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How To Make The Most Of Your Training Budget Before It's Too Late

Offering training to your staff has always been beneficial, but employee training has become not just important, but also essential. Today’s workforce values development opportunities more than ever before. This means that, if you want to attract the top talent and retain your A-listers, you’ll need to invest in training.

Managing your training budget successfully ensures that your organization has enough funding for employee development over the course of a year. A company’s training budget encompasses all the costs associated with courses and materials that are needed for employee training. Very far from superfluous, these development opportunities will not only retain your personnel and keep them engaged, but also boost your organization’s performance.

Learn how you can help your team

Why should you spend all the training budget?

- Use it or lose it. This budget is allocated yearly and, if by the end of the year, you haven’t used it, you lose it. Since accumulating it is not an option, operations and HR departments must make sure they’ve used up all their resources as the financial year comes to an end. 

- Agility and adaptability. Adaptable to the new needs of the work market. The most successful companies will be the ones that adapt quickly and effectively. Continuous training keeps their knowledge fresh and skills sharp.

- Attracting top talent. Employees want the opportunity to learn. Growth and development opportunities are, in fact, one of the most important decision-making factors by job seekers nowadays. (Speaking of attracting top talent, check out these 11 killer LinkedIn tips for HR managers!)

- Employee engagement and happiness. It's obvious that we should all care about employee engagement. So give them the chance to develop their skills, learn new ones and excel even more in their field. When your employees see that you’re investing in their growth, they become happy, loyal, and engaged in their work. This will give them a reason to turn a blind eye to new glossy job offers. 

- Customer satisfaction. Even with the emergence of chatbots and automated processes, chances are, some of your employees will still have to interact with customers. Sales, delivery services or customer support will need to have excellent communication skills and ongoing training to ensure the highest satisfaction among your customers and potential clients.

- Competitivity. Improve your personnel’s skill set, and with it, the efficiency of the whole organization. Today, almost every company is competing in a global market. With the overwhelming variety of choices, your organization will have to somehow set itself apart from the competition. For this, you will need employees who aren’t just good, but the best. And for this, you’ll need to make sure you allocate enough budget to training, and also make sure that this budget is all used up properly.

How can you spend your leftover training budget?

- Set up a mentoring program and try job shadowing. Some of the best trainers are already within your workforce. Pair employees proficient in a subject with others who need to improve that skill. Job shadowing implies spending time following a professional in that job, and it can last from just a few hours to several weeks. It helps your employees develop important cross-functional skills and open their chances of transferring to a different job within the same organization.

- Invite an expert from your network. Know anyone in your circle that would be willing to speak to your employees? Invite them over!

- Tweak what you’ve already tried. You may have tried offering soft skills or language training to your employees but perhaps it wasn’t as successful as you expected. Why not try new vendors? Do research, ask around your people and get recommendations.

- Try something new. Find out about your team’s interests, hobbies, and expertise. Listening to what they would like to work on also for personal reasons (and not because they necessarily need those skills immediately) will definitely increase your employee engagement.

- Invest in team-building activities. A team that plays together stays together. Organize activities where your employees get to know each other. The bond they create will make your squad more robust and more ready to face obstacles together.

- Reward your people. Did anyone in particular perform extraordinarily well? Did any of your teams attain a remarkable goal? Let them know that you saw it by offering them something nice. From an individualized course to scheduling your next meeting somewhere nice outside of the office. It’s sometimes the small details the ones that count the most.

The 6 corporate training programs every employee should take

Investing in employee development is investing in your own success. The options can seem endless, but the following courses are essential to ensure your employees’ success not only at work but also in their personal lives.

#1 Effective communication

Team bonding, prevention of misunderstandings, maximized quality of your customer service, professionalism, more and better deals… Do you need any more reasons to offer communications training to your workforce? Some courses include general business English communication, public speaking, technical writing, and negotiation skills among others. Figure out what your team should work on and find the best program for them.

Explore training options for your team

#2 Project management

A team with excellent project management skills is an efficient team. In a global market where employees have more autonomy than they did before, it is important that they have project management and time management under control. The benefits? Reduced stress, fewer missed deadlines, better work quality, and higher efficiency.

#3 Leadership training

As already mentioned in this article, professionals look for companies that offer promotion opportunities. They need the option to grow within your company, and this is why leadership training is essential, both for the individual and for the whole organization. By promoting your employees to leadership roles, you already understand their aptitudes, work ethics, and overall profile. However, they also need a varied skillset that allows them to excel in their new role. With leadership training, you will ensure increased productivity, nurture future leaders, and make your company more adaptable to change.

#4 Diversity and gender equality training

Increasing your workforce’s awareness will help to prevent civil rights violations, attract a wider range of talent (by making them feel included)), and promote better teamwork. 

Also read: How To Manage Language and Cultural Diversity in The Workplace [Free PDF Guide]

#5 Technology skills development

According to LinkedIn, some of the most in-demand technical skills of 2019 are Software Testing, Natural Language Processing, UX design, Artificial Intelligence, and Cloud Computing. Make your company future-proof by providing your workforce with training in the most cutting-edge technology.

#6 Analytical skills

Analytical skills are commonly listed requirements in job descriptions. Analytical thinking helps your employees make better decisions and develop efficient solutions to more complex issues. By offering courses where your team can develop their critical thinking, data and information analysis, and problem-solving skills, you are ensuring a high percentage of your organization’s success.

How to pick the best training for your employees?

Training can feel expensive at times, but if done right, development programs can potentially give back the most to a company. When looking for the best training for your peeps, the following points will make a positive difference:

  • Access to online learning content
  • Interactive training method
  • E-learning
  • Video training
  • Easy access for employees

The red flags you should look out for are irrelevant content, customization limitations, expensive training materials, and poor management from the training provider.

If you are thinking of offering corporate English training to your employees, Talaera offers all the positive points mentioned above. Whether your team needs to work on public speaking, presentations, email writing or pronunciation, a professional instructor will design a course tailored to their specific needs. Learn more about your options here.

Learn more

Talaera offers online one-on-one training on demand for non-native English professionals:

  • Assessing needs and goals
  • Package: materials + constantly updated materials + 1-1 sessions + onboarding + customer support
  • E-learning: anytime, anywhere
  • Progress following

Talaera Business English Communications Training

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