Overview of The Training Industry
Corporate training, which had always been a constant focus area for all insightful companies, has now become a powerful tool to improve business performance. The role of Corporate Training in companies today is integral in ensuring that your workforce is tuned into your organization’s goals. On one hand the knowledge economy, is booming training budgets are estimated to be low and restricted to certain ‘learning’ companies. Traditionally, Indian companies spend anywhere between 0.5 and 2 per cent of their turnover on training their employees. The software and BPO segment, which are essentially people-oriented businesses, spend about 3-5 per cent of their revenues on upgrading employee skills. The other sectors that are keen on spending for training programs for their employees are retail, automobile, sales, service, financial services and banking, telecom and manufacturing. In today’s India, the market with an increase in recruitment makes a big base of the training companies to offer their services for shaping these new recruits into business individuals. The training industry is still in its nascent stage with immense business and recruitment possibilities for the market to tap.