Training has always been a vitally important element when negotiating the business world. As the old saying goes, a company is only as good as its employees. So, it should come as little surprise that most of the firms on the global top fifty list spent more on training during 2014 than ever before. That was the case, regardless of the fact that profits were down, and the economy was less than perfect. Why is that? Well, we’ve spoken to a few experts over the last couple of days to find out their opinions. Most of them agree that the top brands all have the same strategies in mind. Even small business owners have increased their training budgets, and here’s why…
Planning for the future
In times of poor economic growth, business owners with enough cash in the bank to keep their companies afloat find that planning for the future is a wise move. Indeed, that is one of the reasons more companies are using performance bonds at the current time. Just become income has dropped that doesn’t mean they stop investing in their staff. When the markets are a little shaky, many CEO’s take some time out to work on their next growth strategy. So, it makes sense to ensure all staff have the right training for the road ahead.
Take Amazon for example. They plan to move towards launching a new grocery selling site over the next twelve months. They aim to complete with the likes of Tesco and Asda to become one of the country’s leading food suppliers. That is why they spend extra time, money, and effort bringing their team up to standard.
Reducing tax bills
We all know how much attention big businesses get in the media for paying small amounts of tax. Like it or not though, there is nothing illegal in the way they choose to operate. Companies like Google and Facebook might land themselves in hot water if they continue down that path forever, most are more than willing to avoid as much tax as possible. One of the best ways of doing that is to increase spending. Seminars for injection molding, marketing, and other subjects all have a cost. By putting more staff through the best training, less money is given to the taxman. That obviously benefits the business in question.
Putting people first
Some experts believe that increased amounts of spending on training could be a sign of more conscientious business practices. While some firms consider their employees to be nothing more than a number on their wage sheets, others are known to value their staff. As much of the business training undertaken in 2014 would benefit people who work for numerous companies, it helps staff to increase their prospects. Getting as many qualifications as possible might make their lives easier if the business they work for dissolved in the near future. In the meantime, their new skills can be used to progress their current employers ambitions.
Will spending on business training continue to rise as we move through 2015? It’s hard to say. However, most bosses are more than aware of the benefits allowed when they have well educated team members. So, things are looking good.