As New Zealand faces a period of economic downturn, the ability of many businesses to invest in skill development is reduced. But if less investment is made in skill development our longer term economic prospects are undermined.
New Zealand faces major skills and productivity challenges including pay and productivity gaps against our major trading partners - including Australia. The majority of the workforce of the next 25 years is already in work. We must focus on developing and retaining the skills and making best use of these capabilities for the benefit of the New Zealand economy.
For an individual workplace, there are more immediate reasons to develop skill levels through training. Research from New Zealand and around the world shows that investing in quality training results in improved productivity in the workplace. That can be through improved safety, better staff morale, reduced turnover, and staff coming up with ideas to make the operations function more effectively.
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