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Wednesday, December 07, 2011

Corporate Training Budgets are expanding - are you keeping Pace?

According to recent research by Training Magazine, 32% of companies are increasing their training budgets increased 24%, as these companies bet that a better trained workforce, more engaged leaders and improved workforce skills are the answer to pulling out of the economic downturn.

What is interesting, is that most companies reported that the time employees spend in formal training was reduced this past year, yet the total spending on training increased.  NovoLogic's thought on this, is more companies are investing in upgrading their learning technologies, including social, mobile and informal training (performance support)  systems so the workforce can get the information and skills reinforcement they need, without the need to stop and attend a formal training experience (whether in person or on-line).

 source of image - http://www.trainingmag.com/sites/default/files/trg_2011IR.pdf

2011 saw a significant rise in the average expenditure for training outsourcing: $606,563, up from $257,871 in 2010. An average of 23 percent of the total training budget was spent on outsourcing. The level of outsourcing is expected to stay relatively steady in 2012.


source of image - http://www.trainingmag.com/sites/default/files/trg_2011IR.pdf







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