Reduce the budget now! It's a fire drill almost every company is either currently immersed in or has already gone through. And when this fire drill happens, it's typically a time when corporate training and development get a lot of attention. After all, conventional wisdom states that when times are tough, the training budget is one of the first - and easiest - to slash.
However, conventional wisdom may not be so wise in this case. Cutting the training budget might just be cutting into your organization's future success.
Companies are definitely hacking into training, according to a soon-to-be-released study from the American Society for Training & Development (ASTD) and i4cp. Many survey participants reported that they're seriously slicing into the resources used to support learning, and nearly seven out of 10 said that, in these tighter economic times, their organizations are, to a high or very high extent, taking a close look at their learning budgets.