subject: Business Development Training In Economic Recessions [print this page] When businesses struggle during the economic downturns then slashing the operating budget seems to be the viable option. Employees and managers are asked to perform with fewer resources. Businesses continue to cut costs in economic recessions and make hard choices to survive in the market and compete. There is always a temptation to cut business development training budgets and sometimes even eliminating it.
The training function is one of the areas badly affected during the budget cuts. The training during economic recession is mostly considered a luxury in many organisations. Some companies have formal training departments and they realize the importance of business development training and how they could improve the performance of the employees. They believe that there is a science behind the training imparted to employees and managers. Training needs to be administered thoroughly and must be based on sound instructional design. The employees can help run the organisation better and poor performance can have adverse effect on the entire company.
If your business is suffering from an economic recession and you are planning to save money by cutting back on business development training, then you might be doing more harm than good for the business. Your business should have the potential to weather any negative economic situation, and just eliminating the training will not fulfill your purpose. You can save money by shifting the resources for the training function or even adapting to the way of delivering the training.
Business development training is crucial and poor training can lead to higher costs for employers. This happens mainly due to the employee turnover. According to the survey, employees leave the current job and look out for new ones when economic conditions get better. This is because they are unable to trust and communicate with the employer properly. Lack of proper business development training is another reason why employees leave. This situation for a particular company can lead to high turnover rates as the costs of replacing the employees outweigh the training costs.
As a matter of fact, 12 percent of employees consider leaving a job or changing careers when good training is provided. Companies providing poor training might witness 41 percent of employees planning to leave. If you want to retain the employees then you need to focus on business development training even in the economic recession. You can improve your action plan even under tight budgets and witness your business making profits.
Standout Marketing Solutions, help businesses win new clients and get additional work from existing ones. Call Standout now.
