Ensuring cost effectiveness in support of training

Abstract

This paper supports a theory that to maintain a competitive advantage in today's global business environment organisations must be able to effectively increase the speed of their employees' learning. An attempt has been made to address the issue that to be successful in the next century, businesses will have to alter the method of evaluating employees' knowledge, skill level and technological capability. In today's business environment, organisations must adapt quickly to changing opportunities that are only possible if their organisation's competencies, skills, knowledge, and technological capability are effective. To do so, it is believed that management must first inventory, and define the current asset value of their employees' "knowledge and skill level". Then they will have to implement an assessment method to determine the return on investment (ROI) from further employee training. This process requires management to have new tools to assist them in identifying and managing the organisation's investment in its knowledge base.