Training’s important to build skills, improve retention and show your staffers you think they’re valuable. It also takes a big bite out of the budget.
With many companies scaling back on training budgets these days, you may be faced with some tough decisions on what training stays and what goes (at least for now).
Here are three finance areas where you not only can’t afford to scale back on learning — you may want to increase training efforts:
- Collections. In today’s economy, your people will have to have every weapon at their disposal to pry cash from stubborn or over-stretched customers. Arming A/R staffers with the latest and greatest collection techniques can keep your cash flow from feeling a major pinch.
- Tax compliance. Sales and use tax, payroll taxes — you’ll want to get anyone in your company responsible for these tasks to some extra seminars, pronto. States are so short on cash that many are waiting to pounce on any little misstep. You certainly don’t want it to be one from your company.
- Non-financial departments. The spotlight’s being shined brightly on spending company-wide these days. If you’re going to expect other departments to step up, you’ve got to give them the tools to take charge of their budgets. You probably don’t need to go out of your own office for this one. Some informal training from finance managers will give other supervisors enough competence — and confidence — that you can raise accountability.