Since the beginning of the twentieth century and especially after World War II, training programs have become widespread among organizations in the United States, involving more and more employees and also expanding in content. In the 1910s, only a few large companies such as Westinghouse, General Electric, and International Harvester had factory schools that focused on training technical skills for entry-level workers. By the 1990s, forty percent of the Fortune 500 firms have had a corporate university or learning center. In recent decades, as the U.S. companies are confronted with technological changes, domestic social problems and global economic competition, training programs in organizations have received even more attention, touted as almost a panacea for organizational problem. The enormous expansion in the content of training programs over time has now largely been taken for granted. Now people would rarely question the necessity of training in conversational

skills. However, back to the 1920s, the idea that organizations should devote resources to training employees in such skills would have been regarded as absurd. Such skills clearly were not part of the exact knowledge and methods that the employee will use on his particular job or the job just ahead of him. Nevertheless, seventy years later, eleven percent of U.S. organizations deem communications skills as the most important on their priority lists of training, and many more regard it as highly important. More than three hundred training organizations specialize in communications training (Training and Development Organizations Directory, 1994). Previous studies on training have largely focused on the incidence of formal training and the total amount of training offered. This study, however, draws attention to the enormous expansion in the content of training with an emphasis on the rise of personal development training (or popularly known as the "soft skills" training, such as leadership, teamwork, creativity, conversational skills and time management training). Personal development training can be defined as training programs that aim at improving one's cognitive and behavioral skills in dealing with one self and others. It is intended to develop one's personal potential and is not immediately related to the technical aspects of one's job tasks. Monahan, Meyer and Scott (1994) describe the spread of personal development training programs based on their survey of and interviews with more than one hundred organizations in Northern California. "Training programs became more elaborate; they incorporated, in addition to technical training for workers and human relations training for supervisors and managers, a widening array of developmental, personal growth, and self-management courses. Courses of this nature include office professionalism, time management, individual contributor programs, entrepreneur, transacting with people, and applying intelligence in the workplace, career management, and structured problem solving. Courses are also offered on health and personal well-being, including safe diets, exercise, mental health, injury prevention, holiday health, stress and nutrition."

Training Excuses Training is one element many corporations consider when looking to advance people and offer promotions. Although many employees recognize the high value those in management place on training and development, some employees are still reluctant to be trained. It is not uncommon to hear excuses regarding why someone has not received training. Some people are just comfortable in what they are doing. Some fail to see the value of training because they really believe that they already know it all. And while that might be true, the knowledge value of training and development is not the only perk. Training and development offers more than just increased knowledge. It offers the added advantage of networking and drawing from others¶ experiences. When you attend a seminar or event with others who have jobs that are much like yours, you have the added benefit of sharing from life experience. The seminar notes or the conference leader might not give you the key nugget you take back and implement in the workplace. Your best piece of advice for the day might come from the peer sitting beside you. Another common excuse is that there is not enough money budgeted to pay for training. Who said that training always carries a heavy enrollment fee? Training can be free. You can set up meetings with peers who are in similar positions and ask how they are doing their jobs. Follow someone for a day to see how he organizes or manages his work and time. The cost to you is a day out of your normal routine, so the only drawback may be working a little harder on an assignment to catch up from a day out of the office. You usually don¶t think twice about taking a day of vacation, so why should a day of training be any different? Time is another often-heard excuse when training and development is mentioned. Have you considered that training and development might actually give you more time? Often the procedures, ideas, short cuts, and timesaving hints learned in training and development sessions equal more time in the long run. Have you heard the old saying that you have to spend money to make money? Well, in a sense, the same is true for training and development. You have to devote some time to training and development to make you more productive in the long run.

Nature of Training and Development in banking sector

In simple words, training and development refers to the imparting of specific skills, abilities, knowledge to an employee. A formal definition of training and development is determined as follows:

³It is any attempt to improve current or future employee performance by increasing an employee¶s ability to perform through learning, usually by changing the employee¶s attitude or increasing his or her skills and knowledge.´

The need for training and development is determined by the employee¶s performance deficiency, computed as follows:

Training and development needs = Standard performance ± Actual performance

We can make a distinction among training, education and development. Such distinctions enables us to acquire a better perspective about the meaning if the term training. Which refers to the process of imparting specific skills, Education, on the other hand is confined theoretically learning in classroom

To distinct more, the training is offered in case of operatives whereas development programs are conducted for employees at higher levels. Education however is common to all the employees.

Employees particularly like supervisors and executives. need interpersonal skills mostly know as people skills.Inputs in Training and Development in banking sector Any training and development programme must contain inputs which enable the participants to gain skills. A worker needs skills to operate machines. These skills helps a person understand oneself and others better and act accordingly. Persuading and showing an understanding of others feelings . This is basic skills without which the operator will not function.These skills involve learning to move various parts of their body in response to certain external and internal stimuli. There is also a need of motor skills or psychomotor skills as they are refer to performance of specific physical activities . Examples of interpersonal skills include listening. learn theoretical concepts and help acquire vision to look into the distant future. The inputs of training and development are as follows: 1) Skills 2) Education 3) Development 4) Ethics 5) Attitudinal Changes 6) Decision making and problem solving skills 1) Skills Training is imparting skills to the employees. and use other equipments with least damage and scrap.

Development programmers should help an employee to be a self-starter. to see and feel points of view different from their own. a nagging dissatisfaction with the status quo. It helps teach an individual to communicate without filters. That any training and development programmers must contain an element of education is well understood by the HR specialist. sometimes.2) Education The purpose of education is to teach theoretical concepts and develop a sense of reasoning and judgment. CMD. Chief executive officers (CEO¶s) are known to attend refresher course conducted in many Business schools. 3) Development Another component of a training and development programmers is development which is less skill ± oriented but stress on knowledge. which should again helps him being self generating. motivation. And finally helps install a zest for excellence.e. Education is more important for managers and executives than for lower-cadre workers. . It should also help in making the employee sensitive towards the environment that is his work place and outside. Shaw Wallace. attended such a two month programmers at the Harvard business school. Also helps them understand the powers in their hands and thereby develop leadership styles which inspire and motivate others. The late Manu Cambria. Help him see himself as others see him and accept his self image as a prelude to change. It should make their performance result oriented and help them in being more efficient and effective. human relations. In fact. specific industry analysis and the like is useful for better management of a company. Knowledge about business environment. organizations depute or encourage employees to do courses on a part time basis. his potentials and his limitations. build sense of commitment. This programmers should keep the employee aware of him i. a divine discontent. management principles and techniques.

