What we do know is that interest rates have just fallen to an all-time low but the cost of everything in our trolley is still going up, that the number of people out of work continues to spiral and that it is still looking extremely grim for the housing market…

As we collectively breathe in to tighten our belts it might make sense for businesses looking to do likewise to cut their training budget but actually there is no better time to be investing in your staff.

Why train?

Some training in the workplace is mandatory - you could be breaking the law if you do not fulfil your requirements with regard to health and safety. But outside of the necessities, training should not be viewed as a luxury.

Staff often perform regular tasks adequately, but with some more knowledge and expertise they could increase productivity and also their own job satisfaction significantly. (Happy staff are loyal staff which will be crucial if you are asking them to go those extra miles for your company.)

Workplaces are often complex structures. Often employees inherit tasks in the office. They have probably coped with the change but would benefit from expert training. This might include learning new skills such as minute-taking, team management or a new software package.

Most employers can understand the need for job related training and make the link between technical skills development and business performance. But what about courses that foster leadership, creativity or personal development? These so called 'soft skills' can often have just as powerful an impact as learning the latest version of Microsoft Office.

Some bosses view training as some sort of reward but when training is less 'needs focused' it rarely has such a positive impact.

Training - what is the ROI?

While accountants classify training as an expense it really should be viewed as an investment. But what about the return on your investment or ROI? No one should send staff for training just for the fun of it.

You might expect increased knowledge, and new skills might lead to better productivity but can that be measured and what about the bigger picture?

Conservative estimates suggest a ROI of more than seven percent and sometimes as high as 100%. However, it is often difficult to quantify the true effects of training without incorporating effective feedback and follow-up sessions - see below.

What sort of training?

Getting value for money is about making sure the training is relevant. It must relate to the work that your staff actually performs... now or in the future.

Some organisations have been trying to save money by using e-learning. This is not always the most appropriate method, although it may be useful for satellite or homeworkers. If you are committing staff time to training then surely you want to get the best from these sessions - and for many people e-learning just isn't as effective as face to face.

Also consider in-house training- rather than shipping them off somewhere else. Staff can then work on familiar computer systems and in an environment where it will be easier to make the training relevant.

Courses are most effective when they are tailored to the group or individual. Trainers will check the level of competency or skill base as they want to make the most of their session too.

Feedback from trainers and from the staff taking part is also critical. Evaluation can make sure that staff understand the session. They must have the confidence to use their new skills in the workplace and not slip back into old habits. Sometimes a follow-up session may be useful. Without repetitive use a new skill can be forgotten.

Effective training will improve the bottom line for employers and make for a more motivated and happy workforce. Meanwhile staff should grab any offer of training with both hands - it will make your day-to-day job easier, boost your skill base and your employability when you want to move on.

Change and being challenged on all levels is good or we stagnate - as individuals and as a business. We might not like getting out of our comfort zone but it is healthy to do so. So while training might seem like a luxury expense in tight financial times it is one of the most sure and sound investments available.

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