Making the case for investment in training to drive business outcomes
Why should businesses prioritise skills development? A new report from City & Guilds considers the benefits of high-quality training for organisations looking for a competitive advantage and ways to grow.
13 September 2023
Standing still on skills is not an option
In challenging market and economic conditions organisations may look to cut back on their investment in L&D and training, viewing it as a quick win to manage costs.
However, this perspective can be self-defeating, as withdrawing investment in skills can have a detrimental effect on various aspects of an organisation, which ultimately effects revenue.
In today’s rapidly shifting business landscape where change is constant, a skilled workforce is crucial in order to adapt and thrive. Organisations that prioritise capability-building through L&D and training are poised to outperform competitors, and therefore “standing still on skills” is not an option.
What challenges are employers facing?
In our survey of 400 learning and development professionals we discovered some of the key issues that they expect to face in the next few years including:
- Creating meaningful staff progression through continual training
- Needing to scale up or expand existing training
- Ensuring that training is credible and recognised
These insights paint a picture of the need for consistent investment in and commitment to training that closely matches employer needs.
Exploring the true cost of inaction
In a new report by City & Guilds, “Investing in skills for growth” we explore the benefits of getting training investment right – alongside the tangible costs of cutting back which can result in reduced productivity, staff turnover, failure to innovate, and missed revenue opportunities.
As a recent example, according to a survey from The 5% Club, businesses that prioritised long-term skills training see a 71.2% increase in employee retention and a 94.2% increase in employee engagement, showing that commitment to training can make a real difference for employees and employers.
Our new “Investing in skills for growth” report explores the many benefits of high-quality workplace training, from boosting productivity to improving staff retention and progression, while also covering the major challenges L&D professionals face, including maintaining engagement and tackling skills gaps.
Recognising the importance of high-quality training
By identifying the common problems that employers face and demonstrating the ways that the right training programme can not only solve those problems but also provide additional opportunities, the report makes the business case for investing in learning and development.
The report draws on insights gained from speaking directly to learning and development professionals and includes:
- Discussion of the challenges that employers and L&D professionals face
- The need for investment in the right training
- How external certification can provide additional value for employees and employers
- Quick tips for success
Download the report now