Introduction
Corporate training is not something that one can show off in boardrooms or on one's LinkedIn profiles.
Instead, it is where your employees nurture their skills, polish their talents, and become top-notch professionals, that is why a majority, 68% of employees prefer to learn and train at work.
Wait! But let us be honest for a moment here: How many of us have sat through a training session that felt more like watching paint dry? If you’re nodding along, you’re not alone!
The importance of corporate training goes beyond just ticking boxes on an HR checklist, it’s about creating an environment where learning is as fascinating as watching a clear presentation that hits all the right points.
Well, only facts are allowed - Would you prefer to have a team that is sharp & quick or one that is dull & slow?
Spoiler alert: Sharp teams will lead to innovation, productivity, and, ultimately, success. Just letting you know.
And here’s something you might miss, effective business skills coaching can actually reduce employee turnover.
Yes, you heard that right!
Happy employees stick around longer than that last slice of cake at a birthday party.
What is Corporate Training?
Corporate training is a structured approach created to improve employees' skills, knowledge, and competencies within an organisation.
Corporate training, also known as workplace learning, consists of different activities that can cover topics ranging from soft skills to role-specific competencies.
Corporate training benefits employees and businesses as it builds intellectual capital (IC- that includes knowledge, skills, relationships, and innovations that can be used to create wealth in the business or in the organisation) while upskilling the employees.
Company training programs yield 218% higher income per employee than those without formalised training.
The goal of a corporate training program is to brilliantly improve your employees both attributes, personal and professional, effectively.
“In today’s world, if you’re not learning, you’re falling behind.”
Why is Corporate Training Important?
The truth is that corporate training is the lifeblood of any successful organisation. Yes, so let us understand the why behind this,
An established corporate trainer Janki Bhatt says, "People are not machines. They need development, encouragement, and guidance to grow."
Prerequisite - 1 Face off real-world challenges
The skills that used to work and were needed from your team five years ago are irrelevant today. That's the harsh truth!
Businesses, market shifts, and technology are changing at an incredible speed. If employees don't keep up with the speed and change, they will start to become liabilities rather than assets.
Employee skill development through corporate training will fill the gap while ensuring that your people have the tactics, tools, and understanding they need to perform at their best.
Prerequisite - 2 Leadership without coaching? You can't be serious here
How fair would it be to promote an employee without offering proper guidance? This is where the benefits of leadership coaching become non-negotiable.
Coaching will transform your good employees into great leaders, instilling in them the emotional intelligence, decision-making skills, and strategic vision needed to lead teams effectively.
After all, a leader who hasn't been coached properly is just a stressed-out worker with a "respectable" title.
Prerequisite - 3 Productivity over burnout? Careful!
Businesses expect employees to be productive without providing any meaningful development.
Understand that corporate training boosts skills, refreshes minds, renews motivation, and prevents burnout.
Employees who feel competent and supported work smarter, not just harder.
Prerequisite - 4 The paradigm shift - Growth is a two-way street
Gone are the days when employees used to only work for salaries. Today, they want growth. And if they don’t find it within your organisation, they’ll find it somewhere else.
This is the paradigm shift being absorbed in the workplace: Job satisfaction now depends as much on personal and professional development as it does on pay.
Prerequisite - 5 Corporate training leads to innovative tomorrow's
Employees who receive training will have the confidence and knowledge to think beyond their tasks.
They ask, “What if?” and “Why not?” Suddenly, they’re not just doing their jobs but are thinking creatively and pushing the business forward.
Benefits of Corporate Training
Here are the benefits of corporate training,
Effective savings on cost
Fact. Hiring new employees is expensive anyway. But compared to new hires, spending on an existing team has shown an excellent ROI-all thanks to corporate training!
Training can drastically minimise a company's costs. How? Training is a one-time investment and does not require an allotment of a monthly salary, fringe benefits, medical expenses, etc.
Increased in morale and motivation
Since don't know from when but low motivation to work has been a concern for employees.
Investing in corporate training helps create a supportive environment, and it shows employees that they are valued at the workplace.
This will allow the employees to work harder for the organisation, as not all employees are motivated by "money" alone.
Boosts employee retention
Companies rated highly in training investment have seen 53% lower employee retention. The provision of corporate training is directly associated with employee retention.
It helps employees feel their job is important for the company’s success, and the company is willing to invest money and time to get the job done right and accurately.
Better & quick decision-making and leadership
Corporate training significantly improves decision-making and instils leadership qualities in employees so that they can benefit the company.
Better decision-making can help improve a company's efficiency, which, in turn, can lead to more revenue and profits.
A great leader can help a team innovate, bringing many beneficial ideas to the business.
Puts an end to weaknesses
Training will fill the gap of weaknesses in employees and help bring them to the surface to eliminate them.
For example, employee A might be an excellent analytical person but lacking in communication, and employee B might be a good communicator but lacking in analytics.
These two employees can learn from each other’s strengths and build on them to improve their performance.
Challenges in Corporate Training Programs
There are many challenges that takes place in corporate training programs, including;
1) Engaging employees in the learning process
Success in employee training = employee engagement.
The importance of employee engagement in the learning process cannot be neglected in any way.
If there is no engagement then the training can quickly become a mess for employees and something they dread rather than look forward to.
