Utilities are becoming more and more digital – developing information and analysis to make operational decisions. As they learn how to use information and analysis throughout the organization, they need skilled and skilled staff to unlock the value and meaning of data. New roles, such as information scientists, data and analytics architects, and data and analysis analysts, are becoming more and more important for consumer success. These roles, however, are relatively new to the consumer industry and require training of new employees or existing employees to develop their skills. Tools are a great way to grow existing staff and meet the changing market needs.
Training and development have many benefits. According to the Doctorate of Management, there are eight recognizable benefits of employee training and development:
- Increased job satisfaction and improved morale among employees
- Increased employee motivation
- Increasing efficiency in the process leads to financial gain
- Increased capacity to adopt new technologies and methods
- Increasing innovation in strategies and products
- Reduction of labor
- Improved company image
- Disaster Management
Employee Satisfaction and Retention
The first two of these benefits are specifically related to the individual worker. Given the competitiveness of the digital economy, utilities need to focus on how to retain their existing talents. Increased job satisfaction and improved morale are directly related to reduced change. According to the European Journal of Business Management, “Companies that provide training and development programs to their employees are experiencing high levels of employee satisfaction and low turnover. “94% of employees around the world say they will stay in the same company for a longer period of time if they invest in helping the company get to know the company,” says Linken’s 2021 Workforce Education Report. Training is the most valuable asset of any company – an investment in its employees. The HR exchange network says that “poorly trained employees will leave the company within one year” can lead to the loss of employees.
Training and development can have far-reaching implications beyond employee satisfaction and retention. It can help create competitive advantage in many ways: increase efficiency in the process, increase the ability to use new technologies and techniques, increase innovation in strategies and products, improve company image and risk management. “The 24% higher profit margins could be the result of companies investing in training,” says the Labor Exchange Network. Accepting innovative strategies, and new technologies and techniques requires staff adaptation and acceptance of change. Training really makes employees more comfortable. According to the European Journal of Business Management, “labor development programs will help workers move forward and develop new technologies.”
Focus on digital efficiency
Data and analytics is a fast-growing environment in utilities because it supports the entire business, but the industry lacks expertise. Most tools have data and analytics experts but not enough. If you do not have the budget to hire more professionals, the best option is to focus on training existing staff. As technology continues to be digitalized, technology capabilities and digital efficiency will become even more important. By providing training and development in these areas, utilities make employees more adaptable and robust during business transitions. Linden’s 2021 Workplace Learning Reports describe digital efficiency as “effective technological skills in an increasingly digital environment.” It is clear that this utility is becoming an increasingly digital environment; Training and development in information and analysis will increase digital efficiency and create a more flexible and consistent workforce in this area.
If training and development are given a way to improve digital efficiency, utilities should be given high priority. Training and development are essential for successful business transitions from retention to competitive benefits. The Consumer Analysis Institute (UII) focuses on promoting consumer analysis and identified the training as an integral part of its mission. UII launches data and analysis training courses for data analytics professionals. The first course, Utility Analysis 101, was launched in collaboration with the Oklahoma Data Science and Analysis Institute. For information about utility analytics 101, or go to http://training.utilityanalytics.com/ or contact Leslie Cook at firstname.lastname@example.org for virtual classroom, public class, or individual group training.