Continuing education is a key strategy many companies use to equip their employees with new skills and knowledge. According to a 2011 study by Dr. Divina M. Edralin, a company usually spends around P1.2 million annually for training and development.
Why spend on training and development?
For many companies, it’s a question of not only survival, but also maintaining the so-called competitive advantage, or that which makes a company better than, or at the very least, comparable to, its competitors. In a fast-paced global economy filled with flux and folly, a company must be ready to adapt at any moment. And this is where training and development comes in as a strategy.
The study cites improving work performance, enhancing creativity and problem -lving skills, as well as developing employee capability to contribute in enabling organizational flexibility to adapt to change. These are some of the reasons why companies choose to train their employees. With a well-trained workforce, an organization can more easily retain its edge, allowing the company to perform at its best......
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