Investment in Training and Development
There is a downward slip in India’s economic growth in recent times. While the overall growth rate is reported at less than 5%, certain sectors such as auto industry seem to be suffering the most. And, since the auto industry is one of the largest contributors to the GDP, the impact of slowdown is felt even more. Considering the ancillary units in this sectors, unemployment too is looming large.
Government is initiating many strategies to combat the trend and move the economy upward. The Union Finance Minister is announcing relief measures every week. Hopefully, these measures should result in some positive growth in the months ahead.
In this scenario, many companies are facing uncertainties in terms of reducing consumer demand and decrease in revenues. Budgets are being closely monitored to find areas for cost reduction. And, in many cases ‘training and development’ is among the first casualties.
I want to urge everyone to consider expenses on ‘training and development’ as an investment for the future. Investing now in enhancing the skillsets of employees will result in their improved performance when needed. An employee who is well-skilled in meeting the challenges of tomorrow’s workplace will be an asset to any organisation.
GRGCAS we can work together with industry in enhancing employees’ managerial and leadership skills. We can offer a general soft skills package or design and conduct a customized, company-specific programme.
By Prof S Balasubramanian