Find out why you should invest in training your employees
Let us help you understand TVET as a smart driver for your company's competitiveness and support you in your decision making. Take a look at the selected and highlighted goals as well as benefits from reputable studies to better understand your TVET assessment.
Do you want to get involved in skills development?
The overall goal of using TVET is to comprehensively skill your workforce. Not only does it help young students and your employees acquire relevant skills for their jobs, but it also promotes continuous and adaptive learning to help them adjust more quickly to new demands. As such, TVET is a proven tool to meet both current and future demand for skilled workers - still one of the biggest challenges to sustaining economic growth in the ASEAN region.
We want to support your decision to actively train your workforce with quantifiable benefits. It should be noted that the quantifications are based on companies that have fully understood their role in the TVET Ecosystem through a dual approach to TVET.
2) Productive Work of Trainees
Your peers say you're just using up resources when you invest in TVET?
Teach them better, because research from Vietnam shows that TVET trainees achieve on average 80% of the productivity of an experienced employee after just 2 to 3 weeks of on-the-job training. Still not convinced? A similar study from the Philippines even compares long-term productivity gains between technically trained and non-technically trained employees. The corresponding results show that investing in technically trained students brings a significant financial benefit to companies, which encourages them to invest in skilling their own workforce.
Lessons learned: TVET not only contributes to a short-term increase in productivity during the training period, but actually reinforces itself in the long term when trainees are successfully taken on by the company after their training.
3) Cost Savings from Recruitment
Are you tired of costly hiring the wrong employees for your company?
TVET is the tool that can save you the cost of external recruitment, retraining of new employees and the cost of unsuccessfully hired employees. Research has shown that 71% of companies experienced more benefits than costs when they used TVET in their workforce development efforts. Instead of recruiting, organizing examinations, interviews, probationary periods and costly initial training for new employees, companies have the unique opportunity to screen and monitor their trainees during the work-based training period in order to select only the best performing employees for long-term employment.
4) Improved Employee Retention
Do you have a high turnover in your workforce and are constantly losing your best employees to the competition?
By using TVET, companies have more loyal employees who stay with the company and prevent the drain of tacit knowledge by experienced workers. Another benefit of having a low turnover workforce is reflected in the lower cost of recurring training requirements. Once higher employee retention is achieved, the cost of external recruitment and initial training are reduced significantly.
5) Monetary Support & Subsidies
Are you already reaping the benefits of a higher-skilled workforce while receiving financial support from government agencies?
To attract companies to TVET, governments usually subsidize skill development initiatives in the form of tax deductions or training funds. Sounds too good to be true? Browse our overview of government incentives and see what incentives your national government has to offer: Country Regulations
6) Improved Reputation
Are you already losing customers who prefer your competitors' corporate social responsibility (CSR) efforts, or do you want to meet the standards to finally participate in international tenders?
When implementing skills development initiatives, such as TVET, companies benefit from an enhanced reputation that leads to improved CSR efforts and even sales. In addition, an improved image of your company leads to more influence and easier representation work with associations or authorities, making your voice better heard locally and putting you in a better position to win future contracts.