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Staff training and development is a must have, especially in tough times.
Many companies heedlessly cut back on this crucial area when it’s belt-tightening time. If we look to the proven winners, we will see a different picture entirely. The leaders maintain their investment in people, and reap rewards for their efforts.
One reward is staff loyalty, particularly during the lean times. Study after study shows that company-sponsored training and education is the benefit most valued by employees across the board. The younger generations really think so; their focus is on competing successfully at work as it will be in their future, not just as it is now.
Another reward is that employees are able to work smarter. The training you provide for them makes them better performers. For instance, they can handle enquiries and complaints with much greater satisfaction to your customers. Better educated employees understand your business and goals; it’s easier for them to relate to you and vice versa, leading to better management and staff relations.
A U.S. study by the National Center on the Educational Quality of the Workforce (EQW), found that a 10 per cent increase in workforce education level produced 2.5 times the productivity gain of 10 per cent increase in the value of equipment: 8.6% vs. 3.4%.
Other research – by the American Society for Training and Development – found that high performing companies invest twice as much per employee as their competition, and those that spend the greatest amount on workplace learning have both higher net sales and gross profits per employee, as well as a higher ratio in market-to-book values.
Makes good dollars and good sense!
Carol J. Sutton, Cert.ConRes.
