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Globalization of business
Globalization of business is the change in a business in a company associated with a single country to one that operates in a multiple country.
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Demographic changes and Diversity of workforce
Population is the important factor in determining size and composition of labour force.
(i) Increase in Ethnic and Racial diversity
It is due to immigration, increased participation of minorities in the work force and higher minority fertility rates. Training is needed to improve technical and customer service skills for immigrants.
(ii) Aging work force
Older people are being healthier and long life have opportunity to work long. An emerging trend for qualified older employees to work part time or few months. Training is needed because of diversity in work force.
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New Technology
Technology changed the way of training. Technology have impact on all sectors like robotics, artificial intelligence, nanotechnology, CAD etc.
(i) Influence on training
Training reduces the cost . Technological changes has great impact on training delivery methods, more realistic, occur and at any time and employee to choose when and where to work.New technologies include Internet, e-mail, DVDs, CD-Rom’s, mobile technology, satellite, PDAs and iPod’s.
(ii) Flexibility in where and when work is performed
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Economic cycles
Economic changes mainly occurs when there is downturn in economy. Training and development is needed because to understand the critical goal supporting the business strategy.
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Increased value place on Intangible assets and human capital
A company’s value include three type of assets that are critical for company to provide goods and services.They are
1. Financial Asset (cash and securities)
2.physical assets (property, plant, equipment)
3.Intangible assets (Human capital, customer capital, social capital and intellectual capital)
Human capital refers to sum of attributes, life experience, knowledge, energy, enthusiasm. (eg: Education, Work- related know- how)
Social capital refers to relationship in the company. (eg: corporate culture, management practices)
Customer capital refers to value of relationship with person or organisation outside the company to meet goal.(eg: Brands, customer relationship)
Intellectual capital refers to codified knowledge that exists in the company. (eg: patents,copyrights).
The value of intangible assets and human capital has three implications:1. Focus on knowledge worker 2. Employee engagement 3. Change and continuous learning.
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Focus on link to business strategy
Business strategy is a plan that integrates the company’s goals, actions and policies.Company’s business strategy is to meet broad goals such as profitability, market share, quality.
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Talent Management
Refers to attracting, retaining, developing and motivating highly skilled employees and managers. eg: sales manager given training on product flow, delivery and technical process
(i) Occupational and Job changes
The labour force is projected to increase from 13 million to 164.32 million in 2016 most within service providing industry.
eg: Medical Assistant numbers 148000 – 35% (2016)
(ii) Retirement of baby boomers
As old generation begin to retire, the implication in work force become enormous. As new workers begin to enter they need more training to understand the key value of job.
(iii) Skill Requirement
There are two specific skills needed for the job.
- Cognitive skill – mathematical and verbal reasoning ability.
- Interpersonal skill – Interact with customer, work with team and share knowledge.
(iv) Developing Leadership
To be successful in global economy leadership is essential. It involves in sharing knowledge, friendly, building teams. Leaders involve in planning, organising, controlling, leading.
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Customer service and quality emphasis
Quality is ability or a product or service to meet customer requirement.
Customer driven excellence include reducing errors and defects, meeting specification and reducing complaints. Employee need product knowledge and service skills.
TQM (Total Quality Management) is to improve the ways people, machines and system accomplish work.
There were different quality standards that company receive based on quality, service.
Training involves in meeting quality challenge by teaching employee satisfaction and engaging in lean process.
Lean thinking involves doing more with less effort, equipment, space, time but providing customer what they want.
9. High performance work systems
Work Team involve employees with various skills who interact to assemble a product or provide a service.
Cross training refers to training employee in a wide range of skills so they can perform any role in a team.
Virtual Team refers to teams that are separated by time, geographic distance, culture and they rely on technology. They are connected through mail, video conferencing, Internet.
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