With the economic climate the way it has been for the last few years, many companies have had no choice but make cut backs. In a bid to reduce costs wherever they can, managers and business owners all around the country have opted to reduce or even completely eliminate staff training and development.
Whilst in the short-term this may help to ease a few financial concerns, it is important to remember that these difficult times will not last forever and it’s vital to prepare for the future now. When the economy recovers and business starts to pick up again, it is the companies who have well-trained and highly motivated staff that will grab the early advantage.
As crazy as it may sound, a recession is actually the perfect time to increase levels of staff training. Chances are that most people have a little extra time in their schedules so rather than letting your staff sit around get bored, this is the perfect time to help them feel re-energised and brush up on their skills.
Investing in staff training and development has been proven to have significant benefits on both employers and their staff. When an organisation focuses on this, it has a positive and snowballing effect. Training sends out a positive message to your workforce because it shows that you are committed to their development, welfare and career progression. In turn, this can help to improve their standard of work and keeps them stimulated which leads to increased retention rates.
Chances are that a company is only going to invest time and money in training employees who they have faith in and believe can progress within the company. Showing this kind of loyalty to your workforce encourages longevity in them which in itself cuts costs because with fewer staff leaving, you are saving on recruitment costs.
For any employee to stay motivated and interested in their job, they need to have the opportunity to grow and expand on their skills and knowledge. Whether this is achieved through training, development or even a promotion, to have a highly engaged workforce is going to encourage better organisation skills, successful teamwork and high quality performances that will improve the reputation of your company.