Key role of training in creating competitive advantage:
Training improves efficiency and productivity
Training encourages better brand management
Training promotes teamwork
Training ensures sustainability
In the age of global development, growing competition, and rising start-ups, there is an increasing need for companies to introspect and create a transparent culture.
In the recent years there is a notable shift towards outcome-oriented learning. Organizations across the globe have started to leverage training as a crucial means to approach issues related to skill-capability. Besides, investing in employee training promotes loyalty and results in lower attrition, also keeping the employees engaged. It also encourages employees to map their career paths into newer areas.
Therefore, training is a significant part of the overall growth strategy of any successful organization. Let’s take an example of Hindustan Unilever Limited.
Regardless of the type of industry or the magnitude of competition in it, employee training programs can help companies to stand out and lead the game. As employees are an organization’s most valuable asset, they are the key to gain a competitive advantage.
Training Improves Efficiency and Productivity
A company depends on its employees for ideas and implements suitable methods that support the business model. However, this demands knowledge and professional expertise, which comes from employee training. While the competition is growing and the competitors can replicate your product, the one thing they cannot replicate is human resources. The people, their skills, and passion makes the company stand out.
Training Encourages Better Brand Management
In today’s saturated market, companies end up spending a lot of time and money establishing a brand. Beyond anything, your brand is what differentiates you from the competitors.
However, brand management is more than just creating a fancy logo or a tech-savvy website. In reality, a brand image has more to do with how your company is making people feel. Employees are the ones who interact with the customers more than anyone else. They are the key point of contact.
Training Promotes Teamwork
People aren’t necessarily born team players. Expecting them to accommodate from the beginning would be a big mistake. Teamwork is a skill that is developed through practical training. Training topics that add to effective collaboration include conflict resolution, change management, goal-setting, etc. When the employees are working as a team towards a shared goal, your competitors will have a tough time keeping up.
Training Ensures Sustainability
Scaling up business requires a company’s competitive advantage to be sustainable. Ongoing training program helps in creating an extensive picture by equipping employees with the skills needed to scale up. Cross-training also helps in filling up the staffing gaps that may come up from time-to-time. Training increases loyalty and reduces staff turnover.
The American Society for Training and Development (ASTD) compiled training information from more than 2,500 organizations and discovered that the organizations which provide comprehensive training have 218% higher income per employee, compared to those with less extensive training.
In conclusion, employee training will help create a competitive advantage for your company. You can choose from a wide array of training options such as corporate training workshops or adopt other training solutions such as e-learning, mobile-based learning, in-house L&D, or video training.