Training is the process from which employees acquire the capabilities to perform their jobs and is an essential part of any successful business. Training is linked to employee performance and retention. In addition, employees will not reach their full potential and higher levels of productivity will not be achieved unless employees are adequately trained. A poorly trained work force will eventually lead to poor performance and result in costly mistakes.
Overall, training impacts organizational competitiveness, revenue and performance. Unfortunately, when the economy slows or when profits decline, many organizations first seek cuts in their training budgets. Don't get caught in this trap and sacrifice the long-term value of your company.
It is essential for employers to maintain the training necessary to compete. The costs of training can be reduced and controlled through the development of a comprehensive training plan. Additionally, the cost can further be reduced by training employees in-house with the use of internal trainers.