Question
Is training and development of employees an expensive luxury in an economic recession?
Answer
Training and development is highly important for companies in unfavourable economic climates because it gives companies confidence in what they do by increasing employee efficiency and effectiveness. A well trained employee in a company can do a better job than an untrained employee. This also reduces the risks of mistakes occurring frequently due to employee inefficiency and high turnover (‘churn’). There are some jobs, especially in the financial and manufacturing sectors, that employees cannot carry out without going through the necessary training method due to their complexity. Therefore training and development is highly important during an economic recession.