Investment Management Training

Is There a Return on the Investment of Management Training?

Customer satisfaction is no doubt dependent on a great number of variables. While it may be difficult to measure the actual benefits of training in terms of customer satisfaction, it appears essential to provide some type of training for employees to improve job performance. According to Smith (2001), staffs who have received formal training have been found to be up to 230 percent more productive than untrained colleagues working in the same role. Therefore, it becomes clear that the development of an organization’s human resources is a high priority for today’s business leaders.

Preparation of staff should be well-planned and supportive of the company’s goals. Successful companies build a consistent system with clear constraints, allowing employees some freedom accompanied with responsibility (Collins, 2001). Managers simply cannot rely on their employees coming in with all the necessary skills to be successful in their positions. Some may require more computer skills, while others need receptionist or time management skills. Individual needs should drive the training program and this is not always an easy task to accomplish. A one-size-fits-all approach to management training will most likely not be highly successful.

Larry Seldon, a Columbia University professor, stresses that “different customers have different customs, different values, different psyches and different needs.” (CNNMONEY, 2004) Each employee’s needs may be as individual as their customers’ needs. When dealing with human emotions and performance, the results are not always predictable or certain. A recent University of Michigan study revealed that customer satisfaction has declined about three percent over the last five years (CNNMoney, 2004). Good managers recognize that customer service and satisfaction are key elements to be successful in the business world. Training is one of the primary ways to increase employee skills and productivity. Employees need to be well-trained in current job skills, and learn new skills on a continuing basis in order to remain competitive (Fernald & Solomon, 1998). Employers need to provide ample opportunities for employees to develop their abilities.

A new method of providing this training is through the use of the Internet. Rural communities with small businesses do not have the resources available to provide ongoing, systematic training programs for their employees. William Shuffstall, County senior extension agent, maintains that small businesses need to stay viable because their communities depend on them to keep the local economy alive (Burlingame, 2002). The effective use of technology can assist these small businesses with effective and current training strategies.