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Through our 2021 Salary & Benefits Guide, we discovered that ongoing training is now the second most in-demand benefit, only falling behind wellbeing support. Despite the high demand for this, in-house training schemes are only ranked third in a list of implemented benefits, falling behind flexible working and wellbeing support.
Companies offering comprehensive training schemes often find themselves with a 218% higher income per employee than their competitors who don’t. With plenty of benefits and high demand, ongoing training has gone from a perk to a necessity. While many businesses have already implemented training schemes, those who go above and beyond will find themselves gaining an advantage over their competition.
Today’s workforce value company benefits nearly as much as the salary itself. Roughly two-thirds of UK employees believe the benefits offered to them are equal to or more important than their base salary. With ongoing training ranked as the second most in-demand benefit, employers who can provide this will find retention and attraction much easier.
By helping employees focus on their future, they’re going to feel more valued within the company. As a result, staff will be less likely to change employers, reducing recruitment costs.
When employees are more engaged, they produce higher quality work. According to Harvard Business Review, companies that have an engaged workforce report 22% more productivity and double the rate of success than those that aren’t.
By implementing an internal training scheme, companies are showing commitment to helping their employees take the next step in their career. With ongoing training a deciding factor for candidates, if they have opportunities to grow, they’ll remain engaged.
Ongoing training isn’t just a benefit for employees, businesses who can provide these opportunities as standard will find themselves with more skilled teams. A full development programme can help everyone within the business address their weaknesses and take their knowledge and skills to higher levels.
Knowledgeable staff are essential to building a successful business. However, those with advanced desirable skills are often found within competitive talent pools. If a company can enable their current teams to develop these skills, it’ll create the next generation of exceptional talent already within the business.
At Search, we’ve released our 2021 Skills & Benefits Guide to help companies see what’s important to candidates in their sector. To find out more, download the guide today or get in touch with our team to see how we can help.