The High cost of Training
Below is a MRR and PLR article in category Business -> subcategory Customer Service.
The High Cost of Training
Summary:
Education sets you free.Article:
"Only the educated are free."
?"Epictetus
In today's challenging economic climate, many businesses look to cut costs, with training budgets often being the first to go. Executives may view training as a non-essential luxury rather than a necessity for business continuity. It's easy to understand this perspective. If my income had decreased compared to last year, I might also hesitate to invest in training.
However, the real concern should be the consequences of not investing in training, especially during a recession. If we're fortunate enough to avoid layoffs, we still need motivated and skilled employees to maintain our services. Even with reduced budgets, it's crucial to equip our remaining staff with the skills they need to thrive.
Consider the concept of Return on Investment (ROI) in training. Suppose we train an employee for just one hour, resulting in a 1% efficiency boost in their work. This might merely involve learning a new tip or understanding a process better, but it has tangible impacts.
Here's how the math breaks down:
- 40 hours/week * 50 weeks/year = 2,000 hours/year
- 2,000 hours/year * 1% efficiency improvement = 20 hours/year saved
This shows that one hour spent on training yields 20 hours of productivity gains?"a 20:1 ROI. If such returns were achievable on Wall Street, they would be legendary.
In a recession, it's crucial to find ways to either grow or maintain your business. Discovering a budget item that offers a 20:1 ROI is a rare opportunity you shouldn't pass up.
Act now.
You can find the original non-AI version of this article here: The High cost of Training.
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.