Training your way out of the recession
According to the Sunday Times Britains employers are being urged to "grow their own" after researchers at Cranfield School of Management discovered that investing in training not only saves money but is more effective than shopping around for talent.
The report, Nurturing Talent, is the first to compare the impact of recruiting externally with that of developing employees. Three quarters of the 1,189 companies involved in the study felt that training their own staff was more beneficial to their business than recruiting people from outside.
Half the companies discovered that training staff made them more likely to stay. One-third found it increased staff motivation, and almost half actually saved money in the process.
Source: Sunday Times website http://business.timesonline.co.uk/tol/business/career_and_jobs/article5062390.ece