Training Technology Series

After the Great Recession of 2008, the industry lost an estimated 1.5 million workers, many of whom never returned. Today, employers continue to signal that filling job openings is more difficult than ever. The result is overworked employees, project delays and increased expenses. Add the rising costs of construction inputs like softwood lumber and fuel, and many employers find themselves in a position where diminishing margins challenge their very existence.

That’s why finding efficiencies in all areas of the business, including recruitment, training and development, is important for maintaining profitability and staying competitive. Indeed, developing the talent pipeline is crucial to fulfilling contracts. According to McKinsey & Company, companies that came out ahead after the 2008 financial crisis rapidly reallocated resources and made bold moves to prepare for the future. Simply put, it’s important to plan for tomorrow – today.

According to a recent study by IBM on the Value of Training:

• 90% of organizations do not have all the skills they need to be successful.
• New employees are 42% more likely to stay when receiving the training they need to do their job properly.
• Companies using learning technology report a 16% increase in customer satisfaction.