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How important is it for companies to continue to upskill staff in the current economic climate?

"The current economic climate has really driven up the importance of having both the skillsets and the education to differentiate us from the competition.

"With redundancies an everyday occurrence and unemployment levels rising, it is imperative for those not only seeking employment but also wishing to stay in their current role to adopt an attitude of continuous learning.

"It is up to everyone, particularly those in advice-based roles, to keep abreast of developments in their area. For example, the Irish Brokers Association has recently launched a new ‘Train the Trainer’ programme for its broker members. This is in response to the new legal requirement that all pension trustees must undergo training to ensure their competence levels are correct."

Canice O’Reilly, president, Irish Brokers Association

"We’ve always had a very strong training ethic in Fields due to the history of the company and the trade we’re in.

"Everything from product knowledge to stock handling is essential, so we need our staff to be highly trained. Most businesses within the jewellery sector in Irealnd are family owned and operated, so we don’t have the luxury of having a pool of people from which to recruit.

"As a company, if we are to develop, the only way we can push forward is to upskill our people.

"We have 12 retail stores in Ireland at present, and our entire management team started out as salespeople on the sales floor. When you look at your business in these difficult times, you really have to cut down on superficial costs. However, training is definitely not one of them."

Gerry Bohan, retail director, Fields Jewellers

"It is vital, now more than ever, to develop staff upskilling programmes so that your business remains competitive and client-service levels are improved. Both are key to business success in a challenging marketplace.

"Clients expect potential partners to be hungry for their business; they have high value and service expectations. Upskilling impacts significantly here.

"Continuity of training also positions the business to respond effectively to market growth when it happens — you don’t want to be in catch-up mode when opportunity strikes.

"Staff training isn’t a cost, it’s an investment that reaps direct business rewards and delivers additional benefits in morale, key-staff retention and turnover. Neglect it at your peril!"

Alan Nuzum, chief executive, Skillnets

"It is absolutely essential to develop staff, but it needs to be done in a focused, cost-effective way.

"It is critical to manage your top talent in the current climate to ensure they don’t become demotivated, which could result in them remaining in their roles until the economy picks up and then leaving the company.

"It is important that learning and development budgets are managed in a very effective way, with the return on investment being carefully considered.

"Initiatives such as mentoring are low cost but have a high impact. Organisations should consider these type of initiatives: using in-house competence and skills rather than solely relying on external offerings."

Mary Collins, head of talent development , Deloitte

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