Below are my top five reasons to not cut training in a down economy:
- Employees who are learning and growing tend to stay with a job or company longer.
- Trained employees help to grow your bottom line with enhanced skills and increased efficiencies.
- Training does not have to be expensive and can be done at your location with on-site training, webinars, webcasts and podcasts.
- Linking training to your overall strategy and tailoring the training to your specific business needs will help you to get the most out of your training dollar.
- A well-trained staff will actually help you to become a lean organization, as ideas on how to improve business strategy and processes will help grow your company.
An article from the American Society for Training and Development illustrates how a commitment to learning and training helped several American companies weather the last economic downturn. Position yourself right and you will be able to leapfrog ahead of the competition when we emerge from this recession.
The article reads, in part:
“Companies that continue to invest in training in a down economy will actually see a big rebound when they come out of it,” predicts Marsha Lindsay, president of Madison, Wisconsin-brand consultancy Lindsay Stone & Briggs. “They’ll see greater productivity and greater loyalty, and they will be the ones attracting the best people when the economy turns around.”
The consultants at the Business Learning Institute can help you be more efficient in the way you spend your training dollars. We can actually save you money while developing your employees and growing your business.
How will your company be positioned when the economy rebounds? Will you have the trained staff to take advantage of importunities?