How does your company compare with the following general statistics?
- The average Fortune 500 firm spends 2-4% of annual salary/wage cost on education and training per year.
- Total productive time dedicated to training is 4-6%.
- The U.S. Bureau of Apprenticeship & Training mandates 144 hours per year for a typical program. Where does your company fit? If yours is like most firms, more training is needed!
A recent poll indicated that, in general:
- One-third of respondents said most of their employees are not adequately trained for their jobs.
- Two-thirds of respondents said they spend at least 1% of payroll on job training.
- Employees are demanding training. One-third of surveyed businesses said a significant number of employees asked that their companies provide job training.
Three justifications for training dollars
There are many reasons every employer should provide training, and they’re all interrelated. Three reasons, in particular, should grab the attention of all of us:
- Image Enhancement
- Current and prospective employees (retaining & recruiting skilled workers)
- Other publics, including intervenors and regulators