Is The Value of Training Really as Much as a Raise?
Could it be true? Is the value of training as much as a raise? According to a recent study of nearly 5,000 workers in Spain by Santiago Budría of the University of Madeira, company-provided training has the same effect on job satisfaction as a 17.7% net wage increase. That surprised us.
What Younger Workers Want
While it may sound surprising and pay levels certainly need to be competitive enough to not cause disengagement, more and more studies are finding that younger workers expect their employers to invest heavily in their learning and development to improve their knowledge and skills, and to help them to advance their careers.
A Personal Example
Maybe it is not so surprising. When I joined Andersen Consulting (now Accenture) 25+ years ago, I purposely took a lower salary than many of my peers because Andersen was a great place to start my career. The investment they made in me in terms of opportunities and learning and development felt unmatched.
What if Training Did More than Just Boosting Job Satisfaction?
If training, by itself, can boost job satisfaction as much as a 17.7% wage increase, just think about the additional impact you could get from the transfer of training to actual on-the-job behavior change and performance improvement.
How to Ensure Your Employees Believe You Are Investing in Their Future
Paying people more does not necessarily correlate to higher levels of employee engagement or improved performance. But well-designed training that transfers key skills and knowledge back to the job certainly does. If you think your employees may value training as much as a raise, ensure your employees believe you are investing in their future by:
The Bottom Line
While it sounds a bit crazy to some that the value of training is greater than a raise, many employees would prefer opportunities for growth, learning, and advancement over better compensation. Before you change your compensation plans to engage and retain top talent, ensure you are providing clear opportunities for people to learn and grow.
To learn more about the transfer of training to improve performance and employee engagement, download 3 Steps to Building a Smarter Training Initiative – One that Gets Business Results
4 Keys to Keeping Talent Up to Date
Why Employees Change Their Mind
The Managing Virtual Teams program was extremely valuable. Your consultant/ facilitator’s fundamental knowledge of Synopsys as a company provided an incredible base to build upon while tackling the complications of managing and working with globally distributed teams. My team walked away walked away with highly useful practices and tools. It was an excellent use of our time.
Vice President, Information Technology
LSA has been a tremendous asset to my portfolio, both at my current company and my past company. As an HR leader, I am always looking for ways to find external resources that can provide a solution to our management training needs. LSA does that for me. Their solutions are presented in a much more leadership-oriented manner so as to be crisp, business relevant, and easy to apply right back on the job. I will continue to augment our programs using LSA solutions.
VP of Human Resources
PalmSource has found our relationship with LSA extremely beneficial. We worked closely with LSA to customize the right Management Training Program solution to meet our unique business needs. LSA is a quality organization, one that I’d recommend to any company looking for a first class training and consulting partner.
Vice President of Human Resources
Thank you to LSA Global for their partnership and support in helping us to design and roll-out our valuable management development training program. I personally have partnered with LSA Global at four of my previous companies. It continues to be a delight working with LSA. We look forward to partnering with them at Blackhawk Networks for future training and consulting needs.
VP Human Resources
LSA is an instrumental training outsourcing partner in helping us to build management capacity and strategically invest in our people. Their flexibility, depth, and breadth of expertise allows us to deliver top quality solutions that are directly tied to key business plans. Their ability to custom design, deliver, and evaluate our Management Curriculum has been excellent. They are true business partners and a pleasure to work with.
Margaret M. Mader
Vice President, Human Resources
The Next Generation Management Development courses have helped me communicate more effectively with my peers and teammates. By utilizing effective communication techniques such as clarifying and confirming, and asking open ended questions, I have been able to clarify and understand information in situations where I would have otherwise asked limited questions and made false assumptions.
Firmware Engineering Manager
What a personal and professional pleasure it has been to Partner with LSA. They are truly a strategic partner with Wyse. For more than 5 years, LSA has been engaged in delivering various training and development solutions for Wyse, from custom on-site programs targeting specific core competencies, to working individually with clients to build job skills, and offering invaluable services to me and my team as we continue to build our learning programs. LSA’s representatives do more than sell a product, they offer a full service solution: they understand our business, our strategic initiatives, and the needs of our customers.
Director of HR
We consider LSA Global our outsourced learning and development partner. We worked closely with LSA to customize a management development program to meet our growing business needs. I would highly recommend LSA to any company wanting to deliver quality learning solutions.
Vice President Human Resources
We have been able to utilize LSA’s extensive network of top-notch resources to leverage our investment in employee development. The result has been the cost effective and highly efficient delivery of quality educational and management training programs.
Vice President, Human Resources
SeaTel has found our partnership with LSA Global to be very valuable and beneficial. We turned to LSA to customize a supervisory/leadership solution to meet our needs. LSA delivered a customized top quality solution. I’d recommend LSA Global to any company looking for a best-in-class training and consulting partner.
Congratulations on your pro-activity in establishing this program and developing such an effective New Employee Orientation course.
President and Chief Executive Office
VNUS Medical has been very pleased with the effective management development programs that LSA Global has delivered for us over the last four years. The programs have been universally facilitated by experienced and best in class instructors. The knowledge gained by our management team has been put into practice very quickly. VNUS is very happy to be working in partnership with LSA because they consistently deliver excellent programs that receive exceptional feedback from our management team.
Cindee Van Vleck
Director Human Resources
Here’s a token of my appreciation for ALL your efforts. I’m offering my most sincere appreciation, and it extends to all the folks who made our customized management development programs possible.
Workforce Planning Bureau
I highly recommend LSA Global to anyone who is looking to improve individual or organizational effectiveness through their top quality programs and broad range of expertise.
VP of Human Resources
I am very impressed with the quality of work and talent. LSA did a great job of listening to my needs and providing the exact management training program expertise I needed to get the job done.
Director, Business Planning & Analysis
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