The latest research shows that Chartered Managers on average add more than £391,000 of value to their employers. But with headline messages like this, why is it that too few employers simply do not invest in their managers. Time to make a business case?
Lack of Training Inhibits on Productivity
The lack of training is causing a skills gap that’s threatening not just UK productivity, but also the future growth and innovation of companies across the UK. According to research conducted by the UK Commission for Employment and Skills (UKCES), almost half of UK managers have not received any form of training during the last 12 months.
On a similar note research by the Chartered Management Institute (CMI) has found that 71% of UK organisations admit they fail to effectively train first-time managers.
“Managers can’t work effectively with their hands tied behind their backs… Employers must make it their New Year’s resolution to provide them with the skills and autonomy to succeed.”
View Infographic: Future Forecast Infographic
What does Petra Wilton Think?
CMI Director of Strategy, Petra Wilton, said “British firms may grumble about ‘talent poverty’ but it’s a direct result of businesses’ under-investment in management skills training – especially for more senior roles.” Petra states, “Half of candidates lack professional management and leadership skills because the majority of employers don’t offer training to first-time managers.”
“We know that 43% of workers rate their line managers as ineffective, failing to recognise or support their talents. This is a finding echoed in today’s figures with two million workers under-used across the UK economy.”
Managers are Stepping Up
Research from CMI’s Future Forecast report, however, found that 27% of managers want to make more use of their talents over 2016, making it the number one individual priority for managers this year.
One of the trends that we have noticed is a significant increase in the number of managers contacting us with a view of sponsoring themselves through a management qualification.
The number of applications in January for our CMI qualifications from managers looking to pay for their own professional development is up 53 per cent on the same time last year. Of course, we welcome and support anyone committed to investing in their own future, but businesses need to think about the implication of people sponsoring themselves. Our research shows that one of the main reasons people are sponsoring themselves is to advance their career which often means finding a new job with a new employer.
Make a Business Case
In a bid to support individuals to approach their bosses for management training, we have developed a simple tool called ‘My Business Case’. By working through a series of questions, the tool helps you to build and present a business case for management training.
We were expecting most of the people using the tool would be individuals looking for help to approach their boss. We have been surprised by the number of bosses and business owners using it to justify their investment in training their managers.
To get your copy of My Business Case, click the button below: