How to make the most of your training budget before it’s too late

For the Pharmaceutical, biotech and medical device industries

Delivering training to your staff has always been important to ensure they develop and maintain the skills to keep you competitive. More recently, training has become essential as today’s workforce values development opportunities more than ever before. As we get towards the end of the year it is crucial you make the most of your budget available. It is also a good idea to plan learning and development activities for next year.

 

Why should you use your training budget?

 

Use it or lose it Learning and development budget is often allocated yearly and, if by the end of the year you have not used it, you lose it. This may also have a negative knock-on effect for next year’s budget.

Competitivity. Improve your personnel’s skill set, and with it, the efficiency of the whole organisation. With continuous regulatory, technology and product developments it is crucial for life science organisations to ensure their teams are ahead of the competition.

Employee engagement and happiness.  Give employees the chance to develop their skills, learn new ones and excel even more in their field. When your employees see that you are investing in their growth, they become happy, loyal, and engaged in their work. January is usually a time when many consider their job options and look at alternate opportunities, make sure these are not your team members.

Attracting top talent. Growth and development opportunities are, in fact, one of the most important decision-making factors by job seekers. Show future employees that you do take their personal development seriously.

 

How to use your training budget effectively?

 

Invite an expert from your network. Know anyone in your circle that would be willing to speak to your employees? Invite them in to run a workshop.

Quick wins. Are there any areas which could provide a quick uplift in your team’s ability or engagement?

Tweak what you have already tried.  Why not try new vendors? Do research, ask around your network and get recommendations. Would a new viewpoint or angle on a topic provide a boost to your team?

Look at different delivery options. Team too busy? look at on-demand options they can fit around their day-to-day plans. Not enough time before the end of the year, consider some online options that start now and end in next year. Tired with online learning? Organise an in-person workshop to bring your team together.  

Long term planning. If there are no obvious immediate needs for your team what skills or areas of knowledge could be valuable in the long term. 

Reward your people. Did anyone perform extraordinarily well? Did any of your teams attain a remarkable goal? Let them know that you saw it by offering them a chance to further develop through a training course.

Set up a mentoring program and try job shadowing. Some of the best trainers are already within your workforce. Pair employees proficient in a subject with others who need to improve that skill.

 

Other articles you may be interested in

5 Reasons to have a learning and development strategy for your team

Creating a successful learning and development strategy for your team

Important considerations when developing your team

 

 

Written by Daniel Harding

Daniel is a Director at Educo Life Sciences and has experience developing team training solutions for (bio)pharmaceutical and medical device clients. He has helped clients achieve business objectives with learning programmes that meet their specific needs and requirements.

 

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