Summary
A Mercer study released October 2007 shows that the investments that organizations are making in employee training and career development are growing faster than all other areas, including base pay. Mercer's "2007 Total Rewards SnapShot Survey" found that 46% of responding employers plan to spend more money on training in 2008, and 51% plan to spend more on career development. The Total Rewards SnapShot Survey, which is in its sixth year and in 2007 featured responses from 580 organizations in the US and Canada, defines employee training as the transference of traditional job-related knowledge and skills. Employers are adopting a broader definition of rewards. They now recognize that total compensation includes more than just pay and benefits, such as career opportunities and other intrinsic work factors. Andrew Paradise, research analyst and principal author of the 2007 State of the Industry Report, says that training and development is ready for widespread acceptance by employees who view comprehensive career development as an attractive benefit.
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Extract
Retention Buzz
Several recent studies demonstrate that a majority of North American employers plan to increase their investments in training and development in 2008, citing employee attraction and retention as key factors rather than just the cost of doing business.
Other studies show that this phenomenon is likely to be repeated a...See the full content of this document
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