Updated 1442 GMT (1842HKT) April 9, 2018
Singapore (Politico Report) – While the average spending in corporate training is around $706 per year, actual spending levels vary from $200 to over $3,000 per year per employee depending on the type industry. Knowles Training Institute plans to establish themselves as the market leader in the corporate training industry.
In this fast-paced environment, having a college graduate degree does not guarantee that one can succeed in the corporate world.
Despite the high levels of unemployment, companies recognize that specialized skills are hard to find. Even competent professionals must continuously reinvent themselves because jobs are getting more challenging. Nearly one-third of young candidates do not have the core reading, writing, and problem-solving skills they need to be dynamic on the first day of their work.
Companies have observed that their workforce shift from baby boomers to younger workers who don’t possess leadership skills yet. In order to have a successful organization, it is essential to have a corporate training which is one of the most significant parts of a business. Its primary objective is to enhance the capabilities of the workforce in both technical and non-technical aspects, as well as to groom efficient employers to bring forward the company’s hierarchy.
Formal corporate training includes extensive preparation and education which are both needed to acquire specialized skills. Aside from formal training, informal training can also be done through mobile learning and most of the employers want their training to include video, games and whole next generation experience.
The landscape of instructor-led training has also changed. “Companies spend nearly 30% of their total learning and development budget on facilitator-led courses”. Online courses have not proved to work 100% in many instances, and companies have settled into a world of 1/3 facilitator-led and 2/3 online training,” said Sancy Suraj, CEO of Knowles Training Institute in Singapore. “As a result, Knowles Training Institute still focus on providing corporate facilitators to run a majority of our corporate training programs in Singapore,” Sancy Suraj added.
Most of the young workers enter the workforce with lots of knowledge but very few working abilities. In order to gain these activities, companies must invest in corporate training. Training is also a commitment which brings people together into a common culture. Josh Bersin, Principal & Founder of Deloitte Consulting LLP states that “Our research shows that while underfunding training is a problem, the use of “average spending” benchmarks can be misleading.
Today’s business climate is developing with all the new technology and shifting markets. In this new era of globalized businesses, one must possess special skills to thrive in the corporate world. That can be done when employees join a company which will invest in developing their skills. Educational skills do not emulate with the general needs of the 21st-century workforce.
According to the research of a global management consulting firm, McKinsey, “the #1 way students believe they learn is through “on the job training.” New graduates who are seeking for a job must make sure that they will learn something in the company because while building their careers, learning is worth far more than the salary. If companies won’t take time, spend money, or learn how to build distinguished development programs, they will not be able to succeed.
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