Procurement and Strategic Sourcing Training – Reinvigorate, Don’t Curtail!
In recent posts, I’ve described some classic mistakes that corporate and procurement leadership can make. Here is another: cutting training budgets. And, based on the low attendance at recent conferences, many companies are evidently succumbing to the temptation.
We first identified this risk in October, 2008, when we posted the following:
Under the pressure of a weakened economy, companies will look to all forms of discretionary spending to reduce costs. Typically travel and training are at the center of the cost reduction bulls-eye. While there may be rational agreements for cutting back in these areas, cutting spending for all forms of training may be cause for problems later.
Procurement will be expected to produce results that will be consistently positive—going straight to the bottom line…
Sourcing organizations will need to be well trained to handle the onslaught of expectations coming their way. For many, this will be their first experience in dealing with the challenges of a troubled economy. Cutting budgets for training … may be the very essence of “pennywise and pound foolish.”
What to do? The central part of the solution will be described in my next posting.
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