Training: Building Your Talent and the Economy

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Organizations in Northeast Ohio have long understood the importance of offering training and development opportunities to their employees. Whether training is being used as a strategy for attracting and retaining top talent to overall workforce development, ERC/Smart Business Workplace Practices Survey consistently reports that between 80 and 90 percent of organizations provide their employees with financial assistance to upgrade their skills. This percentage is even higher among NorthCoast 99 winners with 96% of these top workplaces offering workshops, trainings, conferences, etc to their top performers.

Training as an Attraction & Retention Strategy

Offering training and development opportunities was cited as is the top strategy, after direct monetary incentives, used to attract and retain top talent from a sample of 102 Northeast Ohio organizations participating in the 2012 ERC Talent Management Practices Survey. This commitment to building a skilled employee base is further demonstrated through the financial commitment made by these organizations. For example, 82% of respondents report offering financial assistance to employees who wish to pursue job-related training, 79% contribute financially towards conferences and 72% put money towards costs associated with professional societies/organizations on behalf of employees.

Training as a Factor for Economic Recovery

In addition to being beneficial for individual employers and their employees, training is also singled out as a key component for economic recovery. In an issue from November, 2012 of Fortune magazine, Nina Easton takes this one step further. She suggests that not only is training key for a recovery, but also warns that without significant investments in training from corporate America, the “job crisis” plaguing the U.S. economy for the past few years is likely to worsen. In today’s global market, she continues, U.S. employers hold the fate of their own recovery in their own hands. According to Easton, if we don’t invest in building the skills of employees here at home the so called “skills-gap” will continue to grow- a trend which she argues could be used by U.S. employers, “as an excuse to go on a shopping spree overseas for talent.”

While the survey data above demonstrates that many Northeast Ohio employers already recognize the importance of a well trained workforce, if Easton and other experts like her are correct, the influence that these organizations can have on the business climate may run even deeper than they realize- right to the heart of the economic recovery.

Additional Resources

Technical Training
Give your people the knowledge and skills to become a more efficient and productive employee. ERC offers a wide variety of technical training courses that are important to the success of your business. Click here for more info.