It is his/her duty to enlighten all the employees in the organization about the need for ethical behavior. generate alternatives. They are less seen and talked about in the personnel function this does not mean that the HR manager is absolved if the responsibility. Attitudes affect motivation. supervisors and professionals . If the production. 5) Attitudinal Changes Attitudinal represents feelings and beliefs an individual towards others.4) Ethics There is a need for imparting greater ethical orientation to a training and development programmers. Training of this type is typically provided to potential managers. Changing negative attitudes is difficult because of (1) (2) (3) Employees refuse to change They have prior commitments and Information needed to change attitudes may not be sufficient. satisfaction and job commitment. Negative attitudes needs to be converted into positive attitudes. Attitude must be changed so that the employee feels committed to the organization and give better performance. finance or marketing personnel indulge in unethical practices the fault rest on the HR manager. 6) Decision making and problem solving skills Decision making and problem solving skill focus on methods and techniques for making organizational decision and solve work related problems. There is no denial of the fact that ethics are largely ignored in businesses. collect and analysis information. Learning related to decision making and problem solving skills seeks to improve trainee¶s abilities to define and structure problems.

Importance of Training and development for the banking sector There are many benefits of Training and Development to the organization as well as employee. 2) Benefits for the individual a) Helps and individual in making better decision and effective problem solving. c) Provides information on equal opportunities and affirmative action. f) Makes organizational policies. g) Builds cohesiveness in group. d) Provides information on other government laws and administration policies. We have categorized as under 1) Benefits for the organization 2) Benefits for the individual 3) Benefits for personnel and human relation. rules and regulations viable. e) Improve interpersonal skills. h) Provides a good climate for learning. growth and co ordination. . b) Aid in orientation of new employee and those taking new job through transfer or promotion. intra group and internal group relation and policy implementation 1) Benefits for the organization a) Improves communication between group and individuals. i) Makes the organization a better place to work and live.

frustration and conflict. g) Moves a person towards personal goals while improving interactive skills. k) Helps eliminate fear in attempting new task. f) Increases job satisfaction and recognition. speaking skills also with his writing skills.b) Through training and development. c) Aid in encouraging and achieving self±development and self confidence. e) Provides information for improving leadership. knowledge. motivational variables of recognition achievement. d) Helps a person handle stress. h) Satisfies personal needs of a trainee. intra group and internal group relation and policy implementation a) Improves communication between group and individuals. b) Aid in orientation of new employee and those taking new job through transfer or promotion. . communication skills and attitudes. i) Provides the trainee an avenue for growth in his or her future. j) Develops a sense of learning. growth. l) Helps a person improve his listening skill. 3) Benefits for personnel and human relation. responsibility and advancement are internalized and operationalised. c) Provides information on equal opportunities and affirmative action. d) Provides information on other government laws and administration policies. tension. e) Improve interpersonal skills.

g) Builds cohesiveness in group.f) Makes organizational policies. growth and co ordination. h) Provides a good climate for learning. Training Process The steps of Training Process are as under: Organizational Objectives and Strategies Assessment of Training Needs Establishment of Training Goals Devising Training Programmers Implementation of Training programmers¶ Evaluation of Results . rules and regulations viable. i) Makes the organization a better place to work and live.

verifying and measurable. there will be no way of measuring its effectiveness. The following diagram explains performance deficiency Performance Deficiency Lack of skills Or knowledge other causes Training Non training measures c) Training and development objectives Once training needs are assessed. This is easy where skilled training is involved . b) Needs assessment Needs assessment diagnoses present problems and future challenge to be met through training and development. What business are we in? At what level of quality do we wish to provide this product or service? Where do we what to be in the future? Its only after answering these and other related questions that the organization must assess the strength and weakness of its human resources. Needs assessment occurs at two levels i. Inadequate in performance may be due to lack of skills or knowledge or any other problem. training and development goals must be established. it is not possible to design a training and development programmers and after it has been implemented.e. Without clearly-set goals.a) Organizational objectives and strategies The first step in the training process is an organization in the assessment of its objectives and strategies. group level and individual level. Goals must be tangible. an individual obviously needs training when his or her performance falls short or standards that is when there is performance deficiency.

how far the programme has been useful must be judge/determined. In the practice. however organizations either overlook or lack facilities for evaluation. g) Evaluation of the results The last stage in the training and development process is the evaluation of the results. Since huge sums of money are spent on training and development. college classroom hotel. Scheduling the training programmers. Monitoring the progress of the trainees.d) Designing training and development program Who are the trainees? Who are the trainers? What methods And techniques? where to conduct the program What is the level of training e) Conducting training activities what are the principles of learning Where is the training going to be conducted and how? y y y At the job itself. etc. . On site but not the job for example in a training room in the company. Off site such as a university. Conducting the programmers. f) Implementation of the training programmers Program implementation involves actions on the following lines: y y y y Deciding the location and organizing training and other facilities. Evaluation helps determine the results of the training and development programme.

As a result. The primary reason training is considered optional by so many business owners is because it's viewed more as an expense than an investment. it compels its own staff to improve their knowledge without which they cannot offer training to enterprises through their own staff. through its influence on education policies and systems and training by public training institutions.which employers should recognize as one key to their competitiveness in the future. Many entrepreneurs seem to view employee training and development as more optional than essential. Second. training and development aren't focused on producing a targeted result for the business. This is completely understandable when you realize that in many companies. it's almost impossible to view training as anything more than an expense. it provides an important service to members. especially in industrial relations in respect of which sources of training for employers in developing countries are few. it contributes to better human relations at the enterprise level and therefore to better enterprise performance... But without measurable results. advisory and representation services. which can lead to increased membership and influence. First. Fourth.a viewpoint that can be costly to both short-term profits and long-term progress. Finally. to better serve business needs. business owners frequently send their people to training courses that seem right and sound good without knowing what to expect in return. it enables the organization to contribute to the development of a country's human capital.policy lobbying. by matching corporate goals and people management policies. Fifth. the knowledge required for training increases the quality of other services provided by the organization . Sixth. it is an important source of income provided the organization can deliver relevant quality training.Importance of Developing a Role in Training in banking sector Developing a national role in training is important for an employers' organization for several reasons. It also enables it to influence employers in regard to the need for them to invest more in training and employee development . Now contrast that approach to one where training's viewed as a capital investment with thoughtful consideration as to how you're going to obtain an acceptable rate of return on your . Third. it improves the overall image of the organization and invests it with a degree of professionalism.

