Education: Key factor in SMEs growth

SMEs contribute to 40% of GDP and generate more than 90% of net employment growth. The current economic and social crisis makes them be on a tightrope. In order to stay afloat, they need to increase their competitiveness and become more efficient. How can they achieve this? 

The answer is innovation. This implies more knowledge, which generates a greater need for education

Only 20% of companies have access to training plans 

Any company that requests it could have access to specific training plans aimed at its employees. The cost is low and can be fully subsidized. However, the data shown in the latest Annual Report on Training in Companies (by the State Foundation for Training in Employment) shows that companies do not have such training in their planning. 

Only 19.8% of the companies have carried out subsidized training. The micro-companies have been the least important, as only 15.1% of them have accessed a subsidized training program. Furthermore, in 2019, less than 15% of Spanish workers have had access to a training system. 

Investment in human capital  

The almost continuous updating of our knowledge is a necessary requirement in our society. This implies continuous training for both workers and managers. 

The economic resources allocated to training should be considered an investment and not an expense. It results in the creation of human capital able to provide a greater and better performance of the company.   

There are some advantages: 

  • Loyalty. When companies invest money and time in improving their workers’ skills, it means they consider they are important for the company. This will make employees feel a greater sense of commitment to the company. 
  • The increase in productivity and profitability of the employee and the product are also part of the result of the training. In turn, there is an increase in customer satisfaction and loyalty. In short, there are better business results. 
  • Employee motivation is fostered by greater investment in training, contributing to greater competitiveness on the part of the workers. This will ensure the success of the company. 
  • Efficiency. Trained staff are much more effective in their work. 

The company will end up being more attractive to future employees, since the possibility of receiving continuous training is highly valued.   

It is important that the self-employed also consider that training will differentiate them from the rest and will add value to their business. 

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