Economy should avoid double-dip recession despite uncertainty

News Article - 01 November 2010
Category: Business

Recent research has found a lack of time prevents employees from making the most of training and development programmes. In a poll of trainees carried out by e-learning provider SkillSoft, 54 per cent of respondents said they were not given enough time to keep up with work-related training courses.

According to Kevin Young, general manager at SkillSoft, recruitment freezes and recession-led redundancies mean fewer people are doing more work, and now have less time available for training and development.

Despite this, financial spend on training continues to hold up, according to the Institute of Directors. Eight out of 10 business leaders have either maintained or raised staff training budgets over the last six months.

The commitment to staff development is there, but companies must start looking at innovative ways to create time efficiencies so that staff are able to make the most of development programmes. Offering training in more sustainable bursts, rather than drawn-out boardroom sessions, is one option.

This was corroborated by a Brightwave study released in October, which found an increased use of e-learning and collaboration can help both cut costs and increase time efficiencies for both staff and corporate learning teams.

The study found 88 per cent of public-sector organisations will increase e-learning rollout in order to meet new targets. A further 58 per cent predict closer collaboration and 49 per cent will reduce classroom-based training to help cut costs. Saving money in these areas can encourage companies to recruit again, providing time efficiencies for all staff.

Whilst the economic downturn will naturally hit budgets, taking time and money from training and development can cause employees to lose motivation and jump ship if they become chronically unhappy. Companies must prioritise career development and provide sufficient time for employees to make the most of learning and development programmes.

Access HR software can help; by automating common business tasks it saves time throughout the whole company, freeing up resources that can be dedicated to training. It also allows employees to log their own training needs via an online portal, allowing decision-makers to ensure individual requirements are met.

For more information, please call Access on 0845 345 3300.

Article keywords: Ernst & Young, Independent Treasury Economic Model Club, ITEM Club economic growth, economic recovery, profit margins, Access business software, workflow forms, work-in-progress software, cost reporting software

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