Training Budgets Are Set to Grow in 2023 – How Will You Use the Extra Dollars to Ensure ROI?

No business has been immune to the increased pace of change over the past few years. The pandemic, competitive job market and other external factors have forced company leaders to deal with the implications of low employee engagement, high turnover and under-skilled employees.

To combat the ‘quiet quitting’ trend, many companies are implementing more robust and customized employee training programs. Organizations that have figured out how to train employees in an efficient, effective and timely manner continue to gain a competitive advantage through increased engagement and a stronger commitment to shared goals. Further, those that leverage training to identify blind spots, close skill gaps and enable employees to achieve their career goals are having a positive impact on retention and, as a result, the bottom line.??

That’s why – according to Training Industry Magazine’s “Trends 2023” report – training budgets are expected to increase by more than 6% in 2023. Organizations will use the increased funds to create? more impactful learning experiences for the modern workplace by:??

• Developing better leaders who can engage and retain talent to address today’s competitive business market.?
• Prioritizing digital skills as a business imperative.
• Connecting learning to career mobility.
• Leveraging technology to enable continuous training and feedback.
• Integrating learning into the day-to-day work?ow so learning is more natural, accessible and achievable.

These trends reflect the growth mindset of today’s enterprising employees who seek opportunities to learn, grow and transition into more challenging roles with expanded responsibility. Integrating learning into their day-to-day workflow makes it more natural, accessible and achievable.?

To ensure this integration is successful, leaders must understand where each employee excels and has areas of learning opportunity. They also should know what intrinsically motivates each employee – the internal drivers that motivate each individual. These insights enable leaders to make informed decisions about each employee’s learning needs and the motivators that will lead to increased performance.?

A data-driven, digital technology platform like 4th Down Solutions (4DS) can identify, capture and reveal these insights. Based on these outcomes, the platform can push relevant learning content seamlessly from multiple sources to employees when they need it. The 4DS platform empowers leaders to help new employees quickly internalize product knowledge and assimilate to company culture while expediting speed to performance, productivity and competency for tenured ones.

Is your training budget increasing next year? Are you using it to invest in technology? If so, be sure your platform will provide an exceptional learning experience that empowers your employees to grow … enabling you to retain them and ensure your ROI.???

Want to learn how 4DS can help you do this?

Reach out to me. I’d love to chat.

Frank Urso

SVP-Commercial, 4th Down Solutions

[email protected]?

www.4thdown.co