Tip of the Day: Don't let the budget ax fall on employee training

I know that the budget ax has been swinging furiously all year to help companies survive the recession — you may have had to duck out of its path yourself at some point. And with near-record joblessness still hurting the economy, you may be tempted to let the ax swing and chop wherever it will, so long as it's not in your direction. I understand and can relate to that mentality.

All the same, I'd like to make the case for rescuing employee training from the budget ax. I'm dismayed by recent news from Workplace Options that reports fewer employers are offering job skills and personal growth training to their employees this year.

According to the survey, 39% of employers are offering employee training to strengthen skills in time management, communication and leadership, and 32% are offering growth training for help with personal issues such as money management, stress management and wellness. This represents an 18% drop for work-related skills training and a 15% drop for personal growth training compared to a similar WO survey conducted last November. Yikes; the training wheels are definitely off!

However, it's important to remember that training affects your bottom line — yes, the cost of making the investment, but also the loss to your business if you don't. A recent study conducted by Cognisco found that some of the world's top economies have been decreasing their spending and attention on knowledge development and support programs. It went on to note that businesses lost approximately $31.6 billion in 2008 as a result of employees not being able to perform their jobs correctly.

I know times are hard and every penny counts. But click here to read coverage from the Sept. 1 EBN on low-cost training options.