With growing wage pressure, historic inflation, and recession fears on the rise heading into 2023, one might expect training and development budgets to be on the chopping block for many organizations, as they have so often been in the past when money got tight.
Fortunately, recent data suggests that annual U.S. training expenditures per employee actually rose slightly in 2021 compared with 2020.
Focusing on Training in Different Ways
Despite training budgets holding mostly steady, companies aren’t spending that money the same way they have been in the past. Instead, a greater proportion of budgets was being allocated to training of people managers in 2021 (20%) compared to 2020 (13%).
