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Top 10 Reasons Employers Should Invest in Training
Employers tend to agree talent is one of their biggest strategic cybersecurity challenges. But the truth is that training budgets are often the first to get cut when it comes to prioritizing spending. Even worse, some employers think providing training just gives staff the tools to leave them for a competitor so they won’t offer it (or sometimes even discourage it). These perceptions are misguided. Here are the top 10 reasons you should invest in cybersecurity training for your teams:
Save money in the long run Training staff in house might take a little longer than hiring an experience pro right off the street, but it’ll cost you a lot less. A robust training program allows you to target hiring of more junior (and less costly) talent. Even with the added investment of training, you’ll still come out ahead.
Retain your talent It’s not all about the money. Study after study shows that staff want to feel valued in the organization and understand how they contribute to its success. In fact, a recent LinkedIn survey showed 94% of employees would stay at a company longer if it invested in their career. Investing in training does more than show your cybersecurity professionals that they can have a career in your organization. It helps them actually advance their careers.
Find new talent Investing in training needs to include more than just throwing money at some classes. By tying training to a career path and job roles, employers can identify new pipelines of hires or look to internal staff in other business areas to transition into cybersecurity roles.
Secure your organization Technology is constantly changing and evolving; so should your security strategies and tactics. More informed and up to date cybersecurity practitioners means more effective and up to date security of your business or enterprise.
Stay compliant There may not be a federal legislative or regulatory solution yet to our nation’s cybersecurity, but there have been a number of state-led efforts paving the way. For instance, New York City’s Department of Financial Services (NYCDFS) now requires financial service companies to provide training to their cyber staff that keeps them current with cybersecurity trends. Other states are passing workforce bills that appropriate funding to identify and train future cyber workers. Either way, making training a priority in your own organization will set you up to be compliant or to take advantage of these initiatives.
Close the talent gap Cybersecurity is a team sport. And fostering the next generation of cybersecurity talent is one as well. Many companies worry that training will just lead to poaching by competitors, but that view is myopic. Over time, your investment in your cybersecurity professionals’ careers will likely force your peers to follow suit. The talent gap isn’t going to close itself unless industries start working together (with government, industry and academia) to prioritize education and training.
Prepare for the unexpected Whether it’s losing critical talent or dealing with the aftermath of a breach, bad things happen. Having a training program in place provides a mechanism to quickly spin up replacements for key personnel and allows you to ramp up your workforce
Maintain a competitive advantage Contrary to popular belief, cybersecurity talent aren’t all a bunch of mercenaries looking for the highest payday. Skilled workers are attracted to companies where they can grow. If potential employees see that you have a culture of professional development and you’re willing to invest in their careers, your training program will be a valuable benefit that can actually attract workers versus your. Case in point: Highmark Health Solutions had a cyber staff turnover rate around 30% and was able to reduce it to just above 5% by focusing on communications and culture.
Increase employee satisfaction No one starts a new job knowing all the things they need to know. And as humans, we’re wired to innovate, grow, and push ourselves. So no wonder that organizations that invest in training have happier employees. In fact, a recent Gallup poll found that 87% of millennials rate “professional or career growth and development opportunities” as important to them; 69% of non-millennials agreed.
Make your organization more efficient Training helps organizations create a pool of promotable employees, identify which ones need improvements, or possibly individuals who don’t make the cut. According to IBM, within three years every company loses on average 41% of its staff. If you’re always looking for new people to fill open positions or you need to keep looking for new people to replace people who are leaving your company, you’re solving the wrong problem. Investing in talent development and training allows you to identify and pipeline talent in other parts of your organization and reduces the time, cost, and energy it takes to find external hires.
All in all, training and talent development can have a positive return on investment (ROI) if done properly. Human capital programs need to be implemented and viewed as a real-time process that is examined and evaluated continuously over time. Make sure you’re measuring the impact your program has on job functions and mission, monitor business results, and capture the costs associated to achieve all this. Above all, remember that quality and learning effectiveness matters. Not all training solutions and programs are created equally. Training that focuses on assessments, knowledge retention, and personalized learning will help your staff (and your organization) achieve job-required skills. CyberVista has the training programs and tools to help your organization train and retain your employees.