When times are tough, don’t skimp on training and personal development
During tough economic times, it’s an unavoidable reality that many organizations have to cut costs. People lose their jobs, perks and benefits get cut, travel gets deferred, events get cancelled – and sometimes business leaders might be tempted to cut the budget for training and personal development.
Don’t do it. In tough times, training and development is the last thing you should cut.
Personal development is an important investment in your people and in yourself – not only for your bottom-line results, but also for your employee retention.
Here are some of the benefits that training and personal development can offer your company, even in a downturn:
- New ideas and skills. One of the most important things that any company (or individual) can do in today’s economy is to keep learning. We all need to become as adaptable as possible, so that we can anticipate the needs of our clients, respond to changes in the market, and generally evolve along with the rest of the world around us. Even if times are tough and you’ve had to lay people off, it’s valuable for your company to continue developing the people you have left.
- Send a message that you are an employer of choice. After all, the economy won’t be in the tank forever; eventually companies will start hiring again, and that means that your best people will be getting offers to go work for other companies. By continuing to invest in training and development, even during a down economy, you’re showing your people that you care, that you want them to continue to learn and become their best, and that your company is a great place to work.
- Get a step up on the competition. When times are tough, that’s when your competitors are probably slashing their training budgets – what a great opportunity for your company to go the other direction. If you can boost your training efforts while your competitors fall behind, your company will be better positioned when the economy recovers.
- Non-monetary rewards. During tough times it’s not always possible to raise people’s pay or give bonuses. But what if you could provide some training seminars, or some personal development coaching to some of your top people? People are motivated by more than money; your top performers will appreciate the gesture that you can make to offer them some additional training.
No matter what kind of economy we’re in, training and developing your people is one of the best investments you can make in your business. And as we move to the future “knowledge economy,” where the most valuable assets are our people’s individual talents, creative energy and ideas, making sure that the right people stay with your company will be one of the biggest challenges facing any business leader.
So don’t skimp on training and development. The short-term savings are not worth the long-term costs.
When times are tough, don’t skimp on training and personal development
Posted on 07.03.10
