31% of employers to spend more on training

While students prepare for summer break, many workers may be headed to the classroom, recent research suggests. Nearly one-third (31%) of CFOs in a Robert Half Management Resources survey report their company’s training or professional development budget is higher this year than last. Only 11% cite a decrease.

CFOs were asked, “How does your company’s professional development budget for 2017 compare to 2016?” Their responses:

Increased significantly: 5%
Increased somewhat: 26%
No change: 57%
Decreased somewhat: 9%
Decreased significantly: 2%

“Professional development goes beyond a simple training curriculum or individual performance improvement,” said Tim Hird, executive director of Robert Half Management Resources. “The chance to learn and grow with a company is a key competitive differentiator for recruiting and retaining staff who want to continually improve their skills. Businesses that fail to provide training and ongoing development programs risk losing out on top performers.”

In addition to formal classroom training, Robert Half recommends developing employee skills through job rotation and assigning workers to cross-functional teams. Even volunteer opportunities outside work can help hone operational and leadership skills.