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Question of the month: Under what situations can training be financially justified?
The email articles in August talked about workplace training programs. Highly trained and competent employees are great assets to any company. These employees grow and change as the business changes. Training, therefore, is integral to overall employee effectiveness which, in turn, positively impacts company performance.
Strengths and Weaknesses of Training Programs
The arguments against training, often, is that they cannot afford to have direct labor employees taken away from their normal work and put into training sessions. Training is viewed as a loss of productivity and is considered an expense. However, there is always time and means to rework bad products or to accept high scrap rates.
Read more about how training is perceived;
How to Provide Good Training
Training activities, whether classroom or on-the-job, must have willing participants and enthusiastic instructors. Along with the enthusiasm, the instructor must be a subject matter expert or at least have subject knowledge a couple of levels beyond the trainee.
Read more about good training practices;
Results of Good Training
The purpose of a training program is to change behavior, regardless of the level of training. Everyone wants positive behavior or positive behavior changes. By encouraging continuous improvement, good training programs lead to positive behaviors and changes.
Read the more about results of good training;
Organizations get better with well developed training programs. After all training is supposed to induce a positive behavior change. An organization that is improving or getting better reduces waste, increases sales, gets better at beating out the competition and becomes more profitable.
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We plan to make this feature available by the end of this month. Be on the lookout for related announcements.
On That Note
Answer to this month’s question:
According to management expert Tom Peters, “if your company is doing well, double your training budget; if your company is not doing well, quadruple it!” Training is an investment in employees. Effective training programs lead to positive behavior change, which will surely help the organization in good times and in bad.
Financial justification for training should not be based on treating training as an expense. It is an investment and any decision should be made based on this distinction.
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