Investment in Training
Considering a company’s business strategy provides insight into both the level and type of investments companies should make to realize their strategic objectives. U.S. organizations spent about $70.6 billion on employee training and development in 2015. That’s a lot of money for training. The decision about how much to spend for learning and development will depend upon your company’s strategy. Deciding how much money is available for training should be factored into an organizational needs analysis. If little money is available, the company will have to use other means to ensure that employees are trained to do their jobs. More selective hiring is one alternative. These are the direct costs of failing to train employees. Indirect costs can include recruiting and hiring expenses related to replacing employees who are injured and can no longer work, or who quit because they believe their workplace isn’t safe. Similarly, ensuring that employees understand any regulatory restrictions or requirements they must adhere to will dramatically decrease a firm’s long-term legal problems. Therefore, managers need to remember that no matter what the company strategy, there are certain types of training that have to occur, regardless of the cost.
What the heck does a consultant DO, exactly?
In this video, I will explain in details what a consultant really do. People say that I solve #businessproblems. That’s not wrong. But it’s way over-simplified. What does it mean to “solve problems”? What specifically do #consultants do to do that? #Managementconsultants help solve business problems, using their own expertise in problem-solving, combined with an extensive support network of industry, function and local experts, as well as other specialists. The daily work of consultants in a project include gathering data and insights, running analyses, making presentations and pitching solutions. ________________________ SUGGESTED SOURCES: McKinsey PST – The Ultimate Guide: https://mconsultingprep.com/problem-solving-test/ Consuting Resume Guidelines: https://mconsultingprep.com/management-consulting-resume/ ________________________ Visit our website for more DETAILED GUIDES on Management Consulting Prep http://mconsultingprep.com/ • McKinsey PST: https://mconsultingprep.com/problem-s... • Consulting Math: https://mconsultingprep.com/consulting-math/ • Case Interview: https://mconsultingprep.com/case-inte... • Management Consulting Resume A-Z Guide: https://mconsultingprep.com/managemen... Read 50+ posts on our blog for insider tips and tricks on McKinsey PST and Case Interview http://mconsultingprep.com/blog/ Learn more about our E2E SECRETS PROGRAM TO ACE THE CASE https://mconsultingprep.com/case-inte... Subscribe to our channels at https://goo.gl/ziBfQs to help us make everything available for free. Watch all of our VIDEOS on Youtube at https://goo.gl/ziBfQs JOIN US ON FACEBOOK https://facebook.com/MConsultingprep Hope to see you in the next video! ________________________ Time Stamps: 0:00 Intro 1:23 Process behind a consultant’s work 5:45 Detailed example of the cement project 16:18 Outro