Essay
Unit 21 Training & Development
- Institution
- PEARSON (PEARSON)
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Unit 21 training and developmentEmployee Training and
Development: Reasons, Benefits
and Costs
How does training and development help the business to
fulfil/achieve their business’ objectives? Evaluate the
likely costs & benefits of using different training methods
to meet the employee’s needs?
Introduction
As a researcher, I shall explain how does training and development aide into helping the business to
fulfil or achieve their SMART objectives in an easier and more understandable manner. By doing this is
important because, I am evaluating whether the SCCA shall become successful or not based upon their
progress so far; is intertwined with SCCA’s training and development schemes which are offered to their
employees such as Shadowing. This in turn would aid the business into hopefully achieving their aims
and their smart objectives in a quicker and more efficient manner. This in turn, would aide SCCA into
becoming more likely to become an international business in the future if they choose to become to;
this depends upon their aims and their smart objectives.
Summary
I will discuss the training and development schemes, whether they prove to be effective or not to meet
the business’s best aims and their smart objectives. I shall explain why SCCA would be interested into
training their employees also, I shall do this by assessing the reasons why that SCCA would want to train
their employees too. I shall also evaluate the costs and benefits that are often linked by providing a
range of different training methods to meet the more individualistic needs of each employee who would
be working for the business. My chosen business that I shall be discussing throughout my report would
be Shareef & Co Chartered Accountants (SCCA). There can be many different reasons that can be utilised
to explain why SCCA may train their employees. I shall explain these reasons by using a variety of
different examples to illustrate this because, I am investigating the training and development of my
selected business throughout.
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, 1- Explain the reasons why my chosen business trains its employees
(p1,m1) Explain the reasons by using the examples from my
chosen business to illustrate
Strategic reasons
One possible reason that SCCA may train their employees would be a strategic reason because, this
could potentially aide SCCA’s growth and progress into meeting their SMART Objectives. An example can
be to increase their target customers’ social awareness of the products and services over a specific
period of time, that they may offer like bookkeeping when necessary. The target market for SCCA would
be the clients of a particular business. With this in mind, SCCA can “provide training and development
schemes for their employees when needed at a strategic level” because, strategic reasons when there’s
an “overall aim or long-term goal that’s needed to be achieved by SCCA” (Phillips,2017). Strategic
reasons can depend solely upon the business itself and I shall be explaining the strategic reasons for
SCCA in more detail and depth in the following section of my report. By doing this, SCCA, the business as
a better chance of achieving their business’s goals in the long term such as to increase their net profit
margin. I think that different types of training and development schemes can be both advantageous and
be a potential drawback as, this depends upon their training and development schemes being offered.
Increase profit
One reason why that SCCA may want to train their employees, is to increase their profit as a potential
aim or SMART objective. By doing this, enables SCCA to have a higher chance of becoming successful
because, they would want to achieve or meet their business’s goals in the long run; SCCA wouldn’t
suffer any future, financial problems such as financially instability. My example of low profits can impact
SCCA severely in the both the long and in the short term because, if there’s low profits present then,
SCCA may become forced to close down and no longer be a business if this was to occur for them. SCCA
can provide a “cost effective training in order to, lower their business’s expenses as, this in turn would
also increase their profits” (phillips,2023). I think that the “training and development can increase the
profits” of SCCA because, the business shall be able to undergo this by the “cost awareness training”
which would enable the training and the development of SCCA’s employees to be “effective and efficient
as possible to meet the best interests of SCCA overall” (Phillips,2017).
By providing different types of training can prove to be a waste of valuable time because, some
employees may not choose to become trained hence, these few employees already have the right
experience and the right skillset to work for SCCA so, in some cases training and development is no
longer needed for these individuals. SCCA would offer training and development when required
because, this shall enable the right individuals to be trained based upon their previous experiences in
other job roles such as Marketing and Advertising. Henceforth, this shall also enable SCCA to become
more affluent because, SCCA would be able to cater for the needs and wants of both their employees;
their customers. Their employees who would become more willing to work for them in the long run and
this has been caused by SCCA’s training and development opportunities; schemes being available for
them. This implies that if SCCA didn’t offer their employees any training nor development then, the
employees wouldn’t become empowered nor interested into working for SCCA due to these difficulties
being present for them. These difficulties can be resolved by SCCA’s employees becoming more trained
and developed; this would be reinforced by SCCA. This would also affect the employee’s retention
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, within SCCA because, the lack of training and development can lead to low morale and low employees’
motivation in the long run.
This can be advantageous for SCCA since, an example of this can be where SCCA can gain a better
reputation by utilising their social awareness through their online website as shown by the figure 1. By
doing this, enables SCCA to provide a more specialised and specific training in order to enable them to
achieve their business’s goals; for them to have a better and more skilled workforce too. Therefore, if
SCCA didn’t consider the drawbacks nor the benefits of offering training then, it would be unlikely for
SCCA to achieve their business’s goals in the upcoming future. SCCA must consider all factors before
they can offer their training and development for their employees in order to, maintain their
competitiveness in the Accounting and Finance industry.
Increase turnover (total income/ business’s earnings)
One reason why SCCA would choose to train their employees is to increase their turnover because, by
doing this they would have some sort of financial security for their profits and if any losses are present.
This example is important as, this enables SCCA to become more selective when choosing their
employees because, SCCA would want the right individuals with the right level of experience and skill to
work for them to ensure that no time is being wasted. Therefore, by doing this, SCCA has a better
chance of becoming more independent since, SCCA would be able to stand out from their competition
as an attempt to attract a variety of different customers such as business’s owners. Therefore, by having
a high turnover shall also benefit SCCA as, this makes them more prosperous than beforehand.
SCCA would “increase their turnover” which means “how many sales that the business is making based
upon its selling” (phillips,2023). An example of this benefit can be to “increase the confidence for SCCA”(
phillips,2023).This is highly significant for SCCA as, by providing their training and development for their
employees can enable their “employees to be more equipped with the right skills, experience, expertise
and knowledge to complete their job roles” in an “efficient and effective manner” in SCCA’s long run
(Philips,2017). Therefore, SCCA shall become able to achieve their business’s objectives such as to
increase their turnover because, SCCA would have a more skilled workforce due to the training and
development that they would offer for their more resilient employees. This depends upon the type of
training and development that is needed for each employee.
SCCA can become experienced by difficult problems such as a decrease in turnover because, SCCA didn’t
offer their employees any training nor development opportunities at all. This example also shows that
SCCA is reliant upon providing their employees with the right type and amount of training; development
schemes. Henceforth, SCCA may experience further difficulties since, SCCA may resolve these problems
in a coherent and easy-going manner. This would be solved by SCCA because, their training and
development must be offered for every employee or team member who decides to work for SCCA in the
long run.
Become a market leader
The last solution that SCCA can face that would be caused by their employees to experience more
training and development schemes such as Shadowing an Accountant, can be to “become a market
leader” (Phillips,2017). By becoming a “market leader” means when SCCA is capable of “providing more
opportunities for their employees to become more skilled and to gain a better specialism based upon
the more individualistic training provided by the business” (Phillips,2017). I consider this to be important
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