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Cranfield Management survey shows staff training can save money
A report by the Cranfield School of Management has revealed that organisations that invest in their staff are best placed to save money.
The report finds that business that invest in their staff are 44% more likely to save money, have better staff retention by just over 50% and have staff that are more motivated by 33%.
The report also found that although the most successful companies were those that used formal rather than ad hoc training only 34% of businesses have a formal training strategy in place.
"With training budgets arguably amongst the first to go in a recession, this research demonstrates that growing your own is an effective way for organisations to obtain the skills they need while saving money," said Dr Emma Parry, senior research fellow at Cranfield.
"For employers, the nurturing talent concept means managing and developing employees to achieve business goals. This could include training, employee coaching, staff mentoring and job enrichment to stretch employees with new tasks."
Post Date: November 3rd, 2008
The report finds that business that invest in their staff are 44% more likely to save money, have better staff retention by just over 50% and have staff that are more motivated by 33%.
The report also found that although the most successful companies were those that used formal rather than ad hoc training only 34% of businesses have a formal training strategy in place.
"With training budgets arguably amongst the first to go in a recession, this research demonstrates that growing your own is an effective way for organisations to obtain the skills they need while saving money," said Dr Emma Parry, senior research fellow at Cranfield.
"For employers, the nurturing talent concept means managing and developing employees to achieve business goals. This could include training, employee coaching, staff mentoring and job enrichment to stretch employees with new tasks."
Post Date: November 3rd, 2008
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