For companies providing similar products or services, investing in the people involved in your organisation can bring significant advantages.
In a 2009 survey of Institute of Directors’ (IOD) members, the principle benefits of training were identified as:
- improved staff morale
- improved productivity/profitability
- improved customer satisfaction
- improved staff retention
- improved market share
- improved staff recruitment
Training is an important part of any job, but is so often considered only when new skills are required.
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In a tough economic climate all businesses are looking to gain competitive advantage wherever they can. Continued investment in staff development, during times when business is slow and competitors are failing, will place organisations in a stronger position to take advantage as the economy improves.
So before cutting your training budget completely, consider ways of targeting your investment more efficiently.
- Reduce the training program if you need to limit spend; the benefits will still accrue and you'll have less to catch up with when things do improve
- Keep learning and development under discussion; it could make all the difference between surviving and thriving
And remember
- Highly trained staff will help your business to retain its competitive edge
- By training staff you're planning for growth, not survival
- Through skills development people work more efficiently and increase productivity
What are your thoughts?
Do you think training can improve morale and efficiency for the people within your organisation? Do you think you could gain a competitive advantage, or make your business stronger for future growth, through continued investment in training?
Please leave your comments below and let us know!
