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Friday, April 29, 2016

A Growing Need for Training

The economy is shifting and companies will need to retool and retrain their people to produce higher quality services and products. Companies will need to change and adjust to keep up with growing trends in technological advancement. Intellectual capital will become a bigger necessity over the next decade. Where higher education fails is where training starts-sometimes they both can work together.

Higher eduction provides critical thinking skills and general industry knowledge that helps employees adapt and master their environment. Some people may go decades without updating their skills. When this occurs employees fall behind the changes in industry trends and they become stale and their value suffers.

One way to avoid skill deficiencies is to invest more in corporate training. Higher education may provide general knowledge while training & develop offers specific information to that business or industry. Companies are likely to train employees more in an effort to ensure that they are competitive.

Consider a company that is trying to create greater efficiencies through the use of adapting and integrating new technology. Employees that are not capable of understanding this new technology will be increasingly disposable as the technology outstrips their capacity to adapt to it.  Helping them adapt incrementally through training makes sense.

Intellectual capital is one of the most important assets any company can have. Without the knowledge needed to meet modern changes in technology and skill it is unlikely that higher value products and services will be produced. Companies that invest in training will create greater labor input value while those who don't will move more toward low value products.

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