A new initiative has been launched in Australia which could benefit both employers and their staff as companies do their best to survive during the credit crunch.
Retrain, Award, Retain is the idea that instead of worrying about turnover and lost productivity while searching for the right employee, businesses are encouraged to train their existing staff to fill positions, Management Issues reports.
This can mean that employees who are known to be hardworking and reliable are being encouraged and reassured by their managers, as well as satisfying the job role.
Those who may want to advance within their company or are feeling dissatisfied with their current position will also feel the benefits while gaining new skills and a chance to improve their CV.
ClickAJob Marketing Manager Anders Jensen welcomes the idea.
"Having staff with the right attitude and culture fit already on board is like winning the battle before you start," he points out.
"Committed and trustworthy, they're already through the difficult phase of being brought up to speed and familiarised with company procedures."
He concludes, "Training or retraining them is the easy part. You already have their buy-in and motivation - nothing is better than that."
According to Personnel Today, the government has announced that £93 million of funding is going to be given to those in the fashion, textiles, housing and facilities management sectors to spend on training.