Unlock Success with the Transformative Value of Training

It’s a surprising statistic: nearly 80% of software users lack the training and knowledge to use the apps that their jobs require. 

However, it’s not as surprising when you learn that Technology Magazine survey respondents say they only received an hour of training and onboarding.

In contrast, companies with a comprehensive training program enjoy: 

These statistics are in comparison to those that don’t have a training program in place. Let that sink in for a moment. 

In this blog, we'll examine how training can impact employee retention and how companies address it. We also share some helpful guidance from training experts. But first, let’s look at why training is so relevant in today’s business climate.

Technology Prompts the Need for Training

The increasing pace of change impacts the very nature of work and the skills needed. The result is fractured customer experiences with our software, often leading to churn. 

Khlaus Schwab, head of the Word Economic Forum, touts rapid advances in artificial intelligence (AI), robotics and other emerging technologies as nothing short of a fourth industrial revolution. In other words, the skill gap issue is a real threat. 

There are two ways in which a business can address the “skill gap” situation. 

1. Short-Term Solution: This route is all about securing the right talent. Assuming that's a manageable task — which assumes a lot — it likely leads to redundancy within a few years due to evolving skill demands. A recent example is when companies downsized their workforce by hiring other employees; budgets were compromised by hiring IT specialists who focused on technology that quickly became obsolete, resulting in redundancies across the company and a drained salary budget.
2. Long-Term Strategy: This holistic solution prioritizes new approaches to skills development within an existing workforce and in previously untapped talent pools. There is just one way to achieve this strategy: training.

In either case, companies often get stuck in the classic conundrum: Is training an added expense or an investment? 

But things are changing. As the Deloitte survey below shows, companies increasingly realize the “ignorance cost” of avoiding training and seeing the benefits instead.

The Many Benefits of Training

According to ServiceRocket’s  in-house training expert and Director of Customer Education, Dave Derington, companies who opt for training often benefit in the following ways: 

• Higher productivity and performance of individuals, teams and organizations lead to better outcomes. 
• People make fewer errors when they produce higher-quality work. 
• When employees are competent and knowledgeable, customers have a better experience.
• Learning and development lead to change agility, resulting in faster innovation adoption of processes, tools, business models or markets. 
• Employee engagement, satisfaction and retention increase as a result.

Rather than forgoing training, it is always prudent to consider how much more expensive it is not to train. To put it in context: 

Maintaining your Training’s Relevance

With the rapid-fire pace of change, keeping training content up-to-date is another challenge companies face. If you want to learn more about this challenge, read our blog, 4 Ways to Keep Customer Training Current When Your Software Changes Every Week.

Per ServiceRocket’s in-house expert and Senior Trainer, Johnny Tu, you need to partner with training experts like ServiceRocket. We’ve successfully delivered Instructor-Led (ILT) and Virtual Training programs (VILT) across various technology platforms and companies for over 20 years.

According to the 2022 Training Industry Report, organizations that partnered with an external vendor saw:

These numbers are primarily due to reduced overhead costs, elimination of training infrastructure and the ability to leverage the expertise of a specialized external provider.

As the data above shows, when experts develop custom and scalable training programs, you achieve goals faster, reduce external reliability, streamline operations and build your employee's skills making expertise available in-house. 

Companies are wise to realize two key things:

1. Training is a crucial component of any employee engagement strategy.
2. Engagement and retention go hand in hand.

There is a High Cost to Low Employee Retention

Employee retention is more than just a monetary impact. Losing your best people means losing reliable winners, constant innovators and effective problem-solvers. Training, even in the short term, bridges the gap between buying and using a piece of technology optimally, increasing your ROI.

ServiceRocket can simplify your training journey. As the most reliable partner in the acceleration of your growth, we’ve got your back.

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