Third in Our Series: Training as a Solution for Tight Budgets

Training is a proactive solution to a reactive problem. Knowledge gained today saves the heavy costs of downtime tomorrow. This is the third article in our series of "Managing in the Economic Re-Set."

During the recession at the outset of this decade, high achieving companies like Southwest Airlines, Viacom & Dell not only survived, they thrived. All of them credit training as a being significant factor in their success during a period in which many of their competitors were just struggling to survive. Rather than cutting their training programs and budgets, they increased them.

Flexibility and agility are also key attributes for surviving a recession. Proper training is one of the quickest ways to improve the flexibility and agility of your employees. Relative to the maintenance function, this means that having a well-trained staff that can competently perform multiple skills in a variety of disciplines, is a key to success in your department.

BENEFITS OF TRAINING

Each year, ASTD (American Society for Training and Development, http://www.astd.org/ ) provides a State of the Industry Report, which demonstrates the clear link between learning and performance in successful enterprises. Staff who receive formal training can be much more productive than untrained colleagues who are working in the same role. The benefits of training go far beyond an individual just being able to do a better job. Training can be a recession solution!

Top 10 Employee Benefits –

-Improves Morale because Employees Feel Valued
-Boosts Confidence
-Provides Motivation
-Allows for Career Advancement
-Inspires Personal Satisfaction
-Enables a Willingness to Take on Greater Responsibility
-Improves Communication with More Experienced workers
-Sets the Tone for New Hires
-Prevents Unsafe Work Practices
-Reduces On the Job Injuries

Top 10 Manager Benefits

-Happier Employees (and it spreads!)
-More Self-Reliant Employees
-More Flexible Employees
-Fewer Fires to Put Out
-Improved Use of Your Time
-Lower Stress Levels
-Easier Budget Management
-Makes the Overall Job Easier
-More Likely to Maintain a “Hero” Status
-Improves Career Advancement

Top 10 Company Benefits

-Ensures the Future of the Company
-Less Down Time or Business Interruption
-Improved Life of Equipment
-Increased Accuracy and Efficiency
-Improved Capacity or Cycle Time
-Increased Innovation / New Perspectives
-Increased Sales / Revenues/Profits
-Minimizes Liability & Lowers Insurance Costs
-Enhances Company Image
-Lower Employee Turnover / Attracts New Employees5

5 Benefits for the Customer

-Improved Product Quality
-Improved Customer Service
-Lower Cost
-Greater Confidence
-Better Overall Satisfaction