Firms 'should not cut training spend'

Training budgets should not be an area in which companies should make cost savings, the Chartered Insurance Institute (CII) has said.

Daniel Pedley, public affairs manager at the professional organisation for insurance and financial services specialists, explained that training and development improves the chances of recovery post-recession.

He said: "We would certainly advocate not cutting training in times like this. We believe that investing in training now, during a downturn, will help you come up in a better position when the recovery comes.

"If you invest now you are putting yourself in a much better position for later on down the track."

Recent research from the CII suggests that although more than one-quarter of insurance professionals, including those doing risk jobs, fear job losses, only two per cent have actually been made redundant.

The study also found that two-thirds of insurance firms believe it is essential to continue staff training during the recession.

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