News: Performance Management
More bosses recognising profitable 'knock-on effect' of training
20 June 2008
An increasing number of business bosses are realising the substantial "positive knock-on effect" to company profitability of effective training and performance management, it has been claimed.
Ben Mason, a quality control specialist, noted that "thousands of companies" have yet to boost their training provision, however.
Mr Mason, himself a business managing director, suggested that rigorous and efficient performance management processes are particularly pertinent in any organisation where staff performance is important, and in regulated environments such as financial services "when companies must demonstrate tight control of staff competence".
"Increasingly companies understand the need to implement really effective training and performance management processes," he confirmed.
"When this is achieved there is a massive positive knock-on effect to company profitability," he continued.
"Companies are now realising the need for an integrated process, targeted training and continuously providing structured feedback and new objectives to increase each person's performance."
At the Confederation of British Industry's annual dinner last month, UK firms were urged to "show leadership" in the arena of staff training and corporate rewards.
Martin Broughton, the organisation's president, also used the occasion to emphasise that the country's economy is strong enough to weather the current financial storm if staff development and investment in training are sustained.
