COI: How Inaction is Costing Your Business $$$
Wisetail | 5 min read
In today’s technologically dependent working world, companies need to adapt to keep their competitive edge. The quickly-evolving nature of the modern training industry requires continuous upskilling to seize opportunity and innovation.
We hate to break it to you, but sticking to traditional, old-school training methods such as text heavy training guides can actually lead to missed opportunities; stagnant training methods are often associated with hidden costs that hinder a company’s success. These associated costs can be referred to as the Cost of Inaction (COI), and the financial, operational, and cultural results that arise from a company’s reluctance to adapt.
Here are some of the ways that COI may be affecting your business:
Financially.
By not investing in modern training solutions, companies risk missing out on leveraging new opportunities to retain employees and meet customer needs. These missed opportunities can lead to decreased competitiveness, loss of market share, and a decrease in potential revenue. Over time, the financial impact of the COI accumulates and can significantly impact the company’s bottom line.
Operationally.
Inadequate employee training efforts can result in decreased employee engagement and reduced knowledge retention. In fact, 92% of employees agreed that well-planned employee training programs can have a positive impact on their engagement. Lengthy lectures, outdated learning materials, and lack of interactive learning elements contribute to disengaged learners – impacting their productivity, efficiency, and most importantly, motivation. Outdated training methods also increase the risk of compliance breaches, safety incidents, and customer service mishaps. It is without a doubt: these inefficiencies result in additional operational costs, including legal fees, fines, and reputational damage.
Culturally.
COI is detrimental to an organization’s ability to attract and retain top talent. How so? COI hinders an organization from nurturing a culture of continuous learning. In today’s competitive job market, employees seek opportunities for growth and development. By resisting the change to up-level employee training methods, companies risk deterring potential employees who prioritize continuous learning and losing those who see upskilled training as a major benefit to their role. All of this results in increased hiring and onboarding costs, as well as a lack of skilled personnel to drive the company forward.
Addressing the hidden costs of inaction is crucial for companies to thrive in the modern business landscape. By taking action in modern learning solutions, organizations can mitigate the COI and unlock numerous benefits. Enhanced employee engagement, improved knowledge retention, reduced mistakes, and a thriving learning culture are all within reach.
Ready to transform your business and minimize COI? Discover actionable steps to turn potential inaction into business growth in our next blog, “5 Easy Strategies for Business Growth.” Check it out now and propel your organization towards success.
