According to the New Economics Foundation, businesses are spending a fifth less on employee training than a decade ago. A fifth less? This is surprising when you consider how much our world of work has changed in that time.
You might be sitting there thinking, ‘why does this matter?’.
We all know that times are tough (and managing departmental budgets is even tougher!)
But here’s just a few stats that show the importance of investing in your employees’ development:
- Employees who access continuous learning are 47% more likely to be engaged at work (Gallup).
- 94% of employees said they would stay longer at a company if it invested in their learning and development (LinkedIn Workplace Learning Report).
- Training leads to a 37% increase in productivity in an organisation (IBM Training Study).
One way to get ROI when you financially invest in your employees’ development, is to issue an employee training agreement. These legally binding documents provide you with some reassurance that the money you spend on an employee’s training and development will be reinvested in the company.
Our Client Members and Subscribers can access our template Training Agreement, which outlines the all the important T&Cs linked to the training/qualification, the specific costs, as well as who will be responsible for covering those costs. But more importantly, it includes which costs are recoverable in the event an employee leaves or doesn’t finish the training!
