Our company is cutting budgets in order to keep profits at their current level. I have a training budget but not sure how I can justify it under these conditions, can you help?
This is a common problem within small, medium and large companies, how do you justify training?
Organizations that frequently call their greatest asset their "people" should view the training of these critical assets as an investment in the future. Training is usually the last item added to the operating budget and the first item cut during a down cycle.
It is my view that training should be increased in down cycles, not reduced.
Training makes your critical resources more productive, more flexible, more versatile and more loyal to the organization.
Training includes the upgrading of skills, disciplines, practices, processes and exposure to other operating units within the organization.
Training does NOT have to be an expensive offsite seminar or class. The best training is a mentor-ship program established by the company or a cross training program that moves key personnel into new positions periodically so that they can learn key operating skills or the operating attributes of each function.
Training will "upgrade" your critical skilled assets and significantly increase the effectiveness of the organization. Even when money is tight, a forward looking organization knows that there is a ROI when they invest in their most important asset--their people.
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