Slightly more than one-quarter (26%) of senior executives report reductions in their company’s professional development programs in the past 12 months, according to a new survey.
Though many companies are cutting training out of the budget, another 28% of the 150 senior executives surveyed by Accountemps said their company has expanded their training initiatives.
When asked, “Compared to 12 months ago, how, if at all, have your company’s professional development programs changed?” Their responses were:
- Expanded significantly – 9%
- Expanded somewhat – 19%
- No change – 45%
- Been reduced somewhat – 17%
- Been reduced significantly – 9%
- Don’t know – 1%
"While employers may be tempted to eliminate or scale back training in challenging times, they should think twice before making these cuts," said Max Messmer, chairman of Accountemps. "Skimping on employee education can dull your firm's competitive edge and undermine your recruitment and retention efforts."
"Providing targeted training enables staff, particularly those who have taken on new or expanded roles, to become more versatile and increase their contributions to the firm. In addition, employees who feel their company is invested in their careers will be more motivated to perform at a high level and less likely to resign when an improving economy spurs new job opportunities," he added.
Has your company been able to hang onto employee training during the past 12 months? How have your professional development programs changed?