The PRO's and CON's of Internal and External Training

I was talking to one of our members a few days ago about including a provision for training in their budget for the next Financial Year. It's a conversation I have regularly, not always with positive connotations, and on this occasion it gave me pause for thought as to which is more effective, Internal Training or External Training. Is one, more likely than the other, able to offer you something new and asking for more? Which affords you and your Company the greatest benefit?

I think in the interests of balance it's true to say that there are 'Pros' in either scenario and, likewise, 'Con's, so let me take a few moments to examine both.

Internal training sessions are almost certainly cheaper and easier to organise, They may help in team building and the individual conducting the session may even learn something new from the colleagues they are training, whether they are new recruits or team members of longer standing. That's a 'PRO'.

In an age of ever far reaching technology, all businesses are evolving rapidly and internal knowledge will invariably have its limitations. That could mean being fixed in the ways the Company may operate, which, in the long term, might prove damaging. That's a 'CON'.

External training gives colleagues the opportunity to learn from industry experts and provides a new perspective as to how things can be done. Shared knowledge can prove invaluable and allow a Company to snap out of a 'We've always done it this way' mentality and view key objectives from a new and positive angle. That's a 'PRO'.

When compared to in-house training, it's fair to concede that external training will almost certainly be more expensive and take longer to arrange. That's a 'CON'.

In conclusion, its probably fair to say that neither type of training is dramatically superior to the other. It really does depend on what best meets the requirements of your colleagues and team members at the time. So if you're looking at your training budget for that next Financial Year, try to include access to both Internal and External opportunities. And if you enjoy the professions of international credit or trade finance management and are seeking to broaden your skills then consider ICTF and its members as your trainers, whether internally or externally.

For further information about membership, please contact me at [email protected] or on +44 (0) 1869 277523 or visit www.ictfworld.org direct. I'll be happy to arrange a virtual website tour at any time convenient for you.

ICTF: BECAUSE PROFESSIONAL CREDIT MANAGEMENT MATTERS