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Time Tip-Training Price
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Don Wetmore
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Aug 25, 2009 06:59 PDT
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THE PRICE OF (NOT) TRAINING
By: Dr. Donald E. Wetmore
As a full-time Professional Speaker for the last twenty years, I have
been asked so many times, “How much does your training cost?” I have
learned to reply, “Would “no charge” be too much?”
Training is not a cost. It’s an investment. It really doesn’t matter
what we pay for an investment. What’s relevant is what we get in return.
One of the best ways to jeopardize an organization’s future in today’s
world and increase the probability of troubled times is to look at
training as a cost and pay the price of not training or provide
substandard training that operates only as a Band-Aid for the training
requirements.
It’s a simple principle. An organization’s staff is where they are
currently, in terms of competence and success, in direct relationship to
what they know and how well they apply what they know. We all come into
this world the same way, broke and naked. (And we all leave the same
way, broke; they give us some clothes.) We knew how to do nothing when
we arrived but then we learned. The more we learned and the more we
applied what we knew, the greater our success and thereby, the
organization’s success has been.
Some like to quantify the results from training. Here’s a good example.
A person being paid $50,000 per year who is wasting just one hour per
day is costing the organization $6,250 per year (excluding benefits,
overhead, opportunity costs, etc.). If, for example, through one of our
Time Management Seminars, that person can learn how to re-capture just
one hour per day, that translates into a payback to the organization of
$6,250 per year. If there is a group of 25 people involved in the same
training and they all receive a similar benefit, the return to the
organization is $156,250 per year. (And this does not include other
benefits to the organization such as profitability, reduced turnover,
improved morale, enhanced teamwork, better customer service, greater
creativity, etc.) Over five years, the payback is $781,250. What should
an organization invest to achieve that return and payback?
Many find it difficult to get the time for training. This is another
false economy. (They are so busy doing it the wrong way that they cannot
take out a little time to figure out how to do it the right way.) When
someone says they cannot afford to take three days out of their next
week for training, I know they are looking at training as an “expense”,
and not as an “investment”. Three days out of five is 60% of that week
and that would be a big expense. But three days out 365 is a drop in the
bucket and if that investment provides just one idea that saves one hour
per day, every day, the payback on the investment of three days is over
250 hours just in the next year.
Not so many years ago training, beyond showing employees the basics of
doing the job, was an option for most organizations. Today it is no
longer an option. If any of us continues to do what we do the same way,
within five years most of us and our organizations will become obsolete.
Why? Because our competitors are helping their people to become more
effective through training. If we look closely at companies that are
doing well in the long run, they almost always have in place a well
thought out and executed training program for their people. They
understand that the price for not training is the real expense of
training.
Don Wetmore is available to conduct his effective, exciting Time
Management Seminar on-site, at your location, from one hour up to three
full days. Help your group get more done in less time. For details on
how to arrange this dynamic seminar at your location, email your request
for “in-house” to: mailto:cts-@msn.com
Dr. Donald E. Wetmore
Professional Speaker
Productivity Institute
Time Management Seminars
127 Jefferson St.
Stratford, CT 06615
(203) 386-8062 (800) 969-3773
Email: cts-@msn.com
Visit Our Time Management Supersite: http://www.balancetime.com
Follow me on Twitter at: http://www.twitter.com/timeguy
Copyright 2000 You may re-print the above information in its entirety in
your publication, newsletter, or on your webpage. For permission, please
email your request for “reprint” to: cts-@msn.com
Visit our blog now at http://timemanagementseminars.blogspot.com/ for
over 100 complimentary Time Management articles to help you get more
done in less time and with less stress!
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