Some of the new barometers for Training and Development in 2010 are starting to show signs of improvement. It sounds like we can expect to see old times again for training and development shortly. But I still feel that businesses sense the pressure of the economy. In my travels, I have not heard that many companies have opened up their training budgets. The economy certainly plays a major part of the decision making process to fund employee training. Most companies have reduced their workforce while also reducing or eliminating resources that provide learning opportunities like meetings, courses, etc.
Funding these programs and realizing the fact that training and development can often makes the difference between companies who are the industry leaders and others who are on a lower tier of success.
What has all this reduction in training and learning opportunities done for your workforce? The 2009-2010 U.S. Strategic Rewards Survey reported that employee engagement levels for key personnel dropped almost 25% as a result of restructuring, and employee benefit cutbacks, including professional development and training, indicating a significant slump in employee morale and productivity!
In most of the companies, a reduction in the workforce usually elevates the workload of the remaining staff while adding stress and frustration to those having to put in the extra time. Companies are put in position where they must start focusing on their key employees and start developing a Talent Management process that will enable them to retain their top producers and hopefully develop their high potentials. It certainly is a vicious cycle that creates a revolving door to top talent when the economy comes back.
Are you prepared for the exodus?
Leadership in business today needs to focus on their current staff and analyze their talent needs for the future. Funding for training compared to losing a key employee to the competition is nominal. The same is true compared to losing a high potential staff member that will be needed in the future. It is important that companies realize that people are applying for a position that leads to a better future and they feel it is the company’s responsibility to provide the opportunity for a career. Talent management is key to the future of all businesses and the funding for people development should never take a backseat to anything else.
Richard Hohmann
Senior Consultant
Innovative Leadership Business Consultation
Phone: 609.390.2830
E-mail: rhohmann@innovativeleadershipdv.com
Website: www.ILDV.org
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