While it may be tempting to cut your training budget, especially in a recession or hard economic times, doing so may be detrimental to your business according to a recent post on the TalenTrust blog. The post began by quoting management guru Jack Welch who once said that “An organization’s ability to learn and translate that learning into action rapidly, is the ultimate competitive advantage.”
TalenTrust then pointed out that the opportunity for career growth and advancement is consistently one of the top three reasons people choose to stay with their current employer and the lack of it is the primary reason for employees to leave. In other words, there are many benefits to establishing and maintaining a robust training program as such a program can:
- Ensure that people can do their jobs effectively.
- Increase employee motivation.
- Increase efficiencies in processes and systems.
- Inspire innovation in strategies and products.
- Cross-train between departments and across regions (a safety net when you lose staff).
- Lower risk management (in areas like sexual harassment and diversity).
- Increase productivity.
- Improve customer relationships.
- Help maintain a competitive advantage.
Moreover, TalenTrust pointed out that training and development is actually at the heart of succession planning because it’s the process where you identify, assess as well as develop your staff to ensure that they are ready to take on key roles in the organisation.
At the end of the post, TalenTrust pointed out that you can actually save money and increase your profitability by investing in continuous training and development for your employees – even in a bad economy. Moreover and by simply reallocating your resources and by adapting the delivery of training to meet your current economic circumstances or challenges (rather than just slashing your training and development budget), you will create a much more sustainable long-term business.