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Workforce training pays off for Pratt & Whitney shareholders

Training was part of all my first jobs. I was hired to do the job but my employer (rightly) assumed I’d do my best work if they invested in training me. As a result, workforce training enhanced my productivity leading to my efforts enhancing shareholder value.

Thirty years ago, MN employers prided themselves on extensive training facilities.  I was attracted to the training offered. Today, I see little of that employer commitment to that training.  Shareholder interest in non-revenue-producing departments has declined in our increasingly competitive work environment.

Now, employers are struggling to absorb major workforce impacts caused by demographic changes. Older workers seek more flexibility and may leave leave current jobs (some call it retiring, I call it “taking a break”) to pursue a long-held passion.  Younger workers, with inadequate skills and experience, aren’t filling the workforce gap. Hiring staff seek a “perfect” match–which is hard to find and, even more difficult to maintain.

Teo Ee Mei, Pratt & Whitney’s Singapore-based regional head of HR, is overseeing a finite workforce where every worker is important. He sheds light on how embracing lifelong learning helps the firm build a robust and resilient workforce.  http://www.humanresourcesonline.net/case-study-pratt-whitney-average-tenure-12-years

Pratt-Whitney clearly understands the link between training and ROI within its overall business strategy. American employers face the same pressure as Singapore does: Workforce changes caused by demographics and a growing economy. Training must be included in HR efforts to recruit and retain employees. And, the cost and benefits of training should be included in the strategic planning process. It can be provided by employer in-house staff or by linking with academic/technical community partners or by contracted consultants. Training opportunities begin with recruiting. It’s a key part of performance reviews and growing staff competency. And retention is founded on what can be learned to take on additional responsibility. Workforce training grounds tenure in a successful organization.

 

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