You graduate from college and head into the workforce, filled with fresh knowledge and excitement to start your career. But as the years go on, how are you able to keep up with the changes and new trends in your field?
Education shouldn’t stop the moment you graduate college. It should be a continual process throughout your whole career.
This is especially true for careers in science, technology, engineering and mathematics (STEM), all fields that are rapidly changing each year. Whether informal training, such as peer-to-peer mentoring, or more formal training, like attending conferences or taking graduate courses at a local university, there are many ways employees can further their training and skills.
Some companies may hesitate to offer workplace training because they believe it’s too costly or eats into work productivity. Some may also view it as unnecessary, or just a side activity for employees to take up on their own time.
There are many reasons why workforce training is not only beneficial, but necessary for your company to remain competitive. The benefits far outweigh the expense and time commitment. Let’s look at a few ways workforce training can help your company and its employees succeed.
Increased Employee Engagement and Satisfaction
You might assume that money is the number one reason employees leave their company in search for a better job. But a study by Gallup shows that lack of career development opportunities is the most common reason people leave their job.
When an employee feels stagnant and unchallenged in their work, they become disengaged. Only 15 percent of employees worldwide are engaged at work. Gallup estimates that disengaged employees cost the U.S. $450 to $550 billion each year in lost production.
Providing workplace training is one of the biggest ways to encourage employees that their company cares about their development and progress in their career. When people feel like their workplace is an environment where they are genuinely cared for by their managers and leaders, they will be more content and loyal, leading them to stay at their companies long-term.
One of the ways Frederick CREST helps companies create workforce training opportunities is by partnering with colleges and universities to bring post-graduate and graduate certificate STEM courses to Frederick. Being able to participate in courses like this help employees advance in their own fields and remain inspired and dedicated to their work.
People want to feel excited about and committed to their jobs. Investing in your employees will cause them to be more invested in their jobs. It’s a cycle that benefits everyone involved, creating better employees and making your business a more competitive company.
Higher Employee Retention
Because STEM fields are quickly growing, companies in these industries are searching for the best and brightest talent to take them into the next decade of development and innovation. Companies spend a lot of money attracting and finding the best talent, but it’s only worth it if the talent can be retained long enough.
There are unique challenges for a smaller city like Frederick for sourcing this top talent, meaning it’s even more important to be able to employ these STEM professionals for a long period of time.
As discussed above, lack of opportunities at work to learn, grow or advance is the best predictor of turnover. Employees who don’t feel challenged in their job or feel like they are missing out on an opportunity at another company will tend to look to another job opportunity to satisfy their needs.
Turnover caused by employees moving from position to position to escape an unsatisfying job opportunity is expensive. If a company feels like their leaders don’t care, they will look for it elsewhere. Companies are recognizing this, which is why career development has become a top priority for employers seeking to retain talent.
Creating a company culture where workplace training is encouraged and available will encourage employees to remain at their jobs, reducing turnover in the long-run.
Our mission behind partnering with colleges and universities to bring STEM courses to Frederick is to provide formal learning and research opportunities for the existing workforce that drive economic development. We want companies in Frederick to attract and retain the best talent.
We partner with local institutions like University of Maryland College Park, Hood College, and Mount St. Mary’s to offer access to graduate degree and graduate certificate programs to meet the workforce and economic development needs of these regional STEM employers.
Courses range in a variety of fields like cloud computing courses, agriculture, medical technology clinical rotations, drug and biologics discovery and biodefense.
If you’re interested in any of these opportunities or would like to explore an topic more related to your company, please reach out and contact CREST today.