The quality of employees and their development through training and development are major factors in determining long-term profitability of any business. If company hires and keeps good employees, it is good policy to invest in their skill development, so that they can increase the productivity.
Training is currently a strategic function in many organizations. There is need to train the employees on continuous basis. It is also necessary that training prepares employees, in the shortest possible time, to take over the responsibilities independently. In many organizations training often is considered for new employees only.
This perception can become a mistake because ongoing training for current employees helps them to be knowledgeable and adjustable to rapidly changing job requirements.
Many researches have shown specific benefits that a business receives from training and developing its employees which mainly include increase in productivity, reduction in employee turnover, increase in efficiency resulting in financial gains, and decrease in need for supervision.