Cost of Having to Maintain Research and Development

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Cost of Having to Maintain Research and Development

Table of Contents

Introduction
Discussion
Conclusion
References

Introduction

The primary reason why the majority of organizations tend to curb their training initiatives is the increasing cost of having to maintain research and development. This means that quite a few businesses do not have long-term plans regarding employee training simply because of a lack of monetary resources (Na-Nan & Sanamthong, 2020). From an organizational standpoint, it creates a conundrum where no corporation can advance unless it chooses to invest in its employees, but even more skilled workers are necessary to educate their lower-tier colleagues.

Discussion

Hence, the principal negative consequence of having to cope with fewer training initiatives is the lack of trust displayed by the workforce toward the employer. At the same time, the local community could look at this issue and decide not to move forward with the given organization due to the poor treatment of employees (Mihardjo et al., 2020). The company will be rather likely to stagnate without new talent, which is going to result in additional monetary investments that have not been predicted by managers. Finally, the organization is going to lose its competitive edge, as proper workforce training presupposes mindful resource allocation and forward thinking.

Conclusion

If a more people-friendly practice was incorporated, it would lead to the development of collaborative efforts and the build-up of much more knowledgeable staff. The local community would become interested in interacting with the company. The latter would find ways to capitalize on the sense of belonging and create a loyal follower base among workers, customers, and other stakeholders. According to Sahoo and Mishra (2019), businesses that pay attention to individual experiences can be expected to achieve more positive outcomes because they focus on non-materialistic variables. These might include loyalty, equity, and knowledge-sharing.

References

Mihardjo, L. W., Jermsittiparsert, K., Ahmed, U., Chankoson, T., & Iqbal Hussain, H. (2020). Impact of key HR practices (human capital, training and rewards) on service recovery performance with mediating role of employee commitment of the Takaful industry of the Southeast Asian region. Education+ Training, 63(1), 1-21. Web.

Na-Nan, K., & Sanamthong, E. (2020). Self-efficacy and employee job performance: Mediating effects of perceived workplace support, motivation to transfer and transfer of training. International Journal of Quality & Reliability Management, 37(1), 1-17. Web.

Sahoo, M., & Mishra, S. (2019). Effects of trainee characteristics, training attitudes and training need analysis on motivation to transfer training. Management Research Review, 42(2), 215-238. Web.

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