Magazine article Management Services

Training Flexes Small Firms' Competitive Muscle

Magazine article Management Services

Training Flexes Small Firms' Competitive Muscle

Article excerpt

Britain's smaller businesses are making progress into the same league as larger competitors and overseas counterparts through more systematic management training.

Through research entitled Achieving Management Excellence, the Institute of Management (IM) has shown for the first time that consistent training has a marked improvement on turnover. Smaller companies, with less than 100 employees, have increased formal training by 25 % in only four years. Of these, around 60% are now reporting financial benefits.

There is also a significant increase in SMEs raising the priority of management development by making it a part of business strategy. Thirty seven percent of organisations now have an explicit training policy, a significant improvement from only 8% in a similar study in 1996, A Portrait of Management Development. A quarter of small businesses now have a dedicated budget to help achieve the potential of their managers.

Informal training has also risen up the agenda with a manager spending on average 8.5 days on activities such as job rotating, job shadowing or being coached and mentored. While small companies mostly prefer informal training (42%) to formal methods (35%), more than two thirds had some formal training in the past year, favouring external seminars (42%) or in-company training (41%).

HR professionals and managers are in agreement as to what the urgent skills needs of their organisations are. 'Soft' or people skills such as managing staff, teamworking and customer focus ranked highly in organisations of all sizes. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.