Invest in your organization’s future

April 2010

When the economy slows down, it may be tempting to start trimming the budget by cutting employee training. It can be difficult to justify the spending when there’s often not a clear return on investment. However, leaner times are actually the most critical time to focus on making more efficient use of your people and invest in ongoing education, training and staff development. When the economy improves, your organization will be in a better position to grow with the right people in place.

Many employees may be tempted to look for more secure opportunities when times get difficult, but staff members who receive ongoing training and development are more likely to ride out the storm. Focussing on their development shows them that you value and respect their talents and contributions enough to invest in their future with the company, thereby improving staff loyalty and commitment. And with increased retention comes better morale, high-performance teams and more solid client relationships.

One group that places the greatest value on training is Generation Y employees. Energetic and quick to learn, 77% of this group would choose to switch jobs for more mentally stimulating challenges. According to a Life Insurance and Market Research Association (LIMRA) study, continuous learning was one of the top three expectations of new employees, along with positive relationships and interesting work.

Give your employees the tools they need to be successful, and they’ll be more likely to not only stay on board, but also enjoy the ride more.