Education & Training
As a new survey suggests that companies need to up their staff training in order to survive the recession, we take a look at what firms can do to up their employees' skills levels and what a difference this can make for the companies.
A new study has suggested that companies and organisations need to redouble their commitment to job training, calling employee skill enhancement a "vital component to increased productivity and profits".
The call comes after the results of a survey, Training Out of the Recession, commissioned by global interactive technology company, Promethean.
Jim Wynn, Promethean's CEO, said: "The findings of the EIU analysis confirm that training not only leads to increases in productivity and customer satisfaction, but a 20% jump in profits. 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."
Though the government is under pressure to create jobs and kick-start economic recovery, employers say that jobs are not in short supply, rather workers with the appropriate skills and talent.
The skills gap, which determines the difference between the skills needed on the job and those possessed by the applicants, is of real concern to employers looking to hire competent employees.
Key findings: Training Out of the Recession
Promethean-Economist Intelligence Unit survey
Companies see a direct correlation between training, employee productivity and financial performance.
• A more efficient and better-trained workforce could lead to employee productivity improving by 5% or more, according to 90% of respondents.
• A similar proportion (87%) predicts the same for customer satisfaction.
Current training provided by employers is often inadequate.
• Over two fifths of respondents say that training at their organisation is not good at improving innovation among employees.
• Just over one quarter of respondents think employee efficiency and productivity do not stand to benefit from current training schemes.
Just over one-quarter of respondents think employee efficiency and productivity do not stand to benefit from current training schemes.
• However, employers expect workers and jobseekers to take the lead in improving their skills.
• 84% of respondents said that jobseekers should be doing more to develop their skills.
To become more attractive in the job market, workers from different age groups should have different goals.
• Three fifths of respondents say that those aged between 25 and 50 need to make sure they have a broad range of up-to-date skills that can help them perform better.