The average company spent more than $1,000 on training costs per employee in 2021, according to Training Magazine. If your business doesn’t keep up with the average spend in its industry, it could fall behind.

But do you really need to spend over $1,000 on training per employee? And why is spending money on training so important, anyway?

We’ll answer those questions and more in the sections below. Keep reading to learn whether your business is spending enough on developing its teams.

Why Spending on Developing Your Teams is Important

The quality of your team determines the quality of your business. The better your employees are at their jobs, the better their performance should be, which all impacts your bottom line.

It’s also important to spend on team development to ensure that you’re keeping up with the latest trends in your industry. You don’t want to miss a new tool or technique that the competition begins using, which could help them establish a competitive edge.

Is Your Business Spending Enough on Developing its Teams?

Now that we’ve looked at why spending on team development is important let’s look at how to figure out whether you’re spending enough. Here are three questions to ask as you think about this.

When was the last time you had training for your team?

At a minimum, it’s a good idea to refresh training for your critical team members at least once a year. This will help to both keep key ideas fresh in their minds and ensure that they’re aware of any new developments in their fields.

Is the training personalized?

Another question to ask is how personalized your training has been in the past. Are you bringing in an instructor who is an expert in the field to work with your team? Or are you simply giving them access to a paid online course with pre-recorded videos?

Your team will get much more out of training if they’re able to engage with their instructor by asking questions and for clarification when they don’t quite understand something.

If you’re not building personalization into your training programs, your team won’t get the development it needs to truly shine.

What’s the competition doing?

In business, everything is relative to the competition. If your competitors aren’t spending anything on training, you could get by without spending much as well. But if they’re really investing in team development, then you’re likely going to need to do so as well to keep up.

The Cattalyst Can Help with Affordable Training From Expert Practitioners

If you’re looking for an affordable way to develop your team, then The Cattalyst can help. Our expert staff can work with your entire organization to help it become more effective across every department.

With a wide variety of personalized training and development options to choose from, you’ll find the support that you’re looking for without having to break your budget to get it.

So why wait? You can get in touch with us today for a free consultation.