Question

Why is training important to the success of an organization? (300 words) Paragraphs only please.

Answer 1

Solution:

Every organization is working towards reducing its costs. The costs of hiring new individuals are getting significantly higher and because of which organizations are starting to invest money by training their existant workforce to save their costs of hiring new individuals as well as the attrition costs. These initiatives to train their workforce is providing organizations with various benefits where they are able to develop their existing workforce and are reducing heavily on the costs of hiring new individuals. Thus, organizations are implementing plans to design appropriate training programs for their workforce.

The technical organizations where the technology used is getting obsolete faster than ever, the costs of hiring and finding individuals with required skills are very high and the reported manhour lost is again a big loss for the organization. Hence, it becomes important for the organization to focus more on training and development of their internal workforce and allow them to take up the job roles which will be useful for their training need. The reduction in costs because of reduced attrition is another big factor impacting the P&L of the organization and Hence, the need for training can't be undermined by any organization.

Training internal employees give the organization a better chance to create a future leader who can take up the leadership positions within the organizations and homegrown leaders are always preferred to the external leaders and this can result in a highly effective way to develop top management candidates for the future. Thus, the organizations are focusing heavily on their training and development needs.