By Lisa PutnamBuilder Partnerships Program Manager
Top home builders know that investing in their people contributes directly to their company’s success. Builders receive a significant return when they provide career development and training opportunities. Here are three ways employee training boosts profitability.1. Retention
Employee turnover is bad for business. Recruiting talent is costly in time and resources, making employee retention a key factor in maximizing the profitability of your business. Offering training opportunities is an effective way to demonstrate your commitment to their career development and foster their loyalty.
When establishing your training budget, the focus shouldn’t be limited to new or less-skilled employees. Training opportunities influence the retention of your most valued employees. High performers will look for greener pastures when they feel their career development opportunities are limited.2. Performance
When employees are given the opportunity to advance their skills through training, it has a positive impact on their level of engagement, productivity, and performance. Highly engaged and productive employees add significant value to the organization through increased efficiencies that translate to cost savings.
Training helps employees become more confident, capable leaders and provides them with an increased capacity to adopt new methods and technologies. Improved competence has far-reaching benefits for your organization. By contributing to the growth of your employees, you are contributing to the growth and profitability of your company.3. Competitiveness
A well-trained staff leads to higher quality homes built in less time at a lower cost. For example, estimators who receive training on effectively organizing the estimating process improve the accuracy of their estimates and control costs. Purchasing managers trained in the latest negotiating techniques secure the best pricing; superintendents who receive management training become superior job site managers, reduce cycle time, improve quality, and increase customer satisfaction.
The ability to deliver higher quality homes in less time at a lower cost—along with a decrease in employee turnover and an increase in engagement, productivity, and performance—is a good strategy for improving your bottom line. Offer your people training opportunities to enhance their skills and support their career goals. It’s a wise investment with a profitable return.
For information on our comprehensive training programs and to view our current seminar schedule, visit BuilderPartnerships.com