Make the most of your training and development budget in the face of the current economic climate.
Make the most of your training and development budget in the face of the current economic climate by:
• Remembering that training is an investment. Companies that continue their investment in training and development during a recession will have an edge on the competition, with team members who have continued to sharpen and develop their skills while others have not.
• Ensuring your training is targeted and really needed. Assess your team members’ real strengths and weaknesses before sending them off for training. If they don’t need the training, don’t waste their time and your money on it.
• Working with providers that truly understand your needs. Training consultants should take time to really understand your needs, getting to the core of your issues to help bring about positive change.
• Choosing training that is flexible and customised. If it isn’t, you are likely to be disappointed with the results and will have misallocated scarce company resources.
• Establishing measurable returns. It may take some time and effort to establish the metrics and benchmarks but measurement is essential to know if it’s been a valid use of company resources, as well as making it easier to defend your budget.