Could investing in staff development be the best way for a struggling business to thrive?
Well-trained and well-qualified staff form one of the most important aspects of any successful business. Yet despite this the latest figures reveal that SMES are failing to provide their workforce with adequate training and development opportunities.
Research from software provider breatheHR has revealed that almost half (47.6%) of SME staff surveyed felt their bosses weren’t putting enough of an onus on their personal development, while more than a quarter (27.90%) argued that they have never discussed personal development or training opportunities with their bosses.
A report by the Confederation of British Industry (CBI) argues that cutting back on staff development in the current climate will prove to be a false economy as business investment in skills will provide the ‘road back to growth’.
It recommends a number of measures to increase businesses staff training programmes including larger firms sharing their training resources and skills with smaller firms and using Investors in People to ‘help employers build strategies for people development where appropriate’.
Here are just some of the reasons why investing in staff development could help struggling businesses to thrive:
Keeping up with developments in the market
As market conditions change the workforce of any business will need to grow and adapt accordingly. These changes could involve anything from entering new sectors, developing new sales and marketing strategies or utilising new software and equipment. As a result, equipping staff with knowledge of new areas will ensure that they are able to keep pace with all facets of the business as it grows and develops.
As 70% of learning within the workplace is informal, ensuring that staff are up to speed may not necessarily involve a large financial outlay on the part of a business.
A workforce that has a full understanding of their role and how they can work to improve business functions and productions may result in increased productivity and ultimately increased revenue for a struggling business.
Providing employees with continuous professional development should also help to boost staff morale, another aspect that can help to boost productivity and reduce absenteeism.
If your business is struggling in the current climate you may want to seek professional advice on your business insolvency options.