The Cranfield School of Management in the UK concludes in a recent report that staff training saved money, improved staff motivation and increased employee retention.
From their poll of more than 1,100 training and recruitment manager, they concluded that the most successful organizations typically had formal training policies in place, while their less successful competitors relied on ad hoc training.
The researchers argue that when the economy worsens, it becomes all the more important to retain valuable employees and enhance their morale and skills.
Fortunately, in our view, a distastrous downturn in the economy may actually make this easier to do in at least one respect. As one of our clients said recently, about spending additional money on business acumen training, “If there’s one Quarter in which you’re not going to make your numbers, and not worry about Wall Street’s reaction, this is the Quarter!”