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Often when a recession strikes training budgets are
one of the first to be slashed, this however is a mistake according to
research looking at previous recessions. There is a trend that shows
companies who carry on investing in training are then in the healthiest
position to gain competitive advantage when recovering. Research from
the OGC (Office of Government Commerce) also highlights one of the top
reasons for project failure is poorly trained Project Managers when
businesses often rely on successful projects & programmes to pull
them through downturns and business change.
This view on training was recently hailed by an alliance consisting of some of the UK\'s most senior business people including Sir Mike Rake, Chairman of BT group and the UK Commission for Employment and Skills.
The alliance took the first-time move to issue a joint call via an open
letter to employers advising them to invest in training during the
downturn and to make it a top priority.
The letter stated \"the skills of our people are our best
guarantee of future prosperity - and the best investment a business can
make in challenging times. We must not pay the price of failing to
invest in the very talent on which our future will be built.\"
This view was also supported by a recent report Nurturing Talent by Cranfield University which
stated development of internal talent was a cost effective way to boost
business performance during any period especially a downturn. The
report also found that successful organisations were those that had
invested in long-term focus on employee development.
A good example of this philosophy was demonstrated by an American
based airline that trained its way out of the 2001 recession whilst
still managing to make a profit.
By now the importance of well run projects should be obvious. It is
critical that projects are delivered within time, cost and quality
constraints. There is very little tolerance for delays or
overruns. Customised project management training that caters for the
exact needs of an organisation and its projects provides much better
ROI over generic public courses. During the recession is the time to
invest in your internal talent to ensure you come through strong.
Baz Khinda works for Wellingtone Project Management which offers customised Project Management Training based on best practice from APM, PMI, PRINCE2.