Maintain Your Training and Development Budgets!

Maintain Your Training and Development Budgets!

By |2020-05-07T12:01:22+01:00May 7th, 2020|Blog|

Training and development programmes are still important in a Covid-19 world

As businesses face the economic effects of Covid 19, many are implementing cash management and cost-saving measures. In these conditions, the temptation may be for businesses, particularly small and medium sized enterprises (SMEs), to reduce or eliminate training and development expenditure.

There is certainly a need to manage cash and spend carefully at this time but extreme caution should be applied when considering cuts to training and development programmes.

While there may be a short-term benefit for a business in taking such a step, the longer-term consequences may be to the detriment of the business. It is widely accepted that investing in training leads to more highly skilled employees, increased motivation and more engaged and stronger performers.

It is also important to consider the effect on employees of curtailing these programmes, right at the very time that many may be feeling somewhat vulnerable due to the current Covid-19 world.

Employees are the most valuable asset that a business has; in a difficult economic environment, the flexibility, creativity and skills that employees bring can greatly assist a business in working through challenges. The longer-term benefits for a business of investing in its employees are also obvious: valuing and investing in the workforce generally leads to higher retention of staff.

Prepare now, for tomorrow 

So how can organisations manage training and development requirements in these difficult times?

Now is the time to re-assess your training methods and the delivery approach. Make greater use of your in-house experts for learning and development purposes to deliver practical and relevant content.

Technology is essential in helping us stay connected. Online communication tools like Zoom and Microsoft Teams are an excellent way of delivering learning and development initiatives to remote working staff.

With many employees either working from home, or laid off part time under the National Covid-19 Income Support Scheme, this might be an opportunity to use the available time to focus on training and development. Use it wisely!

It is also the time to give proper consideration to external online offerings. Trade bodies, professional services bodies, accounting institutes and many other organisations offer a considerable range of online courses that make learning and training accessible and flexible. Some of these courses are also free.

Evaluation is key

Take the time to evaluate training courses and training and development needs. Consider how best to spend limited resources in the current environment.

Evaluating training courses that have already been provided is also vital as this enables a business to check that staff are being equipped with the right skills and development and that the training is value for money and aligned with the business’ strategy and goals.

Stay safe while training!

You can learn more about Dearbhla Gallagher, Learning & Development Manager, by visiting her on LinkedIn

Also Read: From Trainee to Manager – My Chartered Accountants Journey

About the Author:

Dearbhla Gallagher