The past couple of years have been rough for most businesses in Ghana. The energy crisis, coupled with the undesirable hikes in exchange rates left most businesses with cash flow issues. Companies have had to cut budgetary line items in an effort to maximize cash utilization on critical business spend. Unfortunately two areas that get cut are the two areas that need a push in hard times (training and marketing).
Why you shouldn’t cut your training budget in hard times:
1. Productivity is key in hard times
Your team needs to be at their sharpest during hard times. The investment in training saves the organization significantly by minimizing inefficiencies and helping you do more with less.
2. Retention of key personnel is critical
High performers are always looking to learn and excel. Committing to training them, especially when times are hard, demonstrates to them your commitment not only to them but to creating a sustainable/productive organization that will continue to provide secure employment for them.
3. A culture of learning drives excellence
By committing to training, you are telling your team that you value the use of their aptitude at work. You affirm that you want them to be curious, investigative and creative in their approach to work. That will only pay off for you as they contribute significantly to improving the organization even during these hard times.