Top 5 Tips: To Maximise your Training Budget

Are you making the most of your training budget?

By Kelly Blank, Head of People and Organisational Development, Lead Talent

As 2023 is likely to see a continuation of economic challenge and uncertainty, Kelly Blank looks at some of the reasons why organisations need to maintain an ongoing commitment to investing in learning and development…or face being left behind.

“You don’t build a business. You build people and then people build the business.”
Kelly Blank, Lead Talent Head of People and Organisational Development

The need for organisations to better lead, organise, manage, develop and engage their people has never been greater. Allocating a budget for employee training is a smart investment in promoting growth within your organisation. By providing opportunities for skills development, your employees can increase their productivity and help play a crucial part in the overall success of the company.

The “Workplace Training 2023 Report” makes the case that “without a development plan and opportunities to grow and progress, it is clear to see why individuals may not feel committed to their organisation.”

Its research makes the case for more investment in employees because it will satisfy many and improve their workplace experience. It found “that just under three in ten (28%) of employees feel that their employer often invests in their professional development, with a third (33%) saying they do so only sometimes. One in ten do not receive any investment, which is a definite way of ensuring your employees do not remain within your organisation.”

It’s clear that ongoing training is critical to employee retention and improving morale. It can also deliver a wealth of long-term return on investment including:

• giving your organisation the competitive edge
• increasing confidence in your offering and growing sales
• improving customer satisfaction

What steps have you taken in your People Development plans?

If you haven’t already done so, dedicate some time to planning how to effectively use your organisation’s Learning and Development budget. Book some time in your diary and get the right people around the table to join in the conversation. Remember, investing this time in your team’s future growth and development is crucial for staying competitive in today’s rapidly evolving job market.

In light of the current economic situation, you may also need to prioritise the most important training needs and place your focus on developing skills that will have the greatest impact on business outcomes.

Here are Kelly’s Top 5 Tips for Making the Most out of Your Learning and Development Budget:

1. Identify your team’s areas of growth:
   Take the time to assess the current skills across the business and identify the areas where improvements are needed.  Completing a Training Needs Analysis will give you clarity on where to spend your budget and time, helping you to generate a real ROI.  Invest where you will receive the greatest long-term return. Not sure where to start? Get in touch with Kelly.
2. Consider online learning:
   With the rise of remote working, online learning has become more accessible and convenient than ever before. Look for courses or programs that offer flexible learning options; such as self-paced modules or virtual classrooms. Check out Lead Talents’ Forward Thinking content here to discover some valuable insight to add value to your world.
3. Collaborate with your team:
   Work-based learning is always more effective when you get buy-in from your team! Make them part of the planning process.
   The annual appraisal process is the perfect opportunity to start having these important conversations so you can truly understand the career goals of your team. Pay close attention to where you see them fitting into your business in the future. Work together to identify the best learning and development opportunities. This will help ensure your investment in training is aligned with the needs of your business.
4. Look for cost-effective options:
   There are plenty of free or low-cost learning resources available online, such as webinars, podcasts, and online forums. These can be a great way to supplement more structured training programs. Outsource specific skillsets, especially where a training provider can tailor their training in line with your needs. Here at Lead Talent, we can offer bespoke training solutions designed to meet your specific needs. Discover more here.
5. Research funding options:
   What funding can you tap into to make your people development plans a reality? Is there national or regional funding available to support your plans? Use your network to explore all the options available.

Remember, by developing your people you are investing in your organisation’s future success.  Up-skilling your team will allow you to career map effectively, and help people develop the skills they need to perform! By following these tips, you can make the most out of your learning and development budget and ensure your business stays ahead of the game!

P.s. don’t forget it’s just as important for leaders to manage their own Learning and Development needs as well as that of their team members.

By Kelly Blank, Head of People and Organisational Development, Lead Talent

If you would like to organise an exploratory call to discuss one-to-one mentoring or how to maximise your training budget contact me by email: kelly.blank@lead-talent.co.uk or give me a call on 07475 636 820.