Firms ‘cutting personnel investment’

SOME businesses have succumbed to the basic instinct of cutting personnel development budgets in the current economic climate, a national personnel conference has heard.

While this can create short-term financial benefits, it can have a negative impact on company performance in the long-term as employees may not be able to keep up with changing trends, the Chartered Institute of Personnel Development (CIPD) was told at the weekend.

A new PricewaterhouseCoopers study has identified 35% higher revenue in organisations with a human resources strategy.