Business – Companies Should Invest More
If you want your company to succeed, it is time to divert some money to the learning and development fund for employees. Forbes reported that its 2014 Corporate Learning Factbook research found that spending on corporate training in the United States increased by 15 percent between 2013 and 2014, which was the largest growth rate in the seven years before the report was released. The amount of money spent on corporate training in the U.S. was more than $70 billion, and it was over $130 billion around the world.
The upswing in corporate training spending was seen as an indicator of the growing health of the economy after the Great Recession. Companies were training new employees, managers, and sales people.
Companies that spend more on training their employees also tend to be the higher-performing companies, according to Forbes. Companies that have a general learning and development strategy do better than those that are inconsistent in how they train their employees.
Even if your company’s budget is small, it is important to develop a plan for your employees’ professional development. You have to hire and train new employees as your business grows, and you need to promote current employees to greater responsibility over time.
It is vital to consider the future of your company and where you want it to be in the coming years. To increase the bottom line, your investment in your employees is critical. Without a strategic professional development plan for your workers, your business runs the very real risk of becoming uncompetitive with others in your industry. As technology and best practices change, your company has to stay nimble and able to quickly adapt to the times.
Additionally, to keep and attract the best talent, you want to be able to point to solid and beneficial training opportunities. If your company creates a culture that values learning for its own sake, not just for increasing its profit margin, you are more likely to get applicants that want to work for you. Such a culture demonstrates that your organization values more than its profit: it values its people. That is the kind of business that people want to work for, the kind of business that is likely to keep more employees longer.
Take a look at your business’ professional development strategy. Where is it? Where is it headed? How extensive is it? Is it focused on the right skills? Is it streamlined to meet the real workplace needs of your workers? Take time and money now to ensure that your business has the best learning and development strategy for all of its employees possible. Your bottom line and the reputation of your business will benefit.