An effective training programme is vital if businesses want to develop, whatever the economic circumstances may be, according to the Learning and Skills Council.
Training is "key" if businesses wish to prosper and grow, regardless of the economic climate, it has been asserted.
Jaine Clarke, director of communications at the Learning and Skills Council, explains that progressive firms are aware of the fact that skilled employees are better at carrying out their jobs, but also have a number of other benefits.
These include staying with an organisation longer, communicating with co-workers more effectively and learning from colleagues in a more timely fashion.
In turn, she adds, companies benefit as a result of higher productivity and greater levels of efficiency from skilled employees, which ultimately results in bigger profit margins.
Ms Clarke explains: "Not only will training help keep businesses buoyant during difficult economic times but it will also help keep them a step ahead of the competition."
The Learning and Skills Council representative continues to note that evaluation of the government's training service Train to Gain showed that skill development helped more than two-fifths (42 per cent) of employers to see bottom-line benefits through enhanced productivity, larger profit margins and improved service and product quality.
However, she concludes by noting it is not just firms which benefitted, with training helping 43 per cent of learners to earn an increase in pay and an additional 30 per cent receiving a promotion.
Train to Gain states that it offers skills services for a wide variety of different organisations on a broad range of topics, from leadership and management training through to advice on Investors in People
>>Read more about how nurturing talent amongst your employees will give you real business benefits - helping you through the current economic climate.
