Don’t neglect your L&D Budgets even when times are challenging!

Listen here

Many organisations, no different to households, will be looking at ways to make budget cuts during the current challenging times…but is your L&D budget the right place to cut back?

It’s akin to marketing spend during a recession…it’s the perfect time to push out to bring the business in!
When times are challenging, your teams feel it too…what better way than to show that you really care about them, and that with the newly learned skills, they can deliver even better sales, service, leadership…all manner of talents to help to keep your business strong during challenging times!
Consider these five compelling reasons…

  1. To both recruit and retain the best people. Employee retention as well as recruitment can be a huge challenge for a lot of employers. This challenge can be greatly reduced by having a solid employee development program.
  2. To have a talent pool ready for the next role. A well thought out employee development and training plan will create a pool of talented workers ready for promotion and help to identify the weaknesses and strengths of your employees.
  3. To have engaged employees, who are both excited and challenged by their work. A feeling that they are valued and will most certainly deliver far more than any investment in their training.
  4. To both save you and earn you money…a good employee is like money in the bank…a well-trained, confident, and engaged employee is going to deliver better work for the company in the long run.
  5. To make you think about the future…employee development is a continuous and dynamic thing, the relevant skills today may be obsolete tomorrow. This means that as an employer you must always have an eye on the future otherwise the company will stagnate…what are you going to need in six months, twelve months’ time etc!?

Any L&D plan should force you to consider the future path of your business and linked to robust employee development, meaning that you will be thinking ahead for the growth of your business, and particularly in challenging times!

“Education is not the filling of a pot but the lighting of a fire.”

W.B. Yeats