As you go through this analysis.investment. to any new employees you hire. And a good place to start your "thoughtful consideration" is with a needs analysis. year out. To create a learning culture in your business. year in. Second. needs analysis is really an outcome analysis--what do you want out of this training? Ask yourself. The next step is to establish a learning dynamic for your company. refine. "What's going to change in my business or in the behavior or performance of my employees as a result of this training that's going to help my company?" Be forewarned: This exercise requires you to take time to think it through and focus more on your processes than your products. . This orientation should introduce employees to your company. then you're going to fall behind. including your learning culture. and provide them with proper training in the successful procedures your company's developed and learned over time. Third. Determining your training and development needs based on targeted results is only the beginning. if your business isn't learning. Many people are promoted into managerial positions because they're technically good at their jobs. As it relates to training and development. Your employees are the ones that produce. represent a potential for upside gain in your business. protect. Make sure you support their efforts in this area by supplying the resources they need to accomplish this goal. consider the strengths and weaknesses in your company and try to identify the deficiencies that. when corrected. And a business learns as its people learn. but they aren't trained as managers to help their subordinates achieve peak performance. deliver and manage your products or services every day. provide a sound introduction and orientation to your company's culture. communicate to your employees the specific training needs and targeted results you've established as a result of your needs analysis. begin by clearly communicating your expectation that employees should take the steps necessary to hone their skills to stay on top of their professions or fields of work. Common areas for improvement in many companies is helping supervisors better manage for performance. In today's economy. continual learning is critical to your business's continued success. With the rapid pace and international reach of the 21st century marketplace.

then money is more likely to be spent on courses that have no positive impact on the company. To help counter this tendency. the pendulum swings to the other extreme and training is eliminated altogether. In any economic environment. companies tend to spend money on training that's not significant to the organization. But if the training budget isn't related to specific outcomes. learning and leadership). Your employees are your principle business asset. If your training is targeted to specific business results. At its core. the true budgetary impact depends on how well you manage the first three components (needs analysis. the training expense should be determined by the targeted business results you want. In many organizations.Every successful training and development program also includes a component that addresses your current and future leadership needs. this component must provide for the systematic identification and development of your managers in terms of the leadership style that drives your business and makes it unique and profitable. sit down and assess your training and development needs once or twice a year to identify your needs and brainstorm how to achieve your desired results effectively and efficiently. training budgets are solely a function of whether the company is enjoying an economic upswing or enduring a downturn. not other budget-related factors. . and you'll reap rewards that pay off now and for years to come. then you're more likely to be happy with what you spend on training. and in bad times. Have you spent time thoughtfully examining the style of leadership that's most successful in your environment and that you want to promote? What steps are you taking to develop those important leadership traits in your people? Financial considerations related to training can be perplexing. In good times. but in most cases. Invest in them thoughtfully and strategically.

OHPs. This method includes slides. It is conducted at the work site and in the context of the job. the transferability to the job is . Often. The lecturer is presumed to possess knowledge about the subject. Training techniques represent the medium of imparting skills and knowledge to employees. They can be used to provide a range of realistic examples of job conditions and situations in the condensed period of time.Training It is used primarily to teach workers how to do their present jobs. 1) Lectures It is the verbal presentation of information by an instructor to a large audience. as when experienced worker shows a trainee how to perform tasks.Methods of training in banking sector A multitude of techniques are used to train employees. video tapes and films. They are basically of two types. The trainer then demonstrates how the job is to be performed and to give trainee a model to copy. the trainee first receives an overview of the job. this method violates the principle of learning by practice. it is informal. Long lectures can also cause Boredom. And since a model is given to the trainee. Training techniques are means employed in the training methods. 2) Audio Visuals This is an extension of the lecture method. Also this type of communication is a oneway communication and there is no feedback from the audience because in case of very large groups it is difficult to have interactive sessions. In this method. its purpose and the desired outcomes. A virtue in this method is that it can be used for large groups and hence the cost of training per employee is very low. the focus of trainer¶s focus is on making a good product and not on good training technique. 3) On. However. It has several steps.the ± Job. Majority of the industrial training is on the job training. It also improves the quality of presentation to a great extent.

Information is provided to the employee in blocks. This method is most widely used in Aeronautical Industry. The trainee repeats these jobs until the job is mastered. In this method. facts. Also the cost of preparing books. the learner¶s response determines the frequency and difficulty level of the next frame. the trainee goes through a test/ answers a question. 5) Computer Assisted Instruction (CAI) This is an extension of the PI method. 6) Simulation It is any equipment or technique that duplicates as nearly as the possible the actual conditions encountered at the job. It is an attempt to create a realistic for decision-making. and problems to the learner.very high. After going through each block of material. Thus PI involves: y y y y Presenting questions. Feedback in the form of correct answers is provided after each response. repeats the same. However it is an impersonal method and the scope of learning is less as compared to other methods of training. This is possible thanks to the speed. memory and the data manipulation capabilities of the computer. in form of books or through teaching machine. Then the employee is allowed to mimic the trainer¶s example. 4) Programmed Instruction (PI) In this method. manuals and machinery is very high. . Allowing the person to respond Providing feedback on the accuracy of the answers If the answers are correct. training is offered without the intervention of the trainer. he proceeds to the next block or else.

7) Vestibule Training This method utilizes equipment which closely resembles the actual ones used in the job. They allow participation through discussion. This is a major disadvantage since case studies must primarily be used to influence or mend the attitude or thinking of an individual. 9) Role Playing and Behavior Modeling This method mainly focuses on emotional (human relation) issues than other ones. select the best one and implement it. It is performed in a special area set aside for the purpose and not at the workplace. Even though the kind of tension or pressure may be the same but the employee knows it is just a technique and not a real situation. Also the employees behave differently in real situations than in simulations. Many a times only the result at the end of the case may be considered and not the line of thinking to approach it. They also provide transference to an extent. analyze it and develop alternative solutions. which provokes the reader to think and make decisions/ suggestions. Concept of Behavior Modeling: . This is the most effective method of developing problem solving skills. It is however difficult to duplicate pressures and realities of actual situations. 8) Case study It is a written description of an actual situation in the business. It is an ideal method to promote decision making skills. The method /approach to analysis may not be given importance. The trainees read the case. The essences are on creating a real life situation and have trainees assumed parts of specific personalities (mostly interchanged roles of boss and subordinate to create empathy for one another). The consequence is better understanding of issues from the other¶s point of view. The emphasis is placed on learning skills than on production. Also additional investment is required for the equipment.

