What separates businesses that prosper from those that never make it out of the red? According to a study by the American Society for Training & Development (ASTD), it’s devoting ample time to the development and education of an organization’s employees.
Every business has a unique idea of what will propel them to success, but many CEOs ignore the importance of implementing the right employee training, development and education, at the right time. Ensuring your company implements these guidelines will provide big payoffs for the employer in increased productivity, knowledge, loyalty and contribution. Learning the right approach to corporate training will guarantee a return on investment.
In their study, the ASTD found that, in 2009, “[business] leaders continued to dedicate substantial resources to employee learning,” and they estimate that U.S. companies spent $125.88 billion on employee learning and development in that year. Of that figure, two-thirds ($78.61 billion) was spent on internal training, and the remainder ($47.27 billion) was allocated to external training.
The study also found that in “the average annual expenditure per employee in ASTD’s sample of large organizations (BMF) there was a slight increase in spending on workplace learning and development in 2009,” with the annual average growing from $1,068 in 2008 to $1,081 in 2009, an increase of 1.2 percent.
The ASTD sums up the implications of their findings by stating that, “As in past years, Forum organizations and BEST Award winners spent more on learning and development per employee than the consolidated sample. However, they spent less overall per employee in 2009 than in 2008.”
Let Contego Training Services help your company soar to new heights! Proper training directly contributes to building a stronger team, encouraging and improving collective collaboration, as well as improving and transcending customer service skills. Improve retention, and increase loyalty! All of the above will create a more profitable organization. Contact the experts at Contego Services Group today to discuss your company’s options for safety training, conflict resolution training, corporate training programs and more.