Almost everyone with a few years of experience and who shares a comparable profession to mine – speaking for corporate conferences and consulting and training in sales and customer experience – will have a similar story.

Somewhere along the way, we encountered the executive who told us, “We had to make some serious budget cuts this year. Therefore, there’s no alternative, and we must slash our expenditures on training and corporate events – particularly outside speakers.”

While I acknowledge considerable prejudice around this topic, I believe this approach is flawed and terrifically short-sighted.

And while this commitment to ongoing education and inspiration for your entire team is essential, the impact of training and development on Millennial and Gen Z workers is particularly significant, as these generations have distinct expectations and values regarding their careers and workplace environments.

• Deloitte’s Millennial Survey found that 44% of Millennials and 49% of Gen Zs believe continuous learning is the key to a successful career. This demonstrates their keen interest in continuously acquiring new skills and knowledge.
• A study by ManpowerGroup shows that Millennials prioritize learning over other benefits in a job. 93% want lifelong learning and are willing to spend their own time and money on further training.

Investing in training and outside perspectives is not just an expense; it’s a critical component for driving revenue growth and ensuring long-term business success.

Here are five reasons why:

1. Enhancing Employee Skills and Productivity

Investing in employee training is vital for any organization aiming to stay competitive. An Association for Talent Development report found that companies offering comprehensive training programs have 218% higher income per employee than those with less comprehensive training. Moreover, these companies enjoy a 24% higher profit margin than those who spend less on training. This data underscores the direct correlation between employee training and an organization’s financial performance.

The impact of training and development on Millennial and Gen Z workers is particularly significant, as these generations have distinct expectations and values regarding their careers and workplace environments. Investing in their growth is not just a perk; it’s a crucial factor in attracting and retaining these younger talents.

• A LinkedIn Workplace Learning Report revealed that 94% of employees would stay at a company longer if it invested in their career development. This sentiment is even stronger among Millennials and Gen Z, who prioritize personal growth and career development.
• According to a Gallup report, 87% of Millennials rate “professional or career growth and development opportunities” as important to them in a job, far higher than the 69% of non-Millennials who say the same.

2. Fostering Innovation and Adaptability

In a world where change is the only constant, organizations must be agile and innovative to create distinction and stand out in their marketplace.

Selecting the right outside speakers, consultants, and training programs brings fresh perspectives and ideas that can spark innovation within a company. They can challenge conventional thinking and encourage employees to think outside the box, leading to new processes and approaches that drive revenue growth.

3. Enhancing Employee Engagement and Retention

It just makes sense that engaged employees create higher customer satisfaction and are more productive — which in turn boosts revenue. A Gallup study revealed that highly engaged teams show 21% greater profitability.

In my experience, delivering educational programs of quality not only enhances employee skills but also means employees feel the organization cares about their growth – making them more engaged. In a recent series of programs I delivered in the healthcare industry, one of the main comments from participants was that they loved the series of programs because it displayed that their company was willing to invest in them with high-quality and custom educational content.

4. Building a Strong Corporate Culture

Training and events featuring outside speakers can significantly contribute to building a strong, positive corporate culture. They provide opportunities for team building and shared learning experiences, reinforcing the company’s values and vision. A strong corporate culture is not just about employee satisfaction; it’s a business strategy.

• Research by Deloitte found that organizations with a strong culture have a 4X higher revenue growth compared to those with a weaker culture.
• A study by TINYpulse found that professional growth opportunities are the top factor in employee happiness for Millennials. This is a significant shift from previous generations, who placed higher value on salaries and job security.
• The 2021 Deloitte Global Millennial and Gen Z Survey reported that during the COVID-19 pandemic, Millennials and Gen Zs showed a strong preference for employers who offered skills training, especially those that could be done remotely.

5. Enhancing Customer Satisfaction and Loyalty

Finally, well-trained employees are better equipped to meet and exceed customer expectations, increasing customer satisfaction and loyalty. This is particularly true in service-oriented industries where the customer experience is paramount. According to a study by the Institute of Customer Service, there is a clear link between employee engagement, customer satisfaction, and revenue growth. The study found that a 1% increase in employee commitment (a proxy for engagement) can lead to a monthly increase of 9% in sales.

Think about it…

Cutting budgets for training and outside perspectives might seem like a quick fix for financial challenges, but it’s a counterproductive strategy in the long run.

The evidence is clear: investing in training and external insights is not just beneficial; it’s essential for driving revenue growth and ensuring the sustainable success of an organization.

Leaders who recognize and act on this will position their companies to thrive in an ever-changing business environment.

If you and your organization would like to join the long list of distinctive companies of all sizes that have benefited from our programs – from keynote speeches to in-depth training – on distinctive sales strategies and delivering the Ultimate Customer Experience®, please connect with us here! We would love to help you, too, grow revenue and profitability!