In addition to predicting the top team building trends each year, our panel of experts puts together their expectations for employee training and management consulting.
Here are Outback’s predictions for training and consulting in the year to come.
Spending on employee training has been steadily increasing since before 2010, with no sign of slowing down in 2018.
In 2014, Forbes Magazine reported that US investment in corporate training grew by 15% from the previous year. The magazine went on to say that this increase had been the highest growth rate in seven years.
Then, in 2017, LinkedIn’s The Learning Blog reported that 27% of companies were planning to increase spending on employee learning and development that year.
Considering sales of our skill development programs also grew by 41% from 2016 to 2017, our panel of experts agree that this trend will continue to rise in 2018.
According to Go2HR, investment in employee learning and development helps with retention. The HR association reported that 40% of employees who do not receive adequate training end up leaving their position within one year.
And management teams have noticed. The Chartered Institute of Personnel and Development found that 95% of managers consider employee training to be crucial to retention.
More skill development for employees also helps with efficiency in the workplace and increases output. Motorola released that after investing in employee training over a three-year period, productivity improved by 30%.
“Everyone in our group felt that our sessions were worthwhile. The facilitator was very engaging and easy to work with throughout the whole process. 10/10! — Duquesne University School of Pharmacy
The Financial Post reported on a 2004 study which found that 86% of organization are hiring professional coaches to help develop their leadership teams. Since then, companies have continued to invest in bringing in coaches and consultants to help align and develop their executives.
Publications like Training Magazine have reported that companies are choosing to invest more in senior leadership than lower-level employees. According to the magazine, organizations are spending at least $1,000 per executive staff member, as of 2016.
Last year, our team saw interest in team coaching and management consulting programs more than double from 2016. With a 53% increase in sales of these in-depth, multi-day programs, our panel predicts that more companies than ever will bring in professional coaches and consultants to support their executive teams in 2018.
According to a survey by PwC and the Association Resource Centre, the average return on investment (ROI) for executive coaching is seven-fold. The survey also stated that more than 25% of companies reported an ROI of 10 to 49 times the initial investment.
In addition, the cost of hiring a professional coach or consultant is worth it when compared to the financial loss of a failing executive or leadership team. The Harvard Business Review reports that for every five new C-level executives, two will fail in the first 18 months in their position.
“With your guidance, our team was able to see that we could work differently as an organization. After these sessions, we’re a closer more effective team. Your perspective was so valuable in getting us to this level of working. — Access Group
Over the past several years, our team has noticed a steady increase in customers who are interested in tailor-made training and consulting programs.
Requests for customization were up by over 30% in 2015, compared to 2014. And in 2017, more than 34% of our employee training and consulting programs were custom sessions.
As bespoke training and consulting continues to rise, year-over-year, our team predicts that interest in custom programs will keep growing in 2018.
Even though all of Outback’s training and consulting sessions include tailored elements, custom programs are built entirely from the ground up. More customers are choosing custom sessions because they want every aspect of their program to speak to the needs of their group and business.
Customized sessions are also flexible. They can run over the course of four hours or four days, and include any number of participants. So, a bespoke program is a desirable option for teams with specific requirements like scheduling and group size.
“Our facilitator spent the time ahead of the program discussing my desired outcomes for the training to ensure that it was tailored for my team. Everyone was professional and attentive to ensure all participants were engaged. — Imperial Oil
Want to help your employees become more effective in 2018? Bring in a professional facilitator to help your team grow, become better aligned, and make real, sustainable changes.
Get a free consultation to discuss which session would be right for your team.