Work Perks: Is Your Business Missing an Educational Investment Opportunity?
By The Gift Club
Today’s workforce is looking for more in their benefits package – and there’s one investment that may pay unbelievable dividends.
When it comes to employee perks and benefits, what is the first thing that comes to mind? Is it health insurance, retirement planning, office food/drinks, or extra paid holidays?
What if one of the most critical benefits companies can provide their employees is education and training opportunities as a perk?
As companies work hard to recruit and maintain top candidates, benefits and perks continue to be deciding factors for success.
Whether it is tuition reimbursement, learning opportunities to stay current in their field, additional certifications-corporate training programs are some of the best investments companies make in their employees.
The Importance of Employee Education and Training
Employees continue to place a higher premium on workplace benefits over the traditional salary and medical/dental insurance benefits. Not only are today’s workers in search of a job that helps put food on the table, but they are looking to improve their lives through education, training, and development.
According to company training firm Lorman, nearly three-quarters of employees are willing to learn new skills to remain employable. Yet, over half report their employers offer little to no training opportunities. This becomes an issue when many companies are coming to realize that their employees are their most important asset.
The opportunity to draw new candidates and retain top employees is there for those who choose to take it. Lorman’s study reports that 87% of millennials – today’s fastest-growing segment of the workforce – place learning and development near the top of their priorities.
Employers who understand that their employees are looking for opportunities to better themselves will see a significant return on investment (ROI).
While higher salaries speak to the need for improved education, many companies see that educational opportunities to further their employees’ skill set are just as significant.
Ten Benefits of Education & Learning Work Perks
Many organisations realise that when they invest in their employees, they will reap returns across the board. While it is true that many companies are struggling to maintain profitability, there are still some who understand the need to invest in their workforce.
Benefits of education and training programs that can be seen throughout a company are:
1. Decreased Employee Turnover
Many people still do not find themselves unemployed simply because they lack the skills and education companies are looking for.
When a company provides training programs in addition to great benefits, it is clear that they want employees to see their investment as well. This can reduce turnover and decrease the amount of time spent recruiting and training new hires.
2. Increased Salary/Compensation Opportunities
Training opportunities can lead to increased salary/compensation opportunities. By emphasizing new skill sets and qualifications, an employee shows that they are willing to take on more responsibility and put forth effort towards their career development.
EdAssist® of Bright Horizons Family Solutions® completed a study that revealed that over 90% of those interviewed viewed their employer’s tuition assistance benefit as integral to their ability to rise up in their company.
3. Increased Productivity
In addition to being a benefit for the company, education and training programs can be a benefit for employees as well. In many cases, employees are sent to seminars and conferences to learn new technologies, work practices, and even leadership skills.
If you have wondered if these benefits can truly impact productivity and efficiency, consider that Amazon – known for their get-it-now Prime shipping – is investing in training programs for over 300,000 of its employees over the next several years. If the giants in the industry see the benefits, then it may be time for you to follow suit!
4. Higher Sales Conversion Rates
Training programs for sales staff is a great way to increase conversion rates and overall sales performance. Consider how much easier it is to sell a product or service when you know all about it and have been trained in the process.
In data from a 2015 study of Australian businesses, employees’ lack of educational opportunities reduced workforce confidence and ability to meet client expectations. This includes an inability to innovate and compete with other companies in their industry.
5. Lower Absenteeism/Tardiness
Training programs can also help reduce absenteeism and tardiness by teaching employees skills that they need to do the job well. Whether an employee has been asked to attend a sales conference or ongoing training online, it is important that they are able to demonstrate proficiency in the workplace.
6. Knowledge of Specific Industries and Job Function
Employers understand that by providing opportunities for training, employees have a better chance to hone their skills while understanding how it applies to their job function. They can learn more about what matters most in their field and become more competitive in the workforce.
7. Greater Opportunities for Advancement
With a better understanding of a particular industry or a particular job function, employees can more easily apply for promotions and advancement opportunities. It is not uncommon to see business analysts moving on to become project managers or purchasing agents becoming supply chain coordinators because they have the necessary experience and knowledge.
8. Increased Innovation
When employees are better prepared, companies can benefit from increased innovation. Employees often bring fresh ideas to the table when they have opportunities for outside training and education. The ROI rises when there is potential for greater gains in development.
9. Enhancement of Company Culture
Employers understand that a dynamic and flexible workforce can produce better results. A training program can improve the workplace culture by instilling a sense of camaraderie between employees. This can increase morale and encourage teamwork, both on-site and off-site, through meetups.
10. Employees are Individually Valued
Employers understand that when they invest in their employees’ training opportunities, it demonstrates that they are investing not only in the employee’s performance but also in their professional development. When this sort of investment is made, employees know that they are valued and add value to the company.
Something as simple as sending an employee to lunch and learning with other companies in the same industry can demonstrate this investment.
Equip and Encourage Your Teams with The Gift Club
The research is clear – businesses that invest in their employees in vocation development show greater gains across the board. Whether the opportunities are related to on-job skills or education in an individual’s passions, investment can lead to high ROI in nearly all elements of business development.
If you are looking for a supplier of employee rewards and perks, then visit The Gift Club. We are a central community representing the industry’s service providers and host a list of the best vendors around the world.
If your business is looking for new, innovative ways to boost employee culture with top-tier benefits, The Gift Club has the resources you need. With industry-leading resources for today’s top companies, employment perks are just a few clicks away.
Visit The Gift Club online today to learn more about the opportunities available for your business!