2) Integration of technology
Successful implementation of employee training also depends upon integrating it with existing technology platforms, which is tough.
This can be a challenging task, as some companies may need more infrastructure to support employee training.
3) Approach to hybrid learning
Now, as time changes, there has been a shift towards hybrid learning models that can merge both online and offline learning methods.
This has created employee training challenges for companies that have yet to be used to delivering training online.
Our sales mastery program builds custom solutions, companies need to invest in employee training solutions that provide a smooth online and offline learning experience available.
4) Gaps in employee training
The other challenge in employee training is gaps between what employees need to know and the training being delivered.
This can happen for many different reasons, such as outdated training materials or a need to focus more on specific topics.
5) An outdated training model
The corporate training environment is constantly evolving.
Technology and trends are always changing, so your employee's training modules might need to be updated.
Using outdated modules may lead to several problems, including decreased employee engagement and productivity.
With the right employee training solution, you can keep your training modules up-to-date so that your employees consistently learn valuable and up-to-date information.
6) Lack of measurable results
According to the ATD research study most of the organisations feel that their employee training programs are highly effective.
This is because many employee training programs need measurable results.
Measuring the effects of employee training will directly make it easier to understand whether or not the training is having a positive impact on employees.
What makes a Successful Corporate Training Program?
Here are the steps that makes a successful training programme,
STEP 1 Identify training needs
The very first step in drafting a training program is clearly identifying and assessing needs.
A needs assessment helps you understand which teams or employees need training, what training they need, and the best ways to deliver it.
STEP 2 Set training objectives. for an organisation
The training needs assessment (organisational, task & individual) will recognise gaps in your current training initiatives and employee skill sets/knowledge.
STEP 3 Develop action plan
The next step is to create a detailed action plan that includes learning theories, instructional design, content, materials, and other training elements as according to the needs defined.
STEP 4 Execute training initiatives
This step is the implementation phase, where the training program comes to life.
STEP 5 Evaluate and revise training
The last step mentions that the training program should be continually monitored.
Ultimately, the entire program should be evaluated to determine if it was successful and met training objectives.
Types of corporate training programs
Let’s walk through the different types of corporate training programs that every forward-thinking business should know about.
1. Onboarding and Induction Training
This type of training will help new employees settle in and understand company culture, policies, and expectations from day one.
2. Leadership and Management Training
This type of training will help future leaders develop decision-making, communication, and team management skills. It is a key part of
workforce training services.
3. Compliance Training
This training type will help employees follow industry regulations, safety standards, and legal policies to avoid risks.
Technical and Skills-Based Training
This training type will help employees with the latest tools, software, and processes to stay competitive.
4. Soft Skills Training
This training type will improve communication, problem-solving, teamwork, and emotional intelligence all at once.
5. Product and Service Training
This training type will help employees gain in-depth knowledge of products to improve sales and customer service.
6. Diversity, Equity, and Inclusion (DEI) Training
This type of training will help gain respect, fairness, and collaboration across diverse teams.
7. Change Management Training
This training type will help teams to handle transitions smoothly and adapt to new systems or strategies.
How to Choose the Correct Type of Corporate Training for your Organisation
Choosing the correct type of corporate training is essential, and it requires a thoughtful approach.
Let’s get into how you can make this important decision.
Identify your needs
Identify skill gaps within your workforce. Conduct a needs analysis to pinpoint areas requiring improvement.
Define objectives
Set clear goals for your training programme.
Take into account training formats
Consider various training formats—classroom-based, online, blended, or on-the-job training.
Gauge for solid corporate training providers
Not all training providers are created equal. When checking out workforce training services, look for those with a proven track record in delivering results.
Consider your budget
Be mindful of budget constraints here while making sure you get the best value for money.
How to Measure the ROI of Corporate Training Programs
Here is the detailed explanation of how to measure the ROI of training;
1. Set clear training objectives
Set specific and measurable objectives for the training program.
What outcomes do you expect to see from the training? These objectives will serve as the basis for measuring ROI.
2. Collect training data
Gather relevant data before and after the training. This includes both quantitative and qualitative information.
3. Keep in mind monetary benefits
Understand the monetary gains directly attributable to the training. This could include factors such as increased sales, improved customer satisfaction, reduced errors, or enhanced productivity.
4. Calculate Training Costs
Keep an account for all costs related to the training initiative.
This includes development costs, instructor fees, materials, equipment, employee training time, and any other required expenses.
5. Apply the ROI Formula
Use the training ROI formula to calculate the ROI percentage: Training ROI % = (monetary benefits - training costs) x 100.
Why Choose At-HiQ for Corporate Training?
We are a leading corporate training consultancy with a proven success rate, having provided training to over 200 organisations, including Axis, Kotak, and TATA.
We provide behaviour, skills, and product training solutions powered by our unrivalled expertise and experience.
Find here all the solutions for corporate training that enable participants to deliver measurable business results.
We ensure sustainable training inputs with our signature ‘Tri-Intelligences’ model to uplift employee productivity and thereby enhance the organisation's profitability.
Give your employees the skills they deserve. Enrol in corporate training now!
Corporate training improves employee skills and productivity and drives brilliant organisation success.
It also leads to continuous learning and adaptability in a changing market.
So, invest in your team's growth today by enrolling in our training program!
10 min read
28 october, 2024
