There have been many instances where accountants have found themselves in conflict with human resource managers over investing huge financial resources in the training and development of employees. Some accountants consider such investment as wasting of resources. State FIVE benefits of training and development of employees to an organization. (10 marks)
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i) High Quality Staff: Investing resources in training and development activities enables the organization to increase the competence and skill levels of the employees, which will help them to undertake their tasks more effectively and efficiently.
ii) Increased Commitment: When employees realize that the organization invests resources in their training and development, it increases their commitment and also helps them to identify with the objectives of the organization.
iii) Provide for Succession: Investment in training and development of employees will enable the firm to identity those employee who possess talents and prepare them to take up positions in the firm when the need arises.
iv) Prepare for change: Training and development activities also help prepare employees to manage change by increasing their understanding for change and provides them with knowledge and skills they need to adjust to the new situation.
v) Improved performance: When employees are taken through training and development activities, it enables them to acquire additional skills and knowledge that will help improve upon their efficiency in their day-to-day performance.
vi) Increased productivity: Training and development activities help to enhance individual, team and corporate performance in terms of output, quality and the overall organizational productivity.
vii) Operational Flexibility: Investment in training and development activities help to improve operational flexibility by extending the range of skills possessed by employees that can help them to work in various levels and aspects within the organization.
viii) Gaining competitive advantage: Investing in employee training and development activities facilitates the acquisition of new skills which enables the employees to improve upon their productivity leading to competitive advantage.
ix) Customer Service: Acquiring knowledge and skills will help the employees to serve customers better and increase their retention. (Any 5)