The importance of training (Edexcel GCSE Business): Flashcards
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Practise the cards
13 cards from this deck
What is training's role in business success?
What is training's role in business success?
Enhances employee capabilities & creates effective workforce
What are the 3 main areas training benefits businesses?
What are the 3 main areas training benefits businesses?
Developing skills, boosting motivation, improving retention
Benefit of highly skilled staff
Benefit of highly skilled staff
Gain competitive advantages over rivals
How training affects employee confidence & motivation
How training affects employee confidence & motivation
Increases confidence, leading to higher motivation levels
Productivity increase from motivated employees (%)
Productivity increase from motivated employees (%)
Up to 13% more productive
Why training improves staff retention
Why training improves staff retention
Employees feel valued & see growth prospects, less likely to leave
Cost of replacing an employee (% of annual salary)
Cost of replacing an employee (% of annual salary)
50% to 200% of annual salary
Use of computer simulations in training
Use of computer simulations in training
High-risk professions (pilots, surgeons) practise dangerous procedures safely
Benefits of online training courses
Benefits of online training courses
Flexible, remote access, learn at convenient times & places
Challenge of introducing new technology systems
Challenge of introducing new technology systems
Employees need retraining - costly & time-consuming
Impact of retraining on productivity
Impact of retraining on productivity
Temporarily reduces productivity during adaptation
What self-directed learning emphasises
What self-directed learning emphasises
Employee responsibility for their own development
What is performance management?
What is performance management?
Systematic approach setting specific targets linked to compensation & rewards