Dr. Seema Dhawan Research Supervisor
Title of Research Paper
Organizational investment in human resource training and development: an insight INTRODUCTION: -
The success of any organization depends on ability to utilize its human resources and other resources to achieve organizational objectives. In the field of human resource management, training and development is the field concerned with organizational activity aimed at enhancement of skills of individuals and groups in organizational settings. It has been known by several names, including employee development, human resource development, and learning and development. Training: This activity is both focused upon, and evaluated against, the job that an individual currently holds. Education: This activity focuses upon the jobs that an individual may potentially hold in the future, and is evaluated against those jobs. Development: This activity focuses upon the activities that the organization employing the individual, or that the individual may partake in the future, and is almost hard to evaluate in the present.
Objectives of Training and Development:
The principal objective of training and development division is to make sure the availability of a skilled and willing workforce to an organization. In addition to that, there are four other objectives: Individual, Organizational, Functional, and Societal. Individual Objectives – help employees in achieving their personal goals, which in turn, enhances the individual contribution to an organization. Organizational Objectives – assist the organization with its primary objective by bringing individual effectiveness. Functional Objectives – maintain the department’s contribution at a level suitable to the organization’s needs. Societal Objectives – ensure that an organization is ethically and socially responsible to the needs and challenges of the society. The Concept of Human Resource Accounting:
Human Resource Accounting as a concept was originally defined as the process of identifying, measuring and communicating information about human resources in order to facilitate effective management of an organization (Hermansson 1964). It is an extension of the accounting principles of matching costs and revenues and of organizing data to communicate other information in financial terms (Phillips, 1996). It involves measuring the costs incurred by-business firms and other organizations, when they recruit, select, train and develop human assets. It also involves measuring economic value of people to organizations.
As a decision-making aid to ensure that decisions on human resources are more rational from the management point of view. Benefits of Training & Development:
Training improves employee performance: In quality, quantity, speed, safety, problem solving, attitude, ethics, motivation, leadership, and communication. According to Ferdin and Fournies, performance problems occur because employees (1) don’t know what they’re supposed to do, (2) don’t know how to do it, and/or (3) don’t know why they should do it. Targeted training is one solution to all three factors. Training enhances company profits: Training ups revenue in increased sales, increased referrals, new product ideas, and improved customer satisfaction and retention. Investment in employee training enhances a company's financial performance. Training saves labor: By reducing duplication of effort, time spent on problem solving, and time spent on correcting mistakes. Training saves money: A better skilled workforce means fewer machine breakdowns, lower maintenance costs, lower staff turnover, lower recruitment costs, fewer bad debts, fewer customer support calls, less need for supervision, reduced downtime, and increased worker productivity. Training improves a company's competitive edge: According to Nobel Laureate Gary Becker, professor of economics and sociology at the University of...