A trained professional serves as a facilitator. y This change may be videotaped and showed to the trainee and he can review and critique it. The discussions focus on why participants behave the way they do and how others perceive them. This method may be supplemented with other off-the-job methods for effectiveness. These meetings have no agenda and take place away from the workplace. the perception of others about them and increased understanding of group process. However once the training is over employees get back to being the way they are. 11) Apprenticeships and Coaching It is involved learning from more experienced employee/s. The objective is to provide the participants with increased awareness of their own behavior. ³observational learning´ or ³imitation´ implying that it a behavior is learned or modified through observation of other¶s experiences. carpenters. Coaching is similar to apprenticeships. y It is referred to as ³copying´. It is applied in cases of most craft workers. But it is always handled by . encounter groups. y ³Vicarious process´ learning takes place not by own experience but by observation or imagination of others¶ action. plumbers and mechanics. Examples: Laboratory training. 10) Sensitivity Training It uses small number of trainees usually less than 12 in a group. Laboratory training is a form of group training primarily used to enhance interpersonal skills. They meet with a passive trainer and get an insight into their own behavior and that of others. It can be used to develop desired behaviors for future job responsibilities.y Fundamental psychological process by which new patterns of behavior can be acquired and existing ones can be altered. This approach uses high levels of participation and facilitates transferability. y It also helps him see the negative consequences that result from not using the behavior as recommended.

expanding fast but controversy seems to envelop any attempts to find benefits commensurate with the escalating costs of training. training programmers have grown into corporate with these goals in mind. training as an activity has been going on as a distinct field with its own roles. It is very similar to on the job training method. . Business performance rises and falls with the ebb and flow of human performances. inadequate use of personnel after training etc. Immediate returns can be expected from training ± almost as soon as the training is over the desired outcomes can be seen in the trainee. Training has made significant contributions to development of all kinds. The training apparatus and costs have multiplied but not its benefits. The person being trained is called understudy. training has entered a dangerous phase in its development. Training programmers should enhance performance and enrich the contributions of the workforce. Complaints are growing over its ineffectiveness and waste. Training & Evaluation in banking sector Training Improving business performance is a journey. HR professionals lead the search for ways to enhance the effectiveness of employees in their jobs today and prepare them for tomorrow. the focus is on learning. structures and budgets. whereas here. This field is however. not a destination. With disillusionment mounting in the midst of expansion. This disillusionment shows in many ways ± reluctance to send the most promising people for training. Dissatisfaction persists and is growing at the working level where the benefits of training should show up most clearly.a supervisor and not by the HR department. But in that case. In this method skilled workforce is maintained ± since the participation. In India. more stress is laid on productivity. The ultimate goal of training is to develop appropriate talent in the workforce internally. doubts arise over its contribution in practice. feedback and job transference is very high. Over the years. Training is essential. but it is still young.

education lies near the former. What is required is an insight into what training can or cannot do and skill in designing and carrying out training effectively and economically. This assumption is itself a striking illustration of the wide gulf that separates the two. building favorable expectations and motivation in the participants prior to the . the limited resources available in these countries make this contribution hard to come by. The searchlight of inquiry may make the task and challenges stand out too starkly. The training process is made up of three phases: Phase 1: Pre-training. This may also be called the preparation phase. Focusing training on skill in action makes the task wide and complex. on the one hand. The difference lies in what people have learned that they now apply. The contribution that training can make to development is needed acutely and obviously. For every training strategy. no matter which. These lines are sharply drawn. selection of suitable participants. On a continuum with personal maturation and growth at one end and improvement in performance of predetermined tasks at the other. no waste is permissible. Wherever the focus moves during the training programmers. too simply. on the other. Training embraces an understanding of the complex processes by which various factors that make up a situation interact. An organization¶s concerns before training lie mainly in four areas: Clarifying the precise objectives of training and the use the organization expects to make of the participants after training. Using experience with training in India and other rapidly developing countries has this advantage at similar risk. the proper focus right from the very outset is on one or more people ± on-the-job-in-the-organization ± this whole amalgam. the starting point becomes the focus again at the end. The process starts with an understanding of the situation requiring more effective behavior.Training is neither a panacea for all ills nor is it a waste of time. That difference. Much of the training provided today proceeds as if knowledge and action were directly related. no promise can be ignored. in terms of more effective behavior is the measure of the efficacy of training. At the same time. and training near the later.

During the course of the training. they may step into a quagmire of negativity. But the main purpose remains: participants explore in a training situation what interests them. In the simplest training process. The newly learned skills undergo modification to fit the work situation. they incorporate this new facet into their habitual behavior in the training situation. they try it again. This may be called the "follow up" phase. and participants and organizations independent variables. Having explored. More effective behavior of people on the job in the organization is the primary objective of the training process as a whole. The intricate process of selection and testing is continuous and more or less conscious. Phase 2: Training. Participants may find their organizations offering encouragement to use the training and also support for continuing contact with the training institution. When the participants return back to work from the training. If they do not find it useful. There is no guarantee that the participants will in fact learn what they have chosen. and a training institution¶s basic task is to provide the necessary opportunities. participants try out some new behavior. and planning for any changes that improved task performance will require in addition to training. . improvement is a dependent variable. try it repeatedly and improve it. Phase 3: Post-training. the situation changes. or discontinue learning in this direction. On the other hand. a process of adjustment begins for everyone involved. participants focus their attention on the new impressions that seem useful. When training per se concludes. try some variant. Finally. check it for effectiveness and satisfaction. If they find the new behavior useful. they discard it. It is important that work organizations meanwhile prepare the conditions for improved performance by their participants upon their return. stimulating and

The ultimate objective of training in the long run is to improve the company¶s performance through people performing better. . It is not a substitute for development on the job. 2) Growth Training is also directed towards developing people for higher levels of responsibility thereby reducing the need for recruiting people from outside. 3) Organizational Effectiveness In company training provides a means for bringing about organizational development. Research has shown that 80% of a person¶s development takes place on the job. which comes from doing. building teams. It can be used for strengthening values. experiencing. However.The training process has the following major objectives: 1) Improvement in Performance Training will be an important aid to managers for developing themselves as well as their subordinates. observing. This would have the effect of improving the morale of the existing employees. training can contribute the vital 20% that makes the difference. Training can bring about an improvement in a person¶s:  Knowledge  Skills  Attitude  Thereby raising his potential to perform better on the job. giving and receiving feedback and coaching. improving inter-group relations and quality of work life.

