Most employers understand the value of training, but a new study suggests that its value may actually be underappreciated. I was amazed to read in a Harvard Business Review publication that employer-provided training can have an incredible impact on job satisfaction, the equivalent of a nearly 18% pay raise. This finding came out of a study of nearly 5,000 workers by the University of Madeira.
Employers have long asked how they can motivate employees when pay raises are not an option. Well, here’s one answer to that question. And while training is certainly not free, the cost is much less than giving every one of your employees an 18% raise…and that’s not even considering the educational benefits of the training.
The author of the study suggests that many employers tend to overlook the non-traditional, more subjective benefits of training, particularly when they don’t see immediate gains in employee productivity. That said, it’s hard to ignore the bottom line. As I mentioned, training is not free, and it takes up employees’ time.
GAWDA member Tech Air in Danbury, CT, has found a unique way to maximize of training its employees and get the most out of monthly training sessions. In the latest issue of Welding & Gases Today, Tech Air Director of Safety and Compliance Marilyn Dempsey talks the company’s new “Train the Trainer” program, where training is led by the company’s own employees.
What makes Train the Trainer unique is that it capitalizes on the knowledge and experience of individual employees. Employers have long fought against the “brain drain” that happens when experienced employees retire or leave without passing on their knowledge to others. This is one way to bridge that communication gap.
Employees attending the training may also be more responsive when learning from a peer, someone they know, trust and respect. Train the Trainer is also highly scalable, with the ability to add new trainers as a company grows.
You can learn more about Tech Air’s training program here. It’s definitely worth a look, especially at the value of an 18% raise.
What are you doing to maximize the value of employee training? Share by leaving a comment.