Every successful organization is familiar with the fact that there’s no hidden secret or training to corporate success; rather, the success of any organization depends upon its commitment to work equally hard every day of the week. Furthermore, it boils down to what we define as success, for the definition of success, in a corporate environment, is relative and not constant.
Some corporations define success in terms of profits, but corporate history is full of examples where even top-performing organizations eventually met their demise because they were too focused on immediate profits to focus on other relevant issues. The success of a business, therefore, cannot be boiled down to just monetary returns. Success deals with employee and customer satisfaction as well, and this is only achieved when an organization’s customers and employees are treated as an important extension of the overall corporate body.
Knowledge capital is an estimate of the skills and capabilities of the employees belonging to an organization – thus an accumulation of this becomes the company’s capital.
Knowledge capital has allowed many top-performing companies of the past to remain relevant by being innovative with their strategies. This ability to innovate based on changing times is another asset of a company’s knowledge capital and training and development programs are designed to not only cultivate this in employees but enhance it as well.
All successful companies are privy to the knowledge of the importance of knowledge capital, which is why extensive investments are being made into developing training programs to cultivate this, as it provides organizations with another competitive edge in their products alongside the usual quality of the product.
Corporate’s Employee satisfaction
Every average recruit undergoes a training process (at a cost) that trains them to handle some of the basic tasks in an organization, but once inside: the environment and demands of the organization can be very erratic. This is why all employees must remain, forever, equipped with all the necessary knowledge to give to the organization their best. If the employee was not equipped with the necessary training beforehand, they will not be able to provide to the company when necessary and will struggle with some of the most basic tasks.
As the age-old saying goes: “It is better to work smart than hard”, smarter workplaces invest in ongoing development programs to regularly prepare employees of all levels inside a company for every major foreseeable event that may require their input. This continued development allows employees to work smarter and provide more to the organization, and when their tasks are achieved at a much easier and faster rate, it also breeds employee satisfaction, which results in a low employee turnover rate, thus saving the company a lot of costs.
When a company operates in any country, it remains on the outlook for all kinds of changes in legislation, may they be on a state, federal or industrial level; any change in regulations will inevitably affect the workings of an organization. But not all the employees remain on the lookout for changing regulations. Continued development programs can ensure that the workings of an organization are meeting the changing regulations.
For instance, changing regulations may require a corporate to employ a diverse and inclusive workforce. It is the responsibility of the leadership to ensure that the HR department is updated about this regulation and attempt to attract a diverse workforce. Moreover, HR should work towards developing cultural sensitivity within employees so that the new employees do not feel foreign in a diverse work environment.
For a company, its knowledge capital is its strongest asset. Like most assets critical to the daily functioning, knowledge capital requires constant polish. If left in a uniform and stationary position, anything is expected to catch rot. Nothing’s different for the competency of even the most skilled employee of an organization and, as we’ve discussed earlier, employee turnover poses as a massive financial burden on the company’s overall capital. Therefore, it is natural to presume that continued training and development of the company’s assets is the best way to maintain its productivity; like a skilled craftsman who regularly polishes and sharpens his tools, employees are required to constantly polish their skills for continued effectiveness.
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