new methods. new content.Benefits of Training Evaluation in banking sector Evaluation has three main purposes: Feedback to help trainers understand the extent to which objectives are being met and the effectiveness of particular learning activities ± as an aid to continuous improvement Control to make sure training policy and practice are aligned with organizational goals and delivering cost-effective solutions to organizational issues Intervention to raise awareness of key issues such as pre-course and post-course briefing and the selection of delegates Evaluation is itself a learning process. new pre-course work  Rethink the timing of the training ± earlier or later in people¶s career. earlier or later in the company calendar  Leave well alone The following are the clear benefits of evaluation:  Improved quality of training activities  Improved ability of the trainers to relate inputs to output  Better discrimination of training activities between those that are worthy of support and those that should be dropped  Better integration of training offered and on the job development  Better co-operation between trainers and line-managers in the development of staff  Evidence of the contribution that training and development activities are making to the organization  Closer integration of training aims and organizational objectives . Training which has been planned and delivered is reflected on. Views on how to do it better are formulated and tested . earlier or later in the training programmers. new trainer  Redesign the preparation/pre-work ± new briefing material.The outcome may be to:  Abandon the training  Redesign the training ± new sequence.

working to harness the brainpower. the internet and multi-media training Emphasis on cross-cultural development Remote learning to reflect changing patterns of work . reflects the fundamental importance of training and learning for those organizations that hope to prosper in the new millennium.The Way Ahead The development of learning organizations. In the coming future. knowledge and experience of their people. The rend towards a more "empowering" style of management and an increasing emphasis on self-development have combined to bring about a move away from didactic instruction towards coaching and facilitation and away from "trainer" towards "performance improvement consultant". the following trends are likely to be seen: Increased use of virtual reality.

e. This is an important prerequisite to staff undertaking the second role of an employers' organization in training. First and foremost it must be viewed from an "internal" point of view i. This is essential to the effectiveness of the organization's training services as well as to the other services it provides members.The Training Role Internal Training The role of an employers' organization in training has to be viewed from different perspectives. to make its other services more effective) involves mostly the acquisition of knowledge needed for staff to perform their functions.e. which is to provide training to members (and sometimes to nonmembers) in areas in which they expect . all of which fall within the following: y Influencing the legal and policy environment needed for business growth and development y Direct services to members This requires that the staff be trained in the areas of the organization's services and core competencies which may include areas such as: y y y y Industrial relations Human resource management Occupational safety and health Information analysis and research for:  Influencing the policy environment  Transferring knowledge to members  Undertaking wage and other surveys  Training Services This objective of training (i. the training and development of its own staff.

selection. If staff do not develop training skills y y They will be able to transfer knowledge But not the skills to apply the knowledge to particular situations which arise in enterprises (productivity is increasingly the application of knowledge). but also training skills i. It follows that the staff of employers' organizations are not themselves practitioners in people management.e. They are trainers of those engaged in managing people and. But unlike in the case of the first objective of training earlier referred to. . this second role or objective requires not only knowledge in the areas of training. to train their personnel. induction Performance appraisal Leadership and motivation Employee retention Wage and salary determination The main objectives of this second training role (to provide training to members) are: y y y To provide members with the means to address labor . workplace mechanisms to improve workplace relations and human resource management policies and practices such as: y y y y y Recruitment.related problems and issues To instill in enterprise managers the skills needed to improve their management of people Where enterprises have a training department. in training techniques or methodologies. Examples include negotiation. occasionally of other

Identifying employers' education and skills needs and providing feed back from employers. education and training authorities to correct inappropriate policies and to commence preparing for the future education and training needs if HRD policies are to have impact. management course contents to include more human relations management subjects.g. This could be affected in a variety of ways: y y Through representation on the policy boards of national training institutions. .Influencing National Policies and Programmers The third role is one to be discharged at the national level. Employers' organizations could form executive training committees within the organization such as the Education Committee in the Japan Federation of Employers' Associations. y y Promoting closer links between employers and educational and training institutions. the environment needed for business development etc. Influencing course content e. At the initiative of the New Zealand Employers' Federation the School-Industry Links Development Board was established in 1990 to strengthen the relationship between secondary schools and business. and even basic management in occupational safety and health and environmental management. and involves influencing national educational and skills training policies and schemes. the Industrial Education and Training Committee in the Korean Employers' Federation and the Committee on Manpower and Development in the Singapore National Employers' Federation. y Influencing government. Unique pilot programmers were commenced in 1992 on "Teacher Placement in Industry" and "Management Course for Secondary School Principals". y Initiating or promoting teacher education programmers to impart to them knowledge about the role of business in society.

. marketing and production. Eight. This role could also be undertaken through training support given to professional bodies like an institute of personnel management. given the fact that their role still tends to be downgraded relative to other management functions such as finance. an employers' organization could develop training material to be used by enterprises for in-house training.Other Roles A fourth role is for an employers' organization to raise awareness among employers of the need for increased investment in the development of human capital as an essential condition for achieving competiveness. A fifth role is in the training of personnel or human resource managers. especially in the areas of the employers' organization's expertise y y Upgrading the knowledge of company trainers Maintaining a directory of relevant training programmers/courses Seventh. through the tax system or training levies. A sixth role for an employers' organization is the provision of advisory services to member companies by y Assisting trainers in enterprises to develop or improve their in-house training programmers. Numerous examples in countries abound which can provide useful ideas to employers' organizations. an employers' organization should be able to influence the provision of training incentives to be offered to employers.

Before going any further. and aim at responding to and satisfying those. as it is with regard to customers. it is employees at all levels that can make or break it. In actual fact. and acknowledge their contribution to the business success. analyzing and planning an adequate response to employees' motivations deserves first place in the order of business. This is what they are. personalities. let us shift our approach from grouping people under the generic category of "employee" to individual human beings and term them as "hired workers" or "working partners". This holds true not only for the people we hire on a regular basis. but also for temporary and contracted workers. considering the role each "employee" plays in a company's success.The First Step towards Motivation at Work However large or small a company or business is. and expectations of people we hire or employ. It is as important to research and study the needs. drives. characteristics.Understanding Employee Drives and Motivations . We must acknowledge them as human beings with individual needs. drives. .

shelter. at varying degrees of intensity.Though each person has specific needs. clothing and other basics to survive Safety Needs: a safe and non-threatening work environment. people's basic needs are the same. and capabilities. social activities and opportunities . job security. aspirations. safe equipment and installations Social Needs: contact and friendship with fellow-workers. drives. as illustrated by Abraham Maslow in the following model: SelfActualization Ego Social Needs Safety Needs Physiological Needs MASLOW'S HIERARCHY OF NEEDS Maslow explains the Hierarchy of Needs as applied to workers roughly as follows: Physiological Needs Basic physical needs: the ability to acquire food.

rewards Self-Actualization: realizing one's dreams and potential. Inner drives 2. or other activity (such as travel or recreation). a particular job. emotionally. line of study. and even physically ready to satisfy the needs of the employer and the customers. acknowledgment. The outer (external) motivators are the mirror image the employer or outside world offers in response to the inner drives. reaching the heights of one's gifts and talents. It is these drives that Maslow delineates in his hierarchy of needs. or travel 2. Most workers need to: 1.taking into consideration additional extraordinary needs individual workers have. career. and which we must understand and internalize. Worker motivation must also be viewed from two perspectives: 1. Earn wages that will enable them to pay for basic necessities and additional luxuries such as the purchase of a home.Ego: recognition. Save for and enjoy old age security benefits 3. but to exceed them . It is only when these needs are met that workers are morally. Have medical and other insurance coverage 4. Win recognition 6. use as guidelines in our efforts to help employees feel motivated. the employer not only tries to satisfy these basic needs. Acquire friends at work 5. same as in his/her dealings with customers. In order to attract the "cream of the crop" of available workers. Be acknowledged and rewarded for special efforts and contributions . Outer (external) motivators. A person's inner drives push and propel him/her towards an employer.

and know-how 10. A stable. Training and development programs 17. Employment 2. Realize their ideals. Incentive programs 14. just and fair work environment 8. knowledge. Information on customer feedback 20. Medical coverage and other benefits 10. Reward and recognition programs 13. Be able to advance in life and career-wise 8. Clear and organized work procedures 7. Assistance to workers for their special needs (such as child care arrangements. A safe work environment 9. Company/ business information 19. An atmosphere of teamwork and cooperation 11. Open lines of communication (formal and informal) 15. Improve their skills. Job security (to the degree possible) 5. Systematic feedback 16. Clear company policies 6. Have opportunities for self-development 9. Sharing of company goals and objectives a 21. Adequate pay 3.7. Demonstrate and use special gifts and abilities 11. Future expectations 23. transportation. Plans for the future . The employer responds to those needs by offering and providing: 1. Opportunities for promotion 18. Information on the market situation and industry 22. flexible work schedules) 4. Social activities 12.

leading to exhaustion. all employees will have a need for more social activities y y Many single people look for dates and spouses at work Some women may not be ready to work late shifts unless the employer provides transportation back home y Some workers may have a problem with drug or alcohol abuse. Guidance and mentoring. adult workers have expectations from their employer .they expect: y y y y y y y y A knowledgeable. for which company policies should be planned accordingly: y If the company is in a remote location. experienced. An employee may have: y y Family responsibilities and be unable to work shifts. It is important that the employer discover other extraordinary needs applicants have before hiring them and know beforehand whether he/she can satisfy those needs or not. and employment practices Business integrity Clear job descriptions Two-way communications Effective management and supervision Positive discipline Good company repute . or weekends Heavy financial responsibilities which he/she can meet only by working at two jobs. expert employer Clear and fair policies. Some other needs the employer can expect. overtime.24. "sick leave". In addition to needs and drives. procedures. and deficient work performance y y A desperate financial need for additional overtime and weekend remuneration Premature expectations of swift promotions.

Most of these needs. expectations and aspirations are unexpressed . Following a reading or lecture on the subject. While high employee turnover reflects on low morale and lack of motivation. reputation.y y y y y Good customer relations Company survival Opportunities for personal growth Company growth A share in the company's success. the absence of turnover quickly results in de-motivation since the possibility of motion and forward-motion is taken away from employees. cooperation. is the basis on which to build employee motivation. mistakenly believe that employee motivation can be won through monetary rewards or other perks.they care to know to whom they entrust their fate. training and development that will lead to an environment of openness. teamwork. Business owners and managers are under constant scrutiny by the people they hire. when seen from another angle. and security. including human resources directors. employee relations. performing the same duties day in. Adult workers care beyond the salary . in a good work environment. and motivation that will benefit all the parties involved. Cross-Training as a motivational and problem-solving Technique Many is up to the employer to develop a good system of company communications. Once they feel confident that the employer and their place of work is what they wished for and expected. without expectations of change in routine or opportunities for advancement. They learn soon enough that such perks are taken for granted and that money is not the key to employee motivation. they are ready to contribute above and beyond "the call of duty". day out. adding unrewarded responsibilities on the shoulders of their supervisors . A professional and unified management. It is against human nature to remain static. They consider their work as a major factor that shapes their lives and the lives of those dear to them. managers sometimes implement "job enrichment" in a misguided manner.

Purchasing. Public Relations. It should be incorporated in a hotel's master yearly training plan. Department heads. department heads can take roles replacing him. Human Resources in different departments and vice versa. Front Office in Marketing. enmity and unhealthy competition Increases knowledge. know-how. Banquets. Security. Food & Beverage. covering all positions and departments. They become "partners". . skills and work performance Improves overall motivation Leads to the sharing of organizational goals and objectives. When a General Manager is away. Cross-training should be carefully planned and presented as a learning opportunity. This technique achieves the following objectives: y y y y y y y y y Prevents stagnation Offers a learning and professional development opportunity Rejuvenates all departments Improves understanding of the different departments and the hotel as a whole Leads to better coordination and teamwork Erases differences. Food & Beverage Service in the Culinary department and vice versa. Sales. upward and downward. This results in a feeling of exploitation and has the reverse of the intended An effective training technique which results in motivation is cross-training. assistants and employees can crosstrain in different departments or within the department itself.and employees. employees can have one day training in the role of department head ("King for the Day"). effect. It should begin with supervisory level and filter down to entry-level positions. Housekeeping should cross-train in Front Office and vice-versa. Marketing & Sales in Front Office. be encouraged to give feedback and make suggestions for improvement. With background support. which is a form of cross-training. when implemented horizontally. Food & Beverage. This has to be an effective planned process. Employees must "buy" into the idea. Sending people to work in another department at a moment's notice is not what cross-training is about.

