According to a PwC survey, 93% of business executives reported an increase in their employees’ productivity after they completed professional development programmes. As part of a new initiative by the European Commission, more than 540 million people in Europe will also be able to go through additional training by 2025. Mila Semeshkina explains what opportunities this opens up for businesses, as well as how to properly measure the profitability of such training, in her article for the popular publication Entrepreneur UK.
First of all, Mila Semeshkina advises companies to consider investments in team development not as a budgetary expense, but as a tool for increasing profits. At the same time, however, it is important to timely identify ineffective training programmes and abandon them. To do this, a company should evaluate the KPIs of an employee before the training, then assess changes in the KPIs afterwards and compare the results. It is also relevant to assess the quality of the acquired knowledge, for example, whether the employee uses it in practice, whether their performance has changed favourably, etc.
Another important indicator of the effectiveness of training implemented in the company is employee retention. According to statistics, the availability of corporate educational programmes reduces staff turnover by 58%, as employees perceive this as the company’s interest in their development and success. As a result, a culture of upskilling, Mila Semeshkina believes, is the most important trend in today’s labour market. It is a way to ensure healthy and fair competition among candidates, as well as to stimulate the emergence of new talent.
Read more about the opportunities for a culture of upskilling and assessing the cost-effectiveness of such training in the full article on the Entrepreneur UK website.