With the economy still struggling, many organizations have been forced to find areas to cut costs in order to keep afloat.Unfortunately, one such area has been internal training and development of employees. Arguably, it would seem an easy thing to cut back on, particularly if your organization doesn’t experience heavy turnover, but removing these factors may actually be hurting your profits.To the contrary, investing in the right training and development programs can significantly boost both employee productivity and satisfaction, which will, in turn, positively impact your bottom line.
According to a study conducted by the National Center on the Educational Quality of the Workforce (EQW), a mere 10% increase in employee training led to a gain in total productivity of 8.6%. Incredibly, that same study also showed that the same 10% investment in the value of workplace equipment only increased productivity by 3.4% - less than half!Which results would you prefer for your organization?
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Productive workers not only produce a higher output of work, but also of a better quality.This directly translates to increased profits for the business as a whole.Consider a recent study by the American Society for Training and Development (ASTD), which revealed that companies that are considered to be “leading-edge” trained 86% of employees while those that fall into the category of “average” trained only 74%.These “leading edge” organizations also investedan average of twice as much per employee.In terms of results, the study revealed that companies that invest the most in workplace education yielded higher net sales and gross profits per employee.
As a bonus, when an employee feels that the organization they work for is investing in their education and development, they are more likely to be loyal to their employer, reducing costly turnover.Longstanding employees can also be utilized as an additional resource for future training and development opportunities for your entire team.This both empowers and rewards hardworking employees and helps to develop a stronger foundation for newer team members as they come on board.
It’s important to note that training and development shouldn’t be reserved for lower or entry-level employees, but is also a key component of a successful management infrastructure. When everyone is abreast of the changes in policies, procedures and the industry as a whole, your organization will be better equipped to fare well into the future.
Related Post: 4 Effective Ways to Improve Productivity in Property Management
While ongoing training is important in just about every industry, the fast-paced and multi-faceted nature of the property management field makes knowledge transfer and employee education particularly necessary.Providing helpful tools like property management software to automate manual tasks and developing, conducting and maintaining ongoing employee training and development will help form a solid foundation for success in the competitive marketplace in which we work.
Find out what more you can do to boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.