With the changing time and even fast changing technologies Indian companies have started realizing the importance of corporate training. As the companies are setting up their branches all over the world, becoming multinational corporations they need trained employees who can raise the profits. Today, training is considered as a tool for employee retention. The cost incurred on training an individual in a company is recovered if the employee improves his skills after the training is imparted and the productivity is raised. Training has now become important in every field be it Sales, Marketing, Human Resource, Logistics, Engineering, Production and Manufacturing, Inventory Management etc. Indian companies fulfill their requirement of skilled workforce by providing on-the-job trainings and other internal educational programs which are designed to quickly improve the expertise of new recruits especially in the high-tech industry.
In India, the development efforts for the workforce are being done very late and above all they are not innovative or very unique. The U.S and European companies have been using such programs from decades for their employees. Innovation comes from integrating programs into day-to-day operations and systems of career advancement; the use of technology in managing the processes; and the decision-making that is based on them. In 2007, India’s top five IT companies TCS, Infosys, Wipro, Satyam, and HCL had recruited around 120,000 new employees, most of them coming straight from Indian universities. Training provided to them, described as “Freshers’ Training”, is a major part of corporate strategy, with CEOs and many senior employees often deeply involved. It is costly and time-consuming as all the new recruits are at their nascent stage to understand the practical implications of the theory which they had studied. But there’s a paradox: Although the Indian model works well, it is only for India-specific reasons. India lacks a sound accreditation system for higher education. The workforce absorbs and trains most students who graduate from unaccredited institutions. For the political and economic stability of a country it’s important to engage youth in technological development.