These days, nearly all businesses need some sort of means of training their current employees. Firing and hiring new staff members is too inefficient a method of infusing new knowledge into a company; the high turnover rates simply cost too much. Staying in-house, history has shown in-person training to be a very proficient learning method for employees, albeit not the most cost efficient. After all, a business and the bottom line is always king. Finding a method that yields the greatest ROI should be the goal of any successful business model.
At the end of the day, when a business is determining whether they should implement an employee training program, they need to analyze all the factors involved and decide whether the benefits of the training program will exceed its costs. For most businesses, these are the major factors that need to be taken into account: