According to surveys conducted this year, spending on corporate training has increased a massive 15%, making up a $130 billion industry worldwide and $70 billion in the United States alone. The amount of money spent on training has steadily increased from the lows during the global financial crisis in 2008 and 2009. In this article we look at some of the main reasons why businesses are re-evaluating and increasing their investment in corporate training in Singapore.
Addressing The Skills Shortage
While the reason for increases in budget for corporate training may vary from business to business, all companies these days are reporting the same problems – namely that there are plenty of candidates and people looking for work, just a shortage of the kind of skills they need and want.
In times of economic recovery as we are seeing now, businesses can experience periods of massive expansion as they seek to take advantage of new opportunities. This means that they may need to take on staff that are not necessarily trained or even qualified in the areas they require. Corporate training in Singapore in important areas such as sales is a cost-effective way to ensure that new employees can “land on their feet” in this environment, even if they don’t have all the necessary skills and experience. Having training that targets these skills gaps is critical, and it is the responsibility of HR or an equivalent department to work closely with managers and other key staff to gather business requirements.
Building Future Leaders
One of the most popular areas for corporate training in Singapore is leadership and management. According to surveys, investing in developing new leaders remains the number one priority for company HR divisions across the world. Interestingly, it has also been shown that the companies that focuses on the growth and development of its future leaders will experience better sales and profits. Teaching and motivating people to be better leaders – with improved team building capabilities, communication skills and decision-making abilities – can really affect a company’s bottom line. Corporate training can also help to expand to people’s minds with new ways of learning and thinking, helping to motivate leaders to find new ways of doing business.
One of the biggest issues for businesses today is how to retain talent once it has been identified within an organisation. When talented employees leave it can be costly to try to replace them, with lengthy and time-consuming search and selection processes. It can also cause disruption and be detrimental to the overall morale of the organisation.
Through surveys and studies such as in the Journal of Leadership & Organisational Studies, it has been shown that a relevant and targeted training program can help support and motivate an employee, especially if they have been provided with a clear and defined career path within the organisation. Corporate training from a company such as Sales Blueprint® in areas such as leadership and management should therefore be just one part of an overall talent management strategy to help engage and retain high quality employees.