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How to fund training for employee professional development

Professional development of staff plays a critical role in helping businesses hold their ground or even flourish in competitive markets.

Training courses and development programmes for employees in professional occupations expands the knowledge base within a company and results in a more motivated workforce with less staff turnover.

Advanced training for professionals in their various disciplines also enhances your company culture, profile and reputation.

It may be tempting to skimp on training because it can be time consuming and costly, but studies have shown that businesses who offer good training programmes enjoy a higher profit margin than those who spend less on employee development.

A 2020 government research report revealed that UK employers were investing £42 billion in training each year.

Various solutions – including companies who provide bespoke training in the workplace – are available to enable your professional employees to expand their skills and knowledge so they’re more effective in their jobs.

If budgetary limitations mean you’re missing out on the benefits of staff professional development, taking out a business loan could provide an affordable, immediate solution.

Business loans to fund professional development of employees

Investing in your employees’ professional development is an investment in the growth of your business.

Ongoing training for professionals nurtures an adaptive workplace with enhanced organisational capabilities.

If your company invests in advanced training for professionals, your employees can extend their skill sets and pursue their ambitions while incorporating their newly acquired knowledge into their day-to-day responsibilities.

According to the Chartered Institute of Personnel and Development (CIPD), skills development in the workplace is vital to improve productivity and economic growth.

A business loan to fund training in professional development allows you to spread the cost over time while ensuring adequate cash flow for day-to-day expenses as you help your business grow with a highly skilled and motivated workforce.

With a business loan, you get a cash lump sum that you can use to fund one or more training courses and/or skills development programmes.

This gives you instant access to the financial resources necessary for optimal improvement in how staff acquire, retain and apply knowledge and skills.

How training benefits professional development

A high standard of academic education will usually have prepared professionals for their chosen discipline, but continued training is typically necessary to advance their careers and gain additional certifications.

Many professionals can benefit from advanced workplace training, including:

  • Lawyers
  • Accountants
  • Scientists
  • IT staff
  • Content writers
  • Social media managers
  • Data analysts
  • Software designers and developers

In some cases, training is necessary to meet the standards demanded by professional associations and regulatory bodies.

Workplace training also enables professionals to gain new skills while staying up the speed with developing technologies in their particular field.

Advantages for businesses who provide training in professional development

Providing training for professional staff can benefit businesses in numerous ways.

The resulting sense of accomplishment of employees can increase job satisfaction, generate greater motivation, and create higher levels of efficiency and effectiveness.

For your business, this can mean:

  • Higher levels of productivity
  • Improved market share
  • Greater competitiveness
  • Increased profitability
  • Better workplace morale
  • Higher levels of customer satisfaction
  • Enhanced company reputation and profile

Training in professional development can also result in:

  • Reduction in recruitment expenses because of lower employee turnover
  • Less unproductive use of time
  • Less absenteeism

A company that provides training for professionals is also likely to attract a higher calibre of employees looking to hone their skills and expand their opportunities.

Crucial core skills

While many training courses and development programmes are available for professionals, some core courses are essential and can benefit personal development too. These areas include:

  • Leadership. Strong leadership is valued by employees, and today’s emerging professionals are the leaders of tomorrow. Developing your employees’ leadership skills will equip them with the knowledge they need to take on leadership roles with success in the future.
  • Project management. According to the Project Management Institute (PMI), companies who offer project management training are better equipped to meet the challenges of the ever-evolving business environment.
  • Communication. From email threads to face-to-face meetings, developing and polishing information-sharing skills is essential for effective, positive internal and external communications.
  • Diversity. Today’s workplace is more diverse than ever. Diversity training helps to expand your employees’ knowledge and skills and enables them to recognize existing and new tools they can use to better embrace diversity in the workplace.
  • Time management. Time in business is a valuable resource that’s key to success. But it’s limited, and poor time management by professionals results in stress, missed deadlines, and substandard work.

If you are interested in investing in training but worried about how the cost will affect your cash flow, contact V4B Business Finance today to discuss a solution.