Companies have been urged by key players not to slash staff training budgets in an effort to reduce costs during the economic downturn.
Employers have been told that, while they may be tempted to cut back on training as a result of the credit crunch, this is actually the worst thing they could do.
Sir Stuart Rose, chairman of Marks & Spencer, Richard Lambert, director general of the Confederation of British Industries, and Brendan Barber, general secretary of the TUC are among the many high-profile business figures to support the claim.
In an open letter signed by these and other leading personalities, they warned that cutting spending on staff training when times are tough is a “false economy”, adding that firms which don’t train staff are 2.5 times more likely to fail than those that do.
Skills and training given now will enable staff to become more efficient, it’ll enable you to reduce costs and be more productive.Training is an investment in your business’ future, not just a cost to be cut whenever times get tough.
Source: Growing Business Energising Entrepreneurs
+ Ravi Peal-Shankar
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