Why is training so important in an economic downturn?

Why is training so important in an economic downturn?
Posted by Harry Julsing

As we reenter an era of budget cuts and every dollar spent has to have significant impact on the bottom line. With the limited availability of money to spend on resources it becomes extremely important to ensure that each resource is being used to its fullest extent, as effectively as possible, and with the best possible performance.

- Things that were previously overlooked in performance during the good times are now being scrutinized at every turn.
- Output is being demanded fast and with the highest possible quality.
- Trying to use each resource to its maximum potential can cause stress for both management and employees.
- In order to keep your best employees from leaving and to make your average employees the best it is important to invest in them, their training, and their future at the company.

When you spend money on training you are making an investment in your employees that should specifically benefit your company and it’s bottom line.

- Not only should your employees be able to grasp the knowledge and processes needed to complete their job, they should be able to execute these items effectively and with high yield results.
- The best way to accomplish this is through training and mentoring.
- This will motivate your staff, teach them good practices that can be used over and over again, and give them the job satisfaction they need to stay with your company through the long haul of a low cycle in the economy.
- This will give your company the ability to do more projects, successfully and make a significant impact on the bottom line.