Benefits of Product Management Training for Your Company

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The biggest companies in the world didn’t get there by taking the easy road. In the world of Human Resources, it may seem easy to find a candidate with a spiffy resume and loads of experience, rather than building upon an already existing team. This mentality, however, could be a fatal blow to a business of any size. For now, however, let’s put the gloom and doom aside, and focus on some hard facts about the benefits of corporate training.

Corporate Training Improves Cost Efficiency

Worse, this $4,000 does not directly translate to future efficiency. It is a cost that won’t necessarily produce any positive outcomes. Spending on a proven team, however, gives you the opportunity to build on the knowledge that already exists internally. This is one of the reasons why the ROI of corporate training is consistently a proven benefit.

To see the cost efficiency picture in a simpler form, let’s look at the price of training vs hiring. An $80,000 yearly salary plus the cost of hiring, versus a one-time fee of $40,000 to improve the performance of multiple existing employees turns out to be very simple mathematics!

Corporate Training Improves Consistency

Focusing time, energy, and resources on hiring is time taken away from creating solutions. Internal training not only adds knowledge to an existing base but also allows for teams to develop a more cohesive sense of internal policies. New hires, on the other hand, have to start from scratch to develop team and company synergy. It’s a simple formula.

Team consistency=efficiency.

But what about the possibility of adding a new superstar to the team? These people do exist, and they may have a tremendous impact on the outcome of a project or company. Yet, while these people are out there, your current employees are likely on the payroll for a good reason. They have proven capabilities, and they demonstrate skills that are vital for company success.

Your current employees do not require onboarding, nor do they require time getting in sync with new coworkers. What this all amounts to is a present level of consistency that can be built upon, rather than disrupting your team dynamic with a new addition.

Corporate Training Eliminates Weaknesses

Teams who go through corporate training together learn to mold their expertise around each other. For example, colleague ‘A’ may be an expert on the technical side of a project but may lack communication skills. Colleague ‘B’, on the other hand, is an excellent communicator without technical ability. From a quality corporate training session, these two colleagues learn from each other’s strengths, while also understanding where to fill in for the other colleague in the appropriate circumstances.

Corporate Training Improves Employee Morale

A recent study by the Adler group and LinkedIn states that 72% of professionals find satisfaction in their work, but conversely, 82% of these same employees are open to new positions. How does this translate to corporate training? Companies that offer corporate training often report an increase in employee morale. This improvement in morale leads to employees feeling a sense of value, which in turn inspires these same workers to produce at even higher levels.

Corporate Training Ramps Up Productivity