UK: Training Budgets Recession Proof?

Interesting report from David Woods of HR Magazine: 

Three out of four companies are not cutting their training budgets despite the economic downturn.

According to research by training provider Beyond the Box, just under 50% of firms forecast an annual training spend of under £500 per employee; 32% forecast an annual spend of £500-£2,000 for each member of staff; while 25% of companies had predicted training costs for the current financial year at over £10,000 per employee.

Christing Knott, MD of Beyond the Box, said: "With 75% of respondents maintaining a training budget, it is encouraging to see that training is by and large proving recession- proof as companies recognise the need in the current climate to build on their competitive advantage by investing in people as well as keeping motivation and morale high."

But she added: "Budgets are set at a low level and it is obvious that caution is a prevailing factor at the moment."

Source: www.hrmagazine.co.uk