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23/04/2004
Investing in People more important than ever
Investing in people is more essential than ever in today's market where employees 'shop around' for the best career opportunities.
This is according to a new survey by Croner which reveals that 85% of employers may not be spending enough on developing their staff.
The poll of HR managers by Croner, one of the UK's leading providers of business information and advice, found that only 14% believe businesses have got their training budgets 'about right', with only 1% saying they're spending too much.
Research last year revealed that 52% of organisations had cut their training budgets in 2003.
Richard Smith, employment law expert at Croner believes that, with a general shortage of key skills, especially in the areas of creativity, knowledge and new technologies, training is an essential tool in the 'war for talent', and cutting the training budget could damage companies' prospects of future success.
He said: "As UK business moves from manufacturing to service industries, an organisation's competitive advantage depends of the quality of its human capital. Training that encompasses personal and career development of employees is essential to attracting, motivating, and retaining staff, and is therefore critical to business success.
"Some employers aren't spending enough on training because they feel that recruiting new staff solves their skill-shortage problems. But this is a very expensive and laborious substitute, and shortsighted if there is talent that could be nurtured in the existing workforce. There is an argument to suggest that developing staff is less expensive and just as effective as recruiting new talent."
Croner said it was advising employers to assess the training and development needs of their staff to gauge whether their managers have the necessary skills to deliver effective training.
With so many HR professionals worried about management skills not keeping pace with organisational change, Croner is offering a free in-depth"training pack", worth £75, that provides a valuable insight into three key areas: leadership, employee development and equal opportunities training.
Copies are available to download at www.croner.co.uk/hrdpack
(MB)
This is according to a new survey by Croner which reveals that 85% of employers may not be spending enough on developing their staff.
The poll of HR managers by Croner, one of the UK's leading providers of business information and advice, found that only 14% believe businesses have got their training budgets 'about right', with only 1% saying they're spending too much.
Research last year revealed that 52% of organisations had cut their training budgets in 2003.
Richard Smith, employment law expert at Croner believes that, with a general shortage of key skills, especially in the areas of creativity, knowledge and new technologies, training is an essential tool in the 'war for talent', and cutting the training budget could damage companies' prospects of future success.
He said: "As UK business moves from manufacturing to service industries, an organisation's competitive advantage depends of the quality of its human capital. Training that encompasses personal and career development of employees is essential to attracting, motivating, and retaining staff, and is therefore critical to business success.
"Some employers aren't spending enough on training because they feel that recruiting new staff solves their skill-shortage problems. But this is a very expensive and laborious substitute, and shortsighted if there is talent that could be nurtured in the existing workforce. There is an argument to suggest that developing staff is less expensive and just as effective as recruiting new talent."
Croner said it was advising employers to assess the training and development needs of their staff to gauge whether their managers have the necessary skills to deliver effective training.
With so many HR professionals worried about management skills not keeping pace with organisational change, Croner is offering a free in-depth"training pack", worth £75, that provides a valuable insight into three key areas: leadership, employee development and equal opportunities training.
Copies are available to download at www.croner.co.uk/hrdpack
(MB)
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