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Getting your VP Finance on board with employee education



VP Finance

We sometimes have clients who are excited about the benefits of offering employee education - but don’t know where to start in building a business case for other stakeholders in their organizations. 


We know the secret to getting these folks onboad is good data to drive the decision. Fortunately, the impact of 'education as a benefit'on the bottom line is pretty well defined - and there are plenty of hard metrics that will make stakeholders smile. Let's delve into the compelling statistics that underscore the transformative power of offering ‘education as a benefit’ to your employees.


Enhanced Productivity and Efficiency

According to a study by the Association for Talent Development (ATD), companies that offer comprehensive training programs enjoy a 218% higher income per employee than those with less extensive training. This staggering figure underscores the correlation between employee education and enhanced productivity.

When employees are equipped with the latest knowledge and skills relevant to their roles (and to grow within the organization), they can perform tasks more efficiently. Continuous learning fosters a culture of innovation, empowering employees to find creative solutions to challenges and streamline processes. As a result, organizations witness a significant boost in productivity levels, driving bottom-line results.


Improved Employee Engagement and Retention

Investing in employee education demonstrates a commitment to their professional development, fostering a sense of loyalty and engagement. Research by Gallup reveals that companies with highly engaged workforces outperform their peers by 147% in earnings per share. Furthermore, ‘education as a benefit’ is the most desired benefit for Millenials, according to a recent Kliner Perkins study. 

Education opportunities signal to employees that their growth and success are valued, leading to higher job satisfaction and lower turnover rates. When employees feel invested in, they are more likely to remain with the company, reducing recruitment and training costs associated with high turnover rates.


Adaptability to Change

Gosh, things are moving fast these days, aren’t they? The advance of new technologies has exploded with generative AI, and there aren’t many roles that won’t be impacted at some point.  Employees know change is coming - and many are craving opportunities to reskill/upskill. While this is true across all levels in an organization, a report by McKinsey & Company found that 66% of executives believe that addressing skill gaps through training and development is crucial for success in their digital transformation efforts 

By providing ongoing learning opportunities, organizations empower employees to stay abreast of industry trends and emerging technologies. This proactive approach not only future-proofs the workforce but also enables employees to embrace change with confidence, driving organizational agility.


Building an internal talent pool 

Effective leadership is essential for driving organizational growth and fostering a positive work culture. Investing in employee education lays the foundation for cultivating leadership talent from within. According to the 2020 Workplace Learning Report by LinkedIn, 61% of learning and development professionals identify leadership development as a top priority for their organizations.

By offering leadership training programs, companies groom high-potential employees for future leadership roles, ensuring a seamless succession plan. This strategic investment not only strengthens the leadership pipeline but also fosters a culture of mentorship and knowledge sharing within the organization.


Conclusion

The statistics speak for themselves: employee education is a powerful catalyst for driving performance and achieving organizational objectives. From increased productivity and employee engagement to enhanced adaptability and leadership development, the benefits are manifold. In an era defined by rapid change and innovation, organizations that prioritize continuous learning are poised to thrive in the long run. By investing in their most valuable asset—their employees—companies can unlock their full potential and chart a course for sustained success in the ever-evolving business landscape.


Benefi has a great infographic that helps build the case for investing in employee skilling/reskilling.  Reach out to info@benefi.ca to receive it today!

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