In Business-It Takes Money To Make Money!

In Business-It Takes Money To Make Money!

July 23, 2014
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Make Money

We have all heard this saying before. Now that we are in business; as owners, leaders, and managers of a company, how does training  affect your company, what does it mean, and why should you do it?

We continue to see an increase in training & development spending, and it is worth the investment. US spending on corporate training rose by 15% last year. This represents the highest growth rate in 7 years, according to a study from Bersin by Deloitte.

Why?

Training improves customer satisfaction

Training improves employee satisfaction & retention

Training saves labor

Training saves money

Training improves a company’s competitive edge

Training increases work productivity

Training enhances company profits

Motorola calculated that every dollar spent on training yields an approximate 30 percent gain in productivity within a three-year period. They also used training to reduce costs by over $3 billion and increase profits by 47 percent.

Source: Tim Lane et al., “Learning to Succeed in Business with Information Technology,” Motorola

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