Companies around the world spend up to $100 billion a year1 to train employees in the skills they need to improve corporate performance—topics like communication, sales techniques, performance management, or lean operations. But training typically doesn’t have much impact. Indeed, only one-quarter of the respondents to a recent McKinsey survey said their training programs measurably improved business performance, and most companies don’t even bother to track the returns they get on their investments in training.2 They keep at it because a highly skilled workforce is clearly more productive and because employees often need new skills to deal with changes in an organization’s strategy or performance.
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