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Employers called on to 'train their way out of recession'

The majority of executives believe that training boosts productivity and profits, but are reluctant to back this by investing in it during tough times, research has shown from a new survey Training Out of the Recession, by The Economist Intelligence Unit who surveyed UK and US senior executives. Employers are not backing this belief with cash: less than a third have increased investment in training in the last two years, while two-fifths of U.K. respondents (44 %) and nearly two-fifths (37 %) of U.S. respondents admit that their organisations could be doing more to promote innovation through training.
Organisations need to redouble their commitment to job training, calling employee skill enhancement a vital component to increased productivity and profits.
Here are just some of the key findings:
 • 90% agreed that additional training would boost worker productivity while 86% said the same effect could be achieved for customer satisfaction

 • Respondents agreed that these benefits would boost the bottom line, with a fifth predicting a jump in   
profits of as much as 20 per cent

 • Over three-fifths (62% UK and 64% US) think that their organisations should offer more training 
schemes and update existing ones to help job-seekers

 • 40% of UK and 51% of US execs think that governments need to work with the private sector to offer

 • Over two-fifths of UK respondents and nearly two-fifths of US respondents say that training at their 
organisation is not good at improving innovation among employees

 • 70% of UK respondents and 58% of US respondents say that current economic conditions should not be an obstacle to organisations taking steps to improve their workforce

 • The majority (93%) of both UK and US respondents believe that organisations should offer a multitude of in-house and external training programs to their employees

 • 76% of UK and 64% of US respondents think local businesses, large businesses and educational
institutions need to increase efforts to advance workers and jobseekers’ abilities over the next two years
“The findings of the EIU analysis confirm that training not only leads to increases in productivity and customer satisfaction, but at least a 20% jump in profits,” said Jim Wynn, chief education officer at Promethean, which commissioned the survey. “Skills training is not just a growth issue, but a vital component for companies in surviving this recession. The challenge is that fewer employers are devoting adequate resources to training yet the benefits of training are hard to ignore.”
He added: “During this challenging time we are all making strides to combat unemployment so we must all recognize that training is a key component to stimulate growth and therefore an issue for employers, employees and the nation.”

Article courtesy of Lander Associates

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