The Financial benefits of employee training and development Essay

The Financial benefits of employee training and development - Essay Example Additionally, the turnover also affects the profit maximization tendencies in the organization. The labor turnover can be reduced by ensuring employee stability and decreasing the entry and exit of employees. Training and development of the employees decreases the labor turnover rates. It will make sure that human resource department has a constant rate of hiring and firing. Training the employees will reduce the chances of firing since they will be competent in their jobs. Additionally, the development process will prevent employee productivity. Investing in the present employees will cause the firm to reduce the turnover. It will include hiring professionals who ensure perfection in their work. As a result, providing practical and theoretical training to professionals is advantageous to the firm in terms of cost and employee comprehension levels. For example, when an organization hires professional, the knowledge provided to them during training will be used to firms advantage. The vetting processes should be strict to ensure the division of labor. Additionally, the specialization helps in the training processes because experts can be hired based on the various divisions of labor (Saks, Robert and Jack 51). Training and development will ensure the employees are coached and equipped with current market trends. The employees can socialize and form groups at the workplace; hence, increasing the productivity and reducing labor turnover. Training emphasizes on extra skills in specific job descriptions. The expertise, on the other hand, will increase self-confidence in the employees helping them in handling the allocated roles. As a result, the human resource department will be satisfied with the current labor and eliminate cases of employee exits that may cause a firm extra resource. Development will have an impact on the professionalism of