"Only the educated are free." -Epictetus There are countless articles and studies outlining the high cost of training � each with unique approaches to measuring the impact of training. During our current recession there is momentum for business� to scale back all non-essential areas and training budgets are usually the first to go. Executives often view training as a nice-to-have function, but not required to stay in business. I understand their dilemma. If I were writing the check myself, I would be hard pressed to continue to pay for training when my income is less than it was a year ago. However, it is the high cost of NOT training that should be on the forefront of our minds, especially during a recession. During a recession, if I am lucky, I won�t have to lay off any workers. If not, I may have to let some people go, and rely on those left behind to carry the day until brighter times return. How do I motivate my staff to provide our customers superior and even �delightful� customer service if I�m scaling back? How? - by making sure I�m giving each and every person who stays behind the skills and tools they need to deliver. Let�s look at an example in terms of Return on Investment (ROI). We train one worker for one hour. From the training he/she receives, they become 1% more efficient at their current job. They pick up one tip, trick, cost savings, new understanding � just one simple idea they can use on their job. Let�s do the math: 40 hours / week * 50 weeks / year = 2,000 hours / year 2,000 / year * 1% improved efficiency = 20 hours / year of improved efficiency This means that 1 hour invested in training = 20 hours returned Or, a 20:1 ROI. If you could get that kind of return on investment on Wall Street, you�d be considered a god� During a recession we�re all scrambling to grow, or at least, maintain our business. If you can find a line item that can give you a 20:1 ROI, I suggest you take it. And soon�
