Time to Budget & Plan for 2014

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Budget for training, coaching, and HR Contract Services in 2014

Budget for training & coaching in 2014

Heading into the 4th quarter of 2013, for those of us on a calendar year accounting basis, it is budgeting time again. You know, that favorite time of year when you project, as best you can, which type and how much revenue/expenses you will be encountering next year in your business. Based upon the topsy-turvy economy since 2008, it is anybody’s guess what 2014 will be like.

There are some certainties—optimistically, we will generate revenue with our existing and new customers, and we will continue paying our employees’ wages/benefits, and all other costs associated with our operations. Bypassed expenses in recent years, as companies tightened their belts, have been for employee training, coaching, and HR contract services.

A McKinsey & Company Global survey of over 300 executives in 2010, showed that of companies which took a targeted approach to cutbacks, nearly half focused on reducing headcount and expenses in Human Resources.* This trend is likely to discontinue in 2014 as the business travel industry has recently been witnessing an uptick in companies sending their employees out on the road, even to conventions and meetings, which include training. **

How can you help employees improve their skill sets? What knowledge is needed for them to help you recognize productivity improvements? Which components of interpersonal communication could be improved in your organization? Where might coaching assist your employees to grow professionally and personally, strengthening their output and your firm? Which HR projects do you need to accomplish next year to continue building your organizations’ culture?

As you prepare your 2014 budgets, you may want to once again dedicate funds for these recently evaded services. Let’s hope for a very successful 2014.

Contact me to learn more about training, coaching and HR contract services which I offer.

Sources:
*http://www.mckinsey.com/insights/operations/what_worked_in_cost_cutting_and__and_whats_next_mckinsey_global_survey_results

**http://www.usatoday.com/story/travel/2013/04/09/business-travel-spending-rise/2064491/

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