IMPORTANCE OF TRAINING AND DEVELOPMENT?
Meaning: -Training is viewed as a short term learning process by which employees acquire the technical knowledge and skills necessary to perform effectively their tasks and responsibilities. Whereas, Development is viewed as a long term learning process by which managerial personnel acquire conceptual and theoretical knowledge and skills for enhancing general administrative abilities.
Definition: - “Training consists of planned programs undertaken to improve employee knowledge, skills, attitudes and social behavior so that the performance of the organization improves considerably.” Defined by……….. (Wayne Cascio)
Training serves various purposes. Training is important to the employees as well as to the organization.

1.       Innovation: - Training facilitates innovation in the organization. Due to training, the employees come up with innovative ideas in respect of; New Plans, New Products, New Schemes, etc. innovation gives competitive advantage in the market.

2.       Corporate Image: - Training enhances corporate image of the organization. Due to training, the performance of the organization improves greatly. Therefore, the image of the firm improves in the minds of various stakeholders; customers, employees, shareholders, dealers, etc.

3.       Efficiency: - Training enables the organization to improve efficiency of its employees. Efficiency is the ratio of return to costs. Due to training, the company gets higher returns at lower costs. The returns are in the form of higher sales, higher profits, higher market share, etc.

4.       Team Work: - Training facilitates team work in the organization. Team work brings success to the organization. Due to training, the management and the employees work as a synergetic team.

5.       Optimum use of resources: - Training ensures optimum use of resources such as; Physical Resources, Capital Resources and Manpower. Optimum use of resources generates higher efficiency in the organization.

6.       Motivation: - Training facilitates motivation of the employees in the organization. Due to training, there is higher performance in terms of sales and profits. Therefore, employees are motivated by giving incentives; monetary incentives (salary, bonus, incentives) and non monetary incentives (working condition, welfare facilities).

7.       Competitive Advantage: - Training generates competitive advantage to the organization. Due to training there can be; improvement in quality and reduction in Costs. Therefore, the organization can gain competitive advantage in the market.

8.       Customer Satisfaction: - Training may results in customer satisfaction. Customer satisfaction takes place when the product performance matches with customer expectation. Due to training, the overall performance of the employees improves in terms of product quality, delivery of product, service performance, etc.

9.       Absenteeism Reduction: - Training helps to reduce absenteeism. It takes place when employees remain absent without prior permission. Absenteeism creates problems to organization as well as the co-workers. Training helps to develop positive attitude in workers and therefore, the absenteeism may get reduced.

10.    Employee Turnover Reduction: - Training facilitates reduction in employee turnover. Employee turnover takes place when employees leave the organization. Due to training, employees become loyal t the organization, which in turn may reduce employee turnover.

11.    Benefits to employees: - Apart from benefits to the organization, the training and development programmes benefit the employees in several ways:
ü  Training helps to upgrade knowledge and skills
ü  Training develops positive attitude.
ü  Training may result in higher rewards.
ü  Training may provide an opportunity for promotion.
ü  The refresher training programmes refreshed the employee.