With the constantly changing economy, its hard to judge from day to day how much or even if you should invest in training. Even through you know that training improves productivity, morale and retention of the key employees.
Training is expensive and it is an investment in your most precious resource, your employees. Training can cost tens of thousands of dollars a year per employee. How you may ask? Well consider these associated costs. Besides the actual cost of training itself, you have the normal travel, meals, lodging and phone expenses, which in itself can become quite expensive and is often a reason not to send someone to training. But you also have what are called lost opportunity cost, the cost of not being able to do business as normal when a key employee is away for training. Putting projects on hold or not accepting any new projects, overtime, additional temporary manpower that needs training so they can cover while the employee is away for training and overtime when the employee comes back so that he or she can catch up on everything that was missed while they were gone. Now add the cost of high turn over due to lack of advancement, poor job...
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