are enjoyed by the three main stakeholders: employees. which usually involves extended periods (from one month to six months). effort and payroll. shape up and usually return to their positions as exemplary performers. They return to their job with a better attitude. albeit temporarily. skills. Cross-training can also be used to "shake up" supervisors or employees who have lapsed into poor performance. but is responsible over certain job functions. Union representatives can be made to understand that company-wide cross-training involves substantial investment in time. the employee's role is of a different nature. The trainee is incorporated within the department's activities for the duration of the cross-training (briefings. meetings. or obligations). Depending on the budget at hand and the objectives to be achieved. career opportunities and future security due to business success. Details must be coordinated with the "receiving" department head. however. the time for cross-training can vary from one day to a week or more. The benefits. It is up to management to win over Unions on this concept and convince them of the benefits to employees' careers. Upon being moved to a different position or department. . management and guests. can easily replace each other when needed and who gain new confidence regarding their professional expertise. A more sophisticated form of cross-training is job rotation. Employees enjoy the rewards of added know-how. With job rotation. These two techniques lead to great motivation throughout the company. Unionized properties face some difficulty in implementing such techniques due to the rigidity of Union policies and labor agreements. He is not considered as trainee. for which he has to prove himself. Both cross-training and job rotation create a team of workers who are more knowledgeable.Departmental communications meetings can be used to share lessons learned. When employees think "the grass is greener on the other side of the lawn" they soon realize their mistake after exposure to other departments. they hear "warning bells".

Training may be affected in three ways y y By the employers' organization's own staff By external persons or institutions the employers' organization may contract with to conduct training y By a combination of both the above methods.Developing the Organization's Training Function Pre-requisites There are certain prerequisites essential to undertaking a training role in relation to members. Where training is conducted by the staff of the employers' organization it follows that it must have a comparative advantage in the subject matter of the training. Even in courses conducted by the organization trainers or resource persons can be used for selected subjects to enrich the programmers. this would usually be the most practical since it is unrealistic to expect employers¶ organizations to develop the level of skills needed in all the areas of training. In order to have that advantage the staff should .

especially since in many countries such . However. general management. conducting courses on the application of the labor laws requires knowledge of the subject matter. Identifying Areas of Training Specialization Employers' organizations do not usually offer training in all areas of management (e.y y Have the requisite knowledge in the subject matter Be trained as trainers. in order to have an impact on enterprises in the management of people. Therefore it is important for employers' organizations to develop an expertise in training in industrial relations (laws. and skills in training may not be particularly critical though undoubtedly useful. and negotiation). y Be supported by an up to date information and research base. This requires the first and third prerequisites referred to. workplace labor relations practices. An example is negotiation skills on which business education institutions in some countries have highly effective programmers. It is a subject in which it can develop a comparative advantage. the training needs to go beyond knowledge-transference and demonstrate how to translate the relevant knowledge into practice. Another is human resource management. This involves not only a sound information and research base and staff with the requisite knowledge. The above mentioned pre-requisites underline the two types of training an employers' organization might undertake.g. However. For instance. but also staff with training skills. and marketing) because y These are specialized areas requiring knowledge in subjects outside the mandate of an employers' organization y Such training is provided by other institutions like business schools and polytechnics which specially cater to these training needs. in some areas training undertaken by employers' organizations and other institutions overlap. The first is the transference of information and knowledge needed by enterprises to make decisions in labor related areas. finance. wages. although this is not critical in all cases.

However. they may lack the practical experience employers' organizations develop if they provide direct services to members. Industrial Relations and Labor Law. HRM training should be made available to all enterprise managers. for instance. collaborating with external institutions or individuals. An increasingly important target group is the small enterprise sector which. This should be a priority as it is the labor relations role which. distinguishes an employers' organization from other employer bodies. more than any is seldom offered by other institutions. b. y Provide training material Some of the areas in which an employers' organization can undertake training are: a. The ILO has developed the Improve Your Business (IYB) programmers which are a system of inter-related training packages and supporting materials for providing owners and managers of small enterprises with training in basic business management skills. unlike the large scale sector. usually lacks a human resource manager or a training policy and in house training facilities. Personnel and Human Resource Management. training in . Training in this area helps to strengthen personal departments and human resource management functions. Establishing Training Priorities The employers' organization should establish a priority table in respect of the areas in which it wishes to y y Itself provide the training Act only in a subsidiary capacity by. Since one of the main objectives of HRM is to integrate it with the functions of line managers. A special needs assessment may have to be conducted in this sector as its needs tend to differ from those of large and medium scale enterprises. Even if other institutions do.

Cross-cultural management training. as it is difficult to build a comparative advantage without external assistance. f. d. practices and culture. This is important not only for the conduct of collective bargaining but also for enterprise managers in their frequent interactions with their employees and other enterprises. such as interpreting relevant laws and training safety committees in enterprises. for personnel from several different enterprises. Increasingly. e. Productivity bargaining and performance and skills based pay systems are a part of an employers' organization's mandate directly linked to productivity. there is scope for the development of training programmers for foreign personnel designed to acquaint them with local practices and cultural factors relevant to managing local employees. However.this field may require linking up with institutions which are qualified in this regard. This often neglected area of training is an important means of improving workplace labor relations and productivity. Productivity. The ILO has developed a supervisory training module which has been found useful by enterprises. . The latter type of programmers also has a reasonable chance of attracting senior managers who are in a position to influence the company's policies. local employees also need to adjust to the management requirements and styles of foreign companies. Safety and health. Negotiation and negotiation skills. Considerable impact can be achieved through the design and conduct of training programmers for particular enterprises at plant level as it facilitates addressing a particular enterprise's needs. Training should not take the form of only collective training programmers i. largely through training to achieve sound industrial relations and in HRM practices which promote productivity improvement. c. this has been a much neglected area of training. g. An employers' organization could develop a limited role. it requires quite a mastery of local systems. Strangely. In the context of increasing investment in countries from both within and outside the region and the apparent proliferation of disputes flowing from cross-cultural "mismanagement". Here a limited role is possible. Supervisory training.e.

