MT Expert - People: Get more from your training budget
By Kevin Young Friday, 09 September 2011
People are a company's best asset, so keeping training up-to-date is vital, says this week's expert.
Latest Stories from Management Today
The training of the so-called ‘Generation Y’ has had its fair share of negative press recently: indeed, a staggering 60% of leaders are worried that the next generation of workers are not receiving adequate training, according to a recent survey by the Chartered Institute of Personnel and Development (CIPD).
The same survey also found that current leaders are not satisfied with their company’s existing level of leadership, with two-thirds of those polled failing to rank their internal leadership courses as ‘high’.
As worrying as this news is, I wouldn’t say it is entirely accurate across the board. With budgets under pressure, organisations are simply having to be more selective about how top level training is delivered.
Our experience is contrary to the survey, where organisations are still providing leadership training, but just not with the same traditional delivery methods. Agile organisations are sensibly looking to move away from expensive, traditional forms of training and are instead looking more cost-effective solutions like e-Learning.
There is no doubt that the corporate world still values the development of their employees, especially those who display potential and commitment, it just needs the right tools to build upon these good intentions.
Don’t fall into the trap of thinking the next generation’s leadership crisis is tomorrow’s problem – with the right training, it can be fixed today.
So what can today’s leaders do to combat this issue?
Stretch your budget
Many organisations can make the most of their training budget by implementing a blended learning solution. Both classroom and e-learning solutions have their unique benefits and since many students have different styles of learning, companies who use this strategy can see a boost in retention.
Track and measure success
Play to your strengths
It’s a cliché but people really are your best asset. It is worth the time and money to train them properly, for their future and the company’s. In the hyper-competitive corporate world, having trained, skilled workers will give you an edge over the competition.
By training your employees today you are saving yourself a future headache when the time comes to appoint new leaders. A balance of skills and experience is needed to create an effective leader, so it is important to begin developing workers.
Tie it all together
The most effective training programmes are linked to the company’s corporate objectives, as well as tightly integrated with the company’s succession management. To produce the best results, all arms of an organisation need to work cohesively together.