When times are tough it's tempting to reduce your training spend.
But it's a false economy and the exact wrong move.Â
It's easy to sort a spreadsheet in descending order to suggest cuts.Â
But today's tactic can eliminate tomorrow's strategic advantage.Â
✅ Companies with strong training programs experience 24% higher profits.
So while being wise with the dollars is a smart play, reducing training inputs now reduces your desired future outcome.Â
Unless your plan is to actually built around less profit ?Â
✅ 51% reported to Devlin Peck that training gives them more confidence to execute their duties.
So cutting training means your teams will be less confident, more nervous and less effective.
At the exact time you need them to dig deep and perform at an even higher level.
✅ 76% of millennials indicate that professional development is essential for a strong company culture.Â
So while your finance teams look for obvious targets on a spreadsheet, your culture and actual resources, your people, are the ones harmed by reductions to training.Â
And you risk losing people from the group likely to be your future leaders.Â
✅ There is a 16% increase in customer satisfaction with companies that are using learning technology.Â
So while you fight and scrap for every last customer in tough times, by pulling back on training spend you undercut the exact user group you care about the most.Â
For sure, look for ways to effectively deliver training in a more cost effective way.Â
Review your training costs to look for opportunities to improve the outcomes from your training.
But this isn't the time to slash training budgets and staff.Â
This is the time to strategically to pull ahead of your competitors and carve out an advantage they can't replicate.Â
This is the time to double-down on quality training and development.
Otherwise you risk a tactical decision today that unravels your future tomorrows.
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