Training Budget

A Training Budget refers to a planned financial allocation specifically set aside to support the learning and professional development needs of employees within an organisation. It outlines the resources dedicated to training initiatives over a set period.

Purpose

The purpose of allocating training budgets is to ensure that employees continue to enhance their skills and competencies which leads to increased performance and helps people to keep pace with industry advancements. It also demonstrates the organisation's commitment to employee growth and development.

Anti-patterns

• Underutilisation: Failing to ensure that people fully use the allocated training budget, missing opportunities for development.
• Misalignment with Needs: Allocating budget without aligning with actual employee or departmental development needs.
• Overemphasis on Cost-Cutting: Prioritising budget reduction over the effectiveness and impact of training programs.