The article "Training your way out of the recession" centers around a recent study conducted by Cranfield School of Management which has concluded that 'investing in training not only saves money but is more effective than shopping around for talent.'
The report is the first to compare the pro & cons of developing current employees vs. bringing in new recruits. Here are just a few results:
'Three quarters of the 1,189 companies involved in the study felt that training their own staff was more beneficial to their business than recruiting people from outside.
Half the companies discovered that training staff made them more likely to stay. One-third found it increased staff motivation, and almost half actually saved money in the process. '
It can't really be said enough at the moment - hold on to your staff, show them how valued they are by investing in their future and you will be rewarded. This also ties right in there with our invaluable Gen Y'ers and the need to keep them interested through on-going learning.
Many of Britain's business leaders are urging employers to follow suit: