs to be a priority and needs to be effective. According to “Training Magazine” sales and product knowledge training lead to increased revenue and market share, while service training can lead to better customer experiences and brand loyalty. HR Magazine reports that companies investing $1,500 or more per employee per year on training averaged 24% higher profits than companies with lower yearly training investments.

Stop talking and start doing

Talking about training and executing a defined training plan are not the same thing.

Training must be a priority within your organization. The auto industry needs to change our mindset from thinking training is a cost to be minimized to view it as an expense that can help our company achieve its goals. Learning and development programs need to keep pace with the shifting company goals.

That doesn’t mean that “training for training’s sake” is a good use of resources. Each organization needs to critically consider its goals for the coming year, and determine how likely it is your staff can meet these milestones with their current knowledge. If you identify a gap, address it immediately—the sooner your staff is trained, the sooner you’ll be meeting or even exceeding annual revenue and sales goals!