Equipping the Organization for Training The organization should equip itself to perform a training role. Development is a broad. ongoing multi-faceted set of activities (training activities among them) to bring someone or an organization up to another threshold of performance. studying the management of the training function of employers' organizations which have developed an excellence in training y y y Improving the organization's information/research/knowledge base Developing training courses and materials Where necessary entering into arrangements with outside individuals or institutions to design and/or conduct training programmers y y Appointing a training manager. As a brief review of terms. Among other things. . training involves an expert working with learners to transfer to them certain areas of knowledge or skills to improve in their current jobs. this involves the followings: y Analyzing the organization's strengths and weaknesses in training in the light of the needs assessment surveys and identification of the areas of training. often to perform some job or new role in the future. or at least a person to plan and coordinate the training Acquisition of the training equipment needed. y y Training the staff in training skills Where relevant.

5) Customer service: Increased competition in today's global marketplace makes it critical that employees understand and meet the needs of customers. concise. courtesy. redundancy etc. 4) Computer skills: Computer skills are becoming a necessity for conducting administrative and office tasks. concrete and colorful. It also shows why and how to discourage gossip. 6) Diversity: Diversity training usually includes explanation about how people have different perspectives and views. and includes techniques to value diversity . Right from the way the receptionist handles a call to how the CEO deals with a customer gives a glimpse of the image of an organization. personal décor and good rapport. written and presentation skills. Such training encompasses oral. controversies. rush jobs etc. consideration. career. 3) Career and life planning: A primarily employee-oriented training objective u undertaken to help employees plan for their lives. personal work at office.Topics of Employee Training 1) Corporate ethics: This covers the value of good manners. 2) Communications: The increasing diversity of today's workforce brings a wide variety of languages and customs. It stresses the importance of communication being clear. Such training imparts the values of life skills that employees need under different and difficult circumstances. retirement.

role overload or role under load. but can also be useful with practical advice for avoiding assaults.. delegation and prioritization. 11) Quality initiatives: Initiatives such as Total Quality Management. concentrating. 12) Safety: Safety training is critical where working with heavy equipment.. They also show how to set measurable. it may occur due to role conflict. repetitive activities. etc. Quality Circles. relevant and time-bound goals. Stress management techniques are covered under this objective. 9) Time management: Time management skills covered here showcase the importance of being specific. etc.7) Staff management and team building: Such training shows the importance and benefits of good management and how everyone can achieve more through teamwork. etc. Training can people to get along in the workplace. 8) Stress management: Stress is an individual¶s response to threats and challenges in the environment. benchmarking. role ambiguity. require basic training about quality concepts. 13) Sexual harassment: Sexual harassment training usually includes careful description of the organization's policies about sexual harassment. guidelines and standards for quality. It also includes interpersonal relationship skills Communication is a two-way exercise and this objective covers the importance of listening. especially about what are inappropriate behaviors. 10) Human relations: The increased stresses of today's workplace can include misunderstandings and conflict. 14) Memory skills: This objective highlights techniques for better reception. It helps to improve skills by employing all . attainable. hazardous chemicals. showing empathy and selfawareness. retention and recall through audio and visual learning techniques. Manifested physiologically and physically. etc. role incompatibility.

Staying competitive is the key to sustainability. training can have a measurable impact on performance and the bottom line. 15) Special skills: Besides the above. organizations also impart special job-related skills. An organization may choose to impart training in any or many of the objectives mentioned above. report writing. quality assessments etc. associating and following systematic review plans. Also organizational training needs to be undertaken keeping the mission and the vision statement of the organization in view. But before one invests it is important to choose a trainer who is good and capable of making a positive difference with his or her training methodologies. Research shows that productivity increases while training takes place. . Staffs who receive formal training can be 230 per cent more productive than untrained colleagues who are working in the same role. keeping them motivated and up-to-date with industry trends and new technologies is essential to achieving that goal. technical training.senses. Training your staff. Benefits from Employee Training and Development Regardless of the size or type of an industry or business. These may include technology training.

training programs have reduced staff turnover by 70 per cent and led to a return on investment of 7. Most businesses provide on-the-job training. Over time. leading to lower insurance premiums . Successful training is focused on supporting your business objectives. In some companies.  Improved quality and productivity Training that meets both staff and employer needs can increase the quality and flexibility of a business¶s services by fostering: y y y Accuracy and efficiency Good work safety practices Better customer service. High labor productivity increases business output and can open a greater share of the market or expand it by improving products.  Staff retention Training increases staff retention which is a significant cost saving. Training brings direct benefits to business and can be calculated as a return on investment. services and reputations. training will boost the bottom line and reduce costs by decreasing: y y y Wasted time and materials Maintenance costs of machinery and equipment Workplace accidents. particularly during induction. learning new skills and becoming a valued asset in any organization.000 per cent. as the loss of one competent person can be the equivalent of one year's pay and benefits.  The flow-on effect The benefits of training in one area can flow through to all levels of an organization.Staff benefit too. Ongoing training almost always shows a positive return on investment.

y y y Recruitment costs through the internal promotion of skilled staff Absenteeism. Increased job satisfaction and morale among employees 2. training can improve: y y y y Staff morale and satisfaction 'Soft skills' such as inter-staff communication and leadership Time management Customer satisfaction There are numerous sources of on-line information about training and development. Reduced employee turnover 7. These reasons include: 1. Increased efficiencies in processes.g. diversity training . e.g.. training about sexual harassment. Training staff to manage the implementation of new technology. Several of these sites (they're listed later on in this library) suggest reasons for supervisors to conduct training among employees. conducting ethics training (not a good reason for ethics training!) 8. Risk management. As well as impacting on business profit margins. e. work practices and business strategies can also act as a benchmark for future recruitment and quality assurance practices. Increased capacity to adopt new technologies and methods 5. Staying competitive Businesses must continually change their work practices and infrastructure to stay competitive in a global market. Increased innovation in strategies and products 6. Enhanced company image. resulting in financial gain 4. Increased employee motivation 3..

Companies that have a healthy training culture report the following benefits: y y y y y y y y y Improved quality Increased productivity Greater flexibility and responsiveness to change Reduced insurance premiums Less wastage Reduced maintenance and repair costs Greater commitment from staff Higher staff retention rate Improved morale. Perhaps the most important benefit of a healthy training culture is that the skills of your staff are formally recognized and that your employees feel that their contribution to the company is valued. .

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