Two managers are talking about training their employees. The first asks, “Yeah, but what if we train them, and they just leave?” The second responds, “What if we don’t train them, and they stay?”
You would think that training would be a corporate priority. And yet, it isn’t. If managers know training their employees is good for business, why don’t they do it?
For many companies, the advancing world of digital marketing means investing in employee training. Many training programs, however, don’t always have clearly predictable outcomes, which makes some in business wary of investing in training. Despite much of the struggle to nail down a specific training ROI, what is evident is that training typically results in higher employee satisfaction, reduced turnover, and increased productivity.
How much is spent on training?
A 2017 industry report by Training Magazine found that companies in the U.S. spend $90.6 billion on training, a 32.5% increase from last year. This fast growth in training investment stems from a number of factors, including the continued global economic recovery.
Another commonly cited training investment reason is a digital skills gap. This gap is perhaps best explained through a set of studies completed by Boston Consulting Group (BCG) and Google on Digital Marketing Skills. In the first study, conducted in 2015, the study found the average Digital Capabilities Index (or digital marketing skills) of surveyed companies’ employees was only 57 out of 100.
So what changed in the 2017 results? Unfortunately, not a lot. The average skills score stayed the exact same. In other words, current on-the-job training just isn’t working. It’s no wonder marketing departments continue to put more resources into improved training of digital skills like web analytics, content marketing, SEO, and digital advertising.
Where does all that money go?
Companies spend most of their training budget on industry-specific training. From there, companies spend the most on the following in order from the most dollars spent to the least: management training, mandatory compliance, executive development, and on-boarding.
But training budgets also include training technology and learning tools. For instance, in the 2017 Training Industry Report survey respondents on average spent 11% of their training budget on learning tools and technologies.
Many of these learning tools are also industry specific. For instance, Chris Ross, a research director on marketing management and leadership at Gartner, emphasizes the need for digital marketing departments to train workers in multi-channel marketing, technology, and collaboration, as well as foster business skills and leadership capability.
So why should you invest in training?
On paper, training seems like a high-cost expense with difficult-to-measure ROI. Unlike many marketing or sales ROIs, the return on investment for employee training can be difficult to determine. Often that return is highly specific to the needs of each company and the goals of the training itself. While a lingering desire for a determinable ROI may continue to make some companies wary, rest assured, employee training is worth the investment.
When it comes down to it, high-performing companies simply spend more on training. Why? Because companies that train their employees see increased productivity, reduced turnover (and thus less time training new hires), and ensure their workforce stays on top of the latest technologies. For instance, Fortune 100’s “Best Companies to Work For” list includes companies that typically offer an average of 73 hours of training per employee, as opposed to the average 38 hours at most businesses. Moreover, those same companies also saw a 65% lower turnover rate than their competitors that offered less training. In another study of Sun Microsystems training programs, employees who participated in a mentorship training program were 23% more likely to stay with the company than those who didn’t.
Not only does training decrease turnover and increase productivity, but there is strong evidence that effective training programs can increase company profits. For instance, an expansive study of Nations Hotel Corporation’s training ROI found that for every dollar spent on training $2.21 was returned. Of course, the study openly admits that company-specific nature of determining training ROI, and that those numbers don’t account for other benefits like increased job satisfaction, improved customer service, and improved teamwork.
In the technology driven field of digital marketing, training not only helps with employee satisfaction, retention, and increased profits, but it’s often necessary to stay up-to-date with new software, data analytics, and marketing techniques.
Fortunately, many digital marketing training occurs via e-learning platforms. That means marketers have the ability to access training anywhere, anytime and using laptops, tablets and mobile devices. Not only are many digital marketing training programs easily accessible, but they are quickly updated with the most current trends, like when Google rolls out new SEO algorithms, or when new technologies impact marketing strategies, like new AI platforms. Your investment in training show your hires that you care about their success and they ensure your company stays ahead of the competition. Can you afford to pass on this investment?
Source: https://www.onlinemarketinginstitute.org/blog/2018/06/invest-digital-marketing-training/
Great content! Super high-quality! Keep it up! 🙂
Just simply had to say I’m just pleased I happened upon your page.
Thanks with regard to supplying this sort of awesome write-up.
I benefit from looking through your internet site. thnx!
Link exchange is nothing else except it is just placing the other person’s webpage link on your
page at proper place and other person will also do similar
in favor of you.
Awesome write-up. I’m a regular visitor of your blog and appreciate you taking the time to maintain the nice site. I will be a regular visitor for a long time.
intelligently about. Now i’m very happy I came across this during my search for something regarding this.
I am not sure the place you are getting your info, however great topic. I must spend some time studying much more or working out more. Thank you for excellent information I used to be on the lookout for this info for my mission.
Hi, of course this article is really good and I have learned lot of things from it about blogging.
thanks.
Like!! I blog quite often and I genuinely thank you for your information. The article has truly peaked my interest.
Marvelous, what a weblog it is! This weblog provides
valuable information to us, keep it up.
Sure, thanks.
I am really loving the theme/design of your site.
Do you ever run into any internet browser compatibility
issues? A small number of my blog audience have
complained about my site not operating correctly in Explorer but looks great in Chrome.
