Is Training an Investment or Expense? Should the healthcare industry make a greater investment in staff training?

Corporate executives often argue over whether training is an investment or an expense, this debate is a particularly hot topic in the healthcare arena due to the high cost of employee training. Today’s workforce expects employers to invest in their training and development. It’s one of the benefits many candidates are looking for when they consider their job options and one that helps keep them engaged. This is particularly important when recruiting millennials and Gen Zs.

Training investment begins with onboarding

Make no mistake, the training investment begins with onboarding. Unfortunately, many organizations approach orientation as a check-the-box, necessity instead of an engagement strategy. According to the Society of Human Resource Management (SHRM) 69 percent of employees are more likely to stay with a company for three years if they experienced great onboarding.[i]

I have personally had several mind-numbing orientations in my career including being forced to read through policy manuals for eight hours and check off that I had completed the review.

Millennials and Gen Z’s expect training

But onboarding is just the beginning of training opportunities to engage employees. According to a Gallup study, millennials and Gen Zs want employers who care about their employees’ well-being. This isn’t just physical but includes emotional, financial, social, and career well-being. [ii]

Career well-being means understanding each individual’s career goals and helping them gain new skills. When employees feel stagnant, they start looking for new opportunities. It’s up to the leaders to stay connected with staff and offer new challenges including training to help build new skills.

A few years ago I worked with an executive who complained about wasting money training people who would only end up leaving. I reminded him of Henry Ford’s famous quote, “The only thing worse than training your employees and having them leave, is not training them, and having them stay.”

At a time when everyone is competing for talent, it makes good sense to prioritize training. How will you invest in your employee’s career well-being?