Why invest in your workforce?
This is not the time to lose vital talent. The cost of recruitment generally far exceeds that of developing the skills of existing employees but it is important, especially during challenging times, that you invest in the right skills needed for your business.
The current and existing workforce is just as important as the new generation of graduates and if companies invest in the existing workforce they will be helping employees to reach their potential, provide a multi skilled workforce and create an exciting workplace to attract quality recruits.
You are more likely to hold onto your staff and motivate them if you train them and show them worth. The investment in people is the biggest investment companies will make and any investments that are made in training should be made to work as effectively as is possible so skills are retained and developed in line with the business objectives. There is money to be made and saved by investing in the right skills.
Where to support training
Everyone should have an opportunity to learn and employers should be committed to bringing everyone up to the same standard but from consultation with employers it is clear that they need a strong business case to support investment in skills training decisions.
Furthermore, the impact of the recession and the fact that funding streams are drying up, means that employers are having to dip increasingly into their own pocket to finance training since training budgets are being managed more tightly with some even subject to cuts. Training therefore needs to be in those areas that deliver the greatest bottom line impact.
How to measure trainingHowever, often it is hard to recognise if the training you undertake is suitable and if it will deliver the right Results. Also, once the training has been completed companies can find it hard to measure what difference it has made to employees and the business.
You need to give your employees access to a wide range of products and services that help businesses achieve greater productivity and profitability, improve the skills of workforce and business performance and ensure the spread of best practice across the sector.
'Predictor' is a free on-line tool for measuring the current return on investment that a business is getting from the skill levels of employees. But in addition, predictor helps to identify the areas where skills could be improved and then predicts what the future return will be if the employees are trained to their full potential for their job.
Investment in skills training needs to be in areas that will deliver the highest impact to a business for example; where your employees current performance lies, highlight the gaps in performance across a particular job type and suggest where investment in skills training will add the greatest value.
By evaluating the current performance of your workforce, companies can calculate how much value they could potentially add to the business through the investment in right skills training to improve staff performance.
Invest in your staff
In these changing and uncertain times its good to know that a tried and tested system is available that will provide a degree of certainty for return on investment.
It is clear to see that if you pay staff well, treat them well and train them well, you can expect them to work well. The salary bill is often the biggest cost borne by a business so its logical that any investment that is made is therefore made to work as effectively as is possible so skills are retained and developed in line with the business objectives.
The future is in the workforceInvesting in training can help increase productivity, reducing operating costs, improving staff morale and aid the research and development of new products and service offerings, all of which will help to gain competitive advantage in the global market.
If it works, its out of date. Companies need to think to the future and whats around the corner and continued investment in the skills of the workforce is the first step to improving productivity, embracing new technology and new markets and ultimately new opportunities.