Do you have any tips to help fix this problem?
Kindly update all the features on your web, such as themes and plugin.
We stumbled over here different web page and thought I may as well check
things out. I like what I see so i am just following you.
Look forward to finding out about your web page for a second time.
Hello, its pleasant post concerning media print, we all understand media
is a wonderful source of data.
Many thanks for supplying this information.
Thanks a lot for sharing this with all people you really understand what you’re
talking approximately! Bookmarked. Kindly also seek advice from my website =).
We can have a link trade agreement between us
Everyone loves what you guys tend to be up too. This kind of
clever work and exposure! Keep up the good works guys I’ve added you guys to our blogroll.
Hello there! I could have sworn I’ve been to
this blog before but after reading through some of the post I realized it’s new to me.
Anyhow, I’m definitely glad I found it and I’ll
be bookmarking and checking back often!
I think the admin of this web page is really working hard in support
of his website, because here every data is quality based data.
(y)
What i don’t understood is in truth how you are now not really a
lot more neatly-favored than you may be now. You are so intelligent.
You recognize therefore significantly relating to this subject, made me in my opinion believe it from numerous
numerous angles. Its like women and men don’t seem to be interested until it’s one
thing to accomplish with Girl gaga! Your personal stuffs outstanding.
At all times deal with it up!
Woo-hoo!
You actually make it seem so easy with your presentation but I find this topic to be actually something that I think I would never understand.
It seems too complicated and very broad for me.
I am looking forward for your next post, I will try to get the hang
of it!
You could certainly see your enthusiasm within the work you write.
The world hopes for more passionate writers like you who are not afraid to mention how they believe.
At all times go after your heart.
This design is incredible! You most certainly know how to keep a reader entertained.
Between your wit and your videos, I was almost moved to start my own blog (well,
almost…HaHa!) Excellent job. I really enjoyed what you had to say,
and more than that, how you presented it. Too cool!
Thank youuuuu!
Amazing blog! Do you have any recommendations for aspiring writers?
I’m hoping to start my own blog soon but I’m a little lost on everything.
Would you propose starting with a free platform like WordPress or go for a paid option? There are so many choices out
there that I’m completely overwhelmed .. Any recommendations?
Cheers!
I know this site offers quality depending content and other data, is there any other
site which gives such things in quality?
I am regular reader, how are you everybody? This post posted at this web page is truly fastidious.
I was suggested this blog by my cousin. I’m not sure whether this post is written by him as no one else know such detailed about my problem.
You’re amazing! Thanks!
Post writing is also a excitement, if you be acquainted with then you
can write if not it is difficult to write.
Thanks so much for the post.Really thank you! Keep writing.buy generic cialis
Have you ever thought about including a little bit more than just your articles?
I mean, what you say is important and all. However think of if you added
some great images or video clips to give your posts more, “pop”!
Your content is excellent but with images and videos, this blog could
certainly be one of the very best in its field. Amazing blog!
Howdy very cool site!! Guy .. Excellent .. Wonderful ..
I will bookmark your blog and take the feeds additionally?
I am glad to find a lot of helpful info here in the publish, we need work
out more strategies on this regard, thank you for sharing.
Wow, wonderful weblog layout! How lengthy have you ever been running a blog for?
you make blogging glance easy. The total glance of your site is wonderful, as well as the content!
I absolutely love it!
Great Price!!!!
Good seller!
you made blogging look easy. The overall look of your site is excellent, let alone the
Thanks for one’s marvelous posting! I quite enjoyed reading it, you may be a great author.I will make sure to bookmark
your blog and will eventually come back in the future. I want to encourage you to ultimately
continue your great work, have a nice evening!
I have been surfing online more than 3 hours today, yet I never found any interesting article like yours.
It is pretty worth enough for me. Personally, if all web
owners and bloggers made good content as you did, the
web will be a lot more useful than ever before.
Hi there this is kind of of off topic but I was wanting to know if blogs use WYSIWYG
editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding
experience so I wanted to get guidance from
someone with experience. Any help would be greatly appreciated!
Hello to all, since I am in fact eager of reading this blog’s
post to be updated regularly. It includes good data.
I enjoy what you guys tend to be up too. Such clever work and reporting!
Keep up the wonderful works guys I’ve incorporated you guys to my own blogroll.
I’m impressed, I must say. Seldom do I come across a
blog that’s both equally educative and interesting, and
without a doubt, you’ve hit the nail on the head.
The problem is an issue that not enough men and women are
speaking intelligently about. Now i’m very happy that I came
across this in my hunt for something regarding this.
Hi there, You’ve done an excellent job. I’ll certainly digg it and personally recommend to my friends.
I am confident they will be benefited from this web site.
Thanks for sharing Information about Reasons To Stay Invested In Digital Marketing. You have shared almost all the things which define why to invest in Digital Marketing. Digital Marketing is the need of today’s world. Because of Corona Pedamic, all the world move to the digital world because of that Digital Marketing is too much important in 2020. Recently we write an article on Where Should I Invest SEO Or PPC Or Social Media Marketing? (https://etdigitalmarketing.com/blog/where-should-i-invest-seo-or-ppc-or-social-media-marketing/)Hope this will help you.