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Leaders Letter 76 – Time To Rethink Training Budgets?

Is It Time To Rethink The Way You Are Spending Your Training Budgets?

Dear leaders, for years we have accepted staff going on many different forms of courses as acceptable ways of spending training budgets. 

We have to trust our people to make the right decisions for their training.

Over the last decade, we have seen the majority of people move their training budget to attend conferences. 

We trust they have learnt and rarely do we get to see the direct results from this. 


There are many conferences that make sense for individuals, there are many which are geared towards networking, this is not wrong but is this really going to improve your people and their performance? Maybe… 

Attending conferences at the early stage of my career, I created a set of success criteria that really did help me to find those talks that added value, the why and the how were my criteria, if it wasn’t a talk with the why they did it and the how they did it specifically I would feel short-changed and ultimately added no value to me or the attendance price.
Mid to this point in my career, the majority of conferences are now designed to be big brand logos to attract the audience, big brand logo presents a big case study, the sticking point; they can rarely go into the why or the how, it’s the what and if you’re lucky some numbers that have been signed off to use. 

Over the last seven years and leading departments, I have encouraged people to find courses (and/or conferences) that will help them to develop, I like fundamental training, the courses that teach a core set of frameworks and skills. 

Most big businesses set out a training budget and you get to go wild on LinkedIn courses or equivalent online software. 

There were two outstanding team members who took traditional project training and they tremendously benefited from this, just because agile and waterfall is in vogue, this doesn’t mean structure and operational excellence will ever go out of fashion, particularly in larger organisations that need operating excellence. Most mid-level employees will understand more agile methods, it is because they have lived it and have to operate in it because another person has said it is best. 

Another example is signing off a senior Marketers request to have formal financial training. Why? Budget management and understanding how finances flow-through businesses is a core skill everyone should learn. Hint most team members just never understand why headcount is often shuffled or removed and it’s driven by the CFO or CEO. 

2022 for most will be from ‘survive to thrive’, it will be about seeing the bigger picture again and delivering excellence alongside learning core skills. 

The training many actually required is a coach, most specifically a performance coach. Someone to help shape their career, help to shape thinking and importantly sharpen skills, it won’t be attending how big brand x did big campaign y through spending z millions of dollars – you will be able to reverse engineer or hear the same story on podcasts. 

I predict many c-suite execs will need formal coaches, more than just the CEO or the COO. Formal and professional coaches who drive the business forward. Like Bill Campbell with execs from Apple, Google and so many other firms.


A c-suite example: A formal CMO coach to help reshape their knowledge and drive their organisations forward and be able to understand the 2 critical P’s, their people (culture) and their performance (strategy –  Focus) and then enable performance coaching underneath them. 

Your team’s training budget should be the best ROI within the business, it will likely be the best ROAS for staff retention and staff development helping them to attract better candidates in the process. One important tip, the more people learn from coaches, the more you should encourage a coaching loop. 

Have a good week thinking about how you can repoint and restructure your training budget and how potentially it becomes a coaching budget. 

Thanks,

Danny Denhard

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