Business insurance holders need to adapt to the new economic climate as their previous approaches could be built on the credit economy, an expert asserts.
Phil Flaxton, chief executive of Work Wise UK, claims that the skills, training and development investment businesses made during the last 15 years were based on the parameters and rules of a pre-recession world.
He says that this does not mean that money is being wasted but that business insurance holders must adapt to the new situation if firms are to perform well.
"It's all about realising and understanding that the game has changed. It's changed significantly, and some would argue it will never go back to what it was," he states.
Mr Flaxton asserts that the important thing to do now is determine how organisations' resources should be redeployed to take the new situation into account.
Recent research published by the Work Foundation has found that two fifths of employees believe they have more skills than their job requires.
