Investing In Training Crucial in Downturn

Posted on November 6, 2008
Filed Under Employee Training |

During this economic downturn, it is more important for companies to invest in their employees.  Allocating resources to training and current employee development is proven to be essential for a successful organization.  Ensuring that employees have the most up to date knowledge and skills, especially as so many companies are forced to downsize due to economic uncertainty, is a critical factor in ensuring that customer experience and productivity do not suffer when companies run “lean and mean.”

This article from Management-Issues.com explains the issue in great detail:

“A report from the UK’s Cranfield School of Management has concluded that organisations which invested in their staff were generally best placed to save money, improve staff motivation and increase employee retention.

“The poll of more than 1,100 training and recruitment managers found that nearly eight out of 10 saw developing the skills of their existing staff as a more beneficial option than simply throwing money at external recruitment.

“More than four out of 10 felt firms that spent money on their staff ended up better placed to save money, with a third arguing that it improved staff motivation and more than half pointing out that it improved employee retention.

“The most successful organisations typically had formal training policies in place to nurture their talent, with less successful firms tending to rely on training that was delivered on an ad hoc basis.”

Read the full article: “When going gets tough, spend more on training.“

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