As a business owner in this difficult economic environment 
managing your business costs is very important.
The natural instinct is to cut all discretionary costs including
training but in reality you should be investing in the training
of your staff to maximise their benefit to the business.
So when you are looking at the costs versus benefits argument of training
you should consider the following key facts about the return on your training investment :
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Companies that invest the most in workplace learning, yielded higher net sales per employee
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A 10% increase in workforce education level led to an 8.6 percent gain in total productivity ( Source EQW )
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A recent World Bank study of 1,500 enterprises found that the return on training investment was 24%.
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An increase in training of 10 hours per year per employee was associated with a
0.6% increase in productivity. ( Source World Bank ) -
For every $1.00 spent on the training program, $1.33 is returned.
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Accenture invested $358 million in their staff and found they had received an ROI of over 350%.
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Firms that invest $1,500 per employee in training compared with those
that spend $125 experience an average of 24 percent higher gross profit
margins and 218 percent higher revenue per employee
(source: American Society for Training and Development,).
We can see from the above facts that investment in training will generate an overall
higher net benefit or return for your business and give your business a key
advantage in maintaining or growing your market position.
The BSN Team.