Studies show that investing in an employee training program can result in increased productivity and profits for a company - with potential Return-on-Investments in both profits, and savings of costs incurred by untrained employees. It has been noted that Canadian companies are behind their international competitors in the area of employee training, with approximately 45% less spent on employee training and education. This means that only about 30% of working Canadians have received adequate training in the performance of their jobs.
It would appear that Canadian companies tend to lack strong training programs due to the fact that they tend to be small to mid-sized and don't have the resources to seek out effective training techniques. Whether they aren't aware of the potential value of employee training programs, or they don't know how to obtain adequate employee training, Canadian companies are missing out on potential increases in sales and productivity and decreases in staff turnover rates.
An effective training program should match the company's business goals, and generally enhance the business experience, ultimately resulting in improved product quality, reduced costs and time, and increased levels of productivity. If employees are adequately trained to do their jobs, and employers show a genuine concern for providing their staff with a solid background for performing their jobs, benefits will include increases in both customer and employee satisfaction, thereby enhancing the business experience on a number of levels.
To assess the potential Return-On-Investment for your company's training program, use the ROI calculator below.
Training Return-on-Investment (ROI) Calculator
Increase in Profits (the effect training had on the business)
minus the Cost of Training Program
divide that by the Cost of Training Program
times 100 to calculate ROI as a percentage.
Example:
A new training program costs $10,000 and resulting sales were $30,000.
ROI: $30,000 - $10,000 / $10,000 x 100 = 200%
Result: every $1 spent on training yielded $2 in profits.
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