DB Reply Instructions:You will be required to reply to 1 other classmate's thread. Each reply must be 250-350 words and be supported by 1 other scholarly source in current APA formatting.
All sources must be current, or published within the last 5 years. Do not use other textbooks aside from course materials and do not repeat sources used in the thread in your response.
Student's question: Question #2- How can training benefit a company in difficult economic times?
Student's thread:Training is something that many companies consider as a way to boost their performance in the times when business and the economy are doing well, but it is also a useful tool to help protect against downfalls when the economy takes a turn for the worst. Companies that engage in innovative and progressive training tactics have an advantage during tough times (Sheehan, Garavan, &Carbery, 2014).
Proverbs 6:6-9 (NIV) talks of ants who take time to store up what they will need for the winter during the summer when food is plentiful. The same lesson can apply to training and development- by preparing in the present, difficult times will be easier to weather. Training must be viewed as an investment in the human capital an organization possesses which aids competitive advantage (Noe, 2017, p. 18).
By investing in this important resource companies receive benefits including increased retention and morale, quality of performance increases, and increased flexibility from workers (Pollitt, 2013). It can also protect against the need for large lay-offs which result in the loss of talented, hard working employees that are beneficial to the company's performance (Pollitt, 2013).
Companies can prepare for or recover from difficult economic times by adopting a culture of learning. A focus on learning helps employees to be prepared for changes in the work environment or needs of the company, as well as encourages them to pursue better practices in their day-to-day work (Noe, 2017, p. 21). Training programs help build various competencies in employees that contribute to their job performance and ability to take on new tasks (Jonsson &Scholin, 2016).
This flexibility and aptitude for change helps productivity and cultivates positive employee perceptions of changes in business structure since they feel better prepared and more valuable to the organization (Jonsson &Scholin, 2016). Well-developed training programs focused on continuous improvement are a hallmark of dynamic, successful organizations (Sheehan et al., 2014).
Investing in employees sends a signal to employees that they are valued and appreciated whether they use their training to continue within the organization or pursue other opportunities (Jonsson &Scholin, 2016). Companies use training programs as a way to develop talent and encourage strong performers to stay with the company, which helps alleviate some of the fluctuations related to economic changes and increase retention (Noe, 2017, p. 14).
Training provides an opportunity to increase employee awareness about why certain job functions are important and the ways that they can personally contribute to the company's success (Pollitt, 2013). This creates a sense of personal investment in the company where employees can relate their own success to that of the organization as a whole (Pollitt, 2013). Training is a chance to treat employees well and show them that they are more than a cog or a number but an important part of the organization.
References
Jonsson, S., &Scholin, T. (2016). Process of change - competence development as a restructuring strategy. Journal of Management Development, 35(1), 2-16. doi:10.1108/JMD-11-2013-0146