Academic journal article Manager

Spend More on Training, Industry Told

Academic journal article Manager

Spend More on Training, Industry Told

Article excerpt

EIGHTY-FIVE per cent of employers may not be spending enough on developing their staff, according to a new survey of UK businesses conducted by Croner.

The poll of HR managers found that only 14 per cent believe businesses have got their training budgets 'about right1, with only 1 per cent saying they're spending too much.

Research by Croner last year revealed that 52 per cent of organisations cut their training budgets in 2003.

Richard Smith, employment law expert at Croner, believes that training is an essential tool in the 'war for talent' and cutting the training budget could damage companies' prospects of future success.

He says: "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. …

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