Training Expense and Profits
Far too much money is wasted on unnecessary or inappropriate training. In some organizations, there is no training plan, no training budget and/or little understanding of what training is most important to the success of the employee and the business. Does your business have a training matrix that shows what training is needed for each employee based on gaps in their skills? Or does you business paint all employees with the same brush and put them all through the same training? It is important to understand that not all employees need the same type of training. The impact on profits is twofold; 1) excess money is spent on unnecessary training and 2) the employees are not trained to enhance performance in areas they are weak in. Look closely at how you are spending money on training. Is there waste? Is the training applicable?