In today’s rapidly evolving business landscape, the need for effective training methods has never been more critical. Although many companies plan to adopt transformational technologies within the next five years, only half of US companies have established formal training strategies. Those that do have formal training programs often deploy training that does not meet the needs of the business or the industry. Classroom and LMS-based training take people out of the work environment, resulting in only 5% of training being committed to memory.
On-the-job training, on the other hand, results in 75% knowledge retention and allows employees to be productive while they learn. This combined efficiency means that training can be completed in less time and at a significantly lower cost. Learning through doing is a practical solution for most organizations, as it also supports structured career development, aligns with company initiatives, and enhances employee retention.
Currently, there are two million more job openings than there are people to fill them. This issue is further compounded by the ongoing retirement of baby boomers. Additionally, stiff competition exacerbates the problem, as employees can easily switch jobs for a slight increase in hourly wages. Therefore, companies need to think more broadly about what they can offer to retain their workforce.
The good news is that many of the strategies to retain employees can also address other challenges mentioned earlier. Seven out of 10 employees would remain with their employer throughout their career if the employer tried to upskill or reskill them. This number increases when skills training is linked to a clear career path. Beyond financial incentives and career opportunities, engagement and recognition are significant drivers of retention. These aspects can also be operationalized. By combining them with a robust continuous improvement program, you can enhance both employee efficiency and engagement.
Traditional training methods are becoming increasingly ineffective in today’s fast-paced business environment. Companies should adopt more practical, on-the-job training methods that not only improve knowledge retention but also boost employee engagement and retention. By doing so, organizations can stay competitive and be better prepared to meet future challenges.
2W Tech can help your organization navigate these challenges by providing tailored on-the-job training solutions that enhance knowledge retention and employee engagement. Our expertise in complicated technology solutions allows us to develop training programs that are catered to all departments of the business. How is your technology adoption within your business? Contact 2W Tech today and let us help ensure your team is trained and maximizing the benefits of the technology at their fingertips.
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