Do not allow your training budget to limit you
Do no allow your training budget to limit you. This could possibly sound expensive. It doesn’t have to be though.
We currently live in an economic boom that seems to last forever. Organisations have a strong focus on people and how to engage, develop and retain their employees. However, we all know nothing lasts forever. One of the first things that organisations stop spending money on during times of change and uncertainty, is learning and development.
However, given the emerging trends of cross-functional teaming and digital fluency needs, this might be a short-sighted approach.
Employees are starting to move around organisations with greater speed (see our training: Creative Millennials in the workplace). Consequently, they may need to master more skills than were required in the past. Even if they received a solid university education, employees might be moved to a role where nothing they learned for their degree program applies. It is not unusual for someone trained in finance to end up in marketing, and vice versa. And even those schooled and working in marketing often find it beneficial to have cross-functional expertise in finance. If workplace training can’t keep up with the reskilling and upskilling requirements of cross-functional teams, this could lead to gaps.
In the Career Advisory Board’s 2018 survey, Talent Activation, the Employee Experience, and Skill Development, 77% of respondents agreed with the statement: “In my organisation as a whole, I am concerned about employee skills gaps.”
In this study, the greatest skills gaps were observed in these areas:
- Technology/digital fluency (cited by 62% of respondents)
- Communication (56%)
- Business acumen (48%)
- Diversity and cultural awareness (46%)
- Customer service (42%)
And, when asked about barriers to closing skills gaps, respondents cited “a too-small training budget” most frequently.
An applied technology skill is a skill that employees need to apply the right technology to do their jobs. A majority of employers is now looking for these skills in new and existing employees.
Training existing employees in applied technology skills is a major challenge, because most current professionals did not receive this type of instruction via traditional education paths. In response, many survey respondents said they are ensuring that their workforce continuously trains and retrains on applied technology skills through:
- Development of internal courses (40%)
- Internal training (38%)
- Tuition reimbursement (35%)
- External training (31%)
Developing skill sets can be expensive, especially when one round of training is not enough. Therefore, training should be constantly available, easily acessible and pay for itself. This does not only apply to applied technology skills, but to other training requirements as well, by the way.
Your training budget does not have to determine the limit
At DuoTrainin, we believe that learning should not go at the cost of anything. Learning should blend with your work, your friends, your life. Learning is a journey that never ends. We believe that facilitating education in support of your talent development initiatives should be easy and intuitive. Learning & Development should create value and should be a profit centre.
And, all for the pay-for-use price of a good cup of coffee per person per month. Impossible? Think again and see for yourself.