News: Performance Management
Management training boosts bottom line for NI firm
20 May 2008
One UK firm has described the considerable financial benefits of investing in management training for staff.
According to representatives for Fintec, a Northern Ireland-based quarry equipment company, over £1 million has been saved through a £230,000 staff training programme, which was aimed at boosting manufacturing and sales processes.
Tracy Meharg, managing director of innovation and capability development at business support service Invest NI, told 4NI that Fintec had realised the benefits of improving the skill levels of staff to increase profitability.
"It is crucial that companies review their processes on an ongoing basis in order to develop more efficient operations, reduce costs and increase profitability, thereby improving their bottom line results," she added.
As a result of the firm's management training, materials, stock and waste levels were reduced, and production now more "accurately matches" demand, explained operations director Paul Colton.
Last week, the Chartered Management Institute pointed out that continual investment in training and development is "essential" if managers want their organisations to be successful.
