Tom Peters has a couple of interesting points on budget cuts on his blog. The first is how anyone can cut 1% from a budget – he recommends spending no more than an hour and identifying simple ways to reduce spend.
If you took this into your personal finances, just think what you would save. Equally interesting is to realise just how much you spend – the average £50 weekly supermarket shop is £2,600 a year. 1% is saving £26, which doesn’t seem a lot to me – set a target of say £600 off, which is a real saving.
The second tip is to cut 5-10% off capital projects to be spent on people instead. All too often the training budget is among the first to be cut. Yet, investing in people delivers better results even if the bean-counters can’t immediately count them.
I can see the growth in confidence and ability of those studying the CIPR qualifications in public relations – learning new skills and theory certainly helps people become better at their jobs. Their motivation is improved and undoubtedly they return more than has been invested in the fee. CIPR should seek to research the actual bottom-line benefits of a qualification to employers – and to the individual. From my experience, promotion or a job change with better pay are a common outcome for successful students.