SMEs : The Value of Learning and Development for SMEs: Cost, Initiatives, and Creating a Learning Culture
Posted in : Supplementary Articles NI on 28 July 2023
Legal Island
Legal Island
SMEs : The Value of Learning and Development for SMEs: Cost, Initiatives, and Creating a Learning Culture
Many small and medium-sized enterprises (SMEs) often overlook the benefits of implementing proper learning and development plans due to concerns about costs. However, this perspective may be misguided as SMEs fail to accurately assess the value of such programs. The upfront cost of training an employee for £3,000 may seem exorbitant, even when spread over more than a year. Yet, when compared to the costs associated with finding and onboarding a replacement for that employee, which ranges from £11,000 to £30,000, investing in training becomes a logical choice for businesses.
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This article is correct at 28/07/2023
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