makeithappen

That is the question.  Is training a cost or an investment in your business especially when the training is for the owner manager or key leadership team?  What is the likely impact of not investing in the skills of your team?

During a recession this question raises its head and there are many quotes and warnings from senior executives and HR directors from leading businesses stating that

“….cutting back or not investing in training is a false economy that will cost businesses dear”.

They are difficult questions and it’s all too easy to just cut that line on the budget or cancel that course and save money now. There is also a significant difference between the large corporations who invest significantly in their staff and the majority of smaller businesses where training is a rarity and usually non-existent especially for the Owner or Director.

So how do we answer the question?

I believe that before you can answer the question -  To Train or Not to Train? – you need to consider the following.

• How do I get real value from my investment/expense in training?
• How do I know what return I am getting?
• What is important to me and my business now?

There is no great secret of how to get VALUE from any investment you make in training.  But there are some general principles, summarised below

1. Identify what your business needs – make sure you know what your strategy and plan for the business is and what skills and development you need for the people who are going to deliver it for you.  ALWAYS ensure that your training is linked to the business objectives, kpi’s and outcomes

1. Plan and set Priorities

1. Now find the solution which best meets that need – Explore what best fits – courses, coaching, mentoring, bespoke.

1. APPLICATION – Ensure that the processes have been put in place for the new learning to be applied and integrated into the business.  If there “isn’t time” then you have to question the relevance of the training to the business and its outcomes in the first place.

1. Review & Measure – Who benefits from the training and development? The individual, their team or the business.  The answer should be all three to gain the highest value.  If you don’t have a way of measuring or knowing what you want how will you know if it works?  The training should have an impact to your Key Business Performance Indicators. Right back to your reason for the investment in the first place.

Consider the following quote

“During a recession, many organisations cut back on their employees learning and development budgets … this is entirely understandable, yet these are the very people who will be looked on to help the organisation pull through, spot the growth opportunities and accelerate out of an economic downturn” – said Andrea Cooper, a Director at Common Purpose London

Can you afford NOT to invest in the skills of yourself and your people?