Where do I begin… here are my top 4 reasons (Although there are many):
1. Acquire Top Talent & Retain Top Talent
Believe it or not people like to learn, nobody likes to start a new job and not have anything to do for 2 weeks (most new hires describe their first two weeks as lackluster and non productive). Having a solid training process that can be discussed in an interview and even outlined in a potential job listing is a huge plus for attracting talent. People now understand that intellectual property is currency and thus valuable even if things do not work out. In addition, the talent that you already have on your team want to develop new skills and hone in their craft no matter if it is sales or accounting. Employees consider personal and professional development as a monumental factor when starting a new position. Develop a training process that can be marketed to attract and retain top talent.
2. Streamlined processes to remove key management from mundane training
There is an old adage that goes like this “Make sure you are running your business and not letting your business run you”. This is critically important for growing companies. Management and owners must be removed from much of the mundane tasks so that they can focus ON the business. Training an executive assistant or administrative personnel would fall under the classification of working IN the business. Spend the time and develop a process for these roles so that you are not stuck training them, trust me the ROI will be worth it.
3. Solid Process means higher valuation
Whether you are thinking about it or not every company has an opportunity to be purchased at some point. Many times the sale of your company can be your retirement if it is approached correctly. Having in depth processes in place, especially for training purposes increases the value of your company to a potential buyer because it means less work for the new owner.
4. Quicker turnaround on new hires
The average cost to hire a new employee is $4,129. That is a lot of money so you better start seeing a return on that money as quickly as possible. This can be achieved by having comprehensive initial training programs so that the employee is working more and asking questions less. Decisive, independent employees is always the goal. Do not let a new hire perform tasks and duties in a lack luster manner for a month because they are still learning. Allow them a week to perform proper training and learn the job.