Training

Training and development involves improving the skills and attributes of a firm’s workforce in order to lift productivity, generate new ideas, make use of new technology, and build capacity in star employees for future leadership roles within the firm.

The business environment is always changing. If the internal skills set is out of date within a firm, it will fall behind. Training is required to ensure that the firm has the human capital to gain competitive advantage in this changing environment.

• Training: delivering internal courses or sending staff to external courses to teach specific skills and tasks associated with their roles in the firm. This is focused upon the current roles that staff hold in the firm. This could include technology courses, induction, health and safety training.

• Development: delivering targeted learning opportunities designed to build the capacity for staff to adopt new roles of responsibility and leadership in the future. Developing star employees is the best way to ensure the firm has the leadership talent to replace executives as they depart (internal recruitment - succession).

Training and development can inspire and motivate a workforce. It is a business expense, but should be considered as an investment in the human capital of a firm; eventually contributing to greater firm performance and profitability over time.