Training a Workforce

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The Importance of Training a Workforce

Training staff is very important for a business. It can have many positive effects:

Increased productivity

Training a workforce means that they are likely to become more skilled at what they do.
In factories or services industries, if staff are more productive, this will be beneficial for the company by increasing output or reducing costs.
- Investment Banks like Goldman Sachs start their graduate schemes with training programmes where employees learn about different investment products and the industry.

Ability to deal with change in technology

Training is needed for employees to know how to use new technology. In the digital world we live in this is more important than ever.

Increased motivation

If staff feel that they are learning and progressing in a firm, then they are likely to be happier and more motivated.

High quality output

Training staff usually makes them more skilled at the job they do. This will lead to higher quality output and this is usually beneficial for the firm’s profitability.

Staff retention

If employees are happier and more motivated then they are likely to stay at a firm for a longer period of time.
Reduces the costs involved with recruiting and training new employees.
- Staff tend to get better at their job with more experience within the same business.

Methods of Training

A business' workforce can be trained in 3 main ways:

Induction training

Induction training happens when employees first arrive at a firm. It introduces them to the firm and provides initial training for their role. Benefits include:
- Employees feel comfortable in their surroundings and meet their new co-workers (colleagues), which may increase happiness, confidence, motivation and productivity.
- Induction training is likely to make employees less likely to make basic mistakes.

On-the-job training

This is the most common type of training. The employee learns how to do the job to a high standard while actually doing the job.
This usually involves an employee being shown how to do something and then practicing and improving over time.
- On-the-job training is low cost.
- It is best suited to jobs involving practical skills.
The main drawback is that the teaching is done by other employees, so bad habits could be passed on from others.

Off-the-job training

Off-the-job training happens away from the workplace, allowing employees to be taught a wider range of skills. They get to learn skills that aren’t just related to one specific task.
- For example, it is common for managers to get training on leadership (what makes a good leader).
Off-the-job training is often taught by specialist instructors and this means that it may be higher quality training. But, this can make it more expensive than on-the-job training.

1Enterprise & Entrepreneurship

1.1The Dynamic Nature of Businesses

1.1.1The Dynamic Nature of Businesses

1.1.2Risk & Reward

1.1.3The Role of Business Enterprise

1.1.4The Role of Business Enterprise 2

1.1.5The Role of the Entrepreneur

1.1.6End of Topic Test - Dynamic Nature of Business

1.1.7Grade 9 - Dynamic Nature of Business

1.2Spotting a Business Opportunity

1.2.1Customer Needs

1.2.2Market Research

1.2.3Market Segmentation

1.2.4The Competitive Environment

1.2.5Primary & Secondary Market Research

1.2.6End of Topic Test - Business Opportunities

1.2.7Application Questions - Business Opportunities

1.2.8Exam-Style Questions - Market Segmentation

1.3Putting a Business Idea into Practice

1.3.1Business Aims

1.3.2Business Objectives

1.3.3Business Revenues & Costs

1.3.4Costs - Calculations

1.3.5Revenue - Calculations

1.3.6Business Profits & Break-Even Analysis

1.3.7Profits & Losses - Calculations

1.3.8Interest - Calculations

1.3.9Cash & Cash Flow

1.3.10Cash & Cash Flow 2

1.3.11Cash Flow - Calculations

1.3.12Sources of Business Finance

1.3.13End of Topic Test - Business in Practice

1.3.14Grade 9 - Business in Practice

1.3.15Exam-Style Questions - Business in Practice

1.4Making the Business Effective

1.4.1The Options for Start-Up & Small Businesses

1.4.2Limited Liability

1.4.3Franchising & Not-For-Profits

1.4.4Business Location

1.4.5The Marketing Mix

1.4.6Business Plans

1.4.7End of Topic Test - Effective Business

1.4.8Application Questions - Effective Business

1.4.9Exam-Style Questions - Business Plans

1.5Business Stakeholders

1.5.1Business Stakeholders

1.5.2Technology & Business

1.5.3Legislation & Business

1.5.4Legislation & Business 2

1.5.5The Economy & Business

1.5.6External Influences

1.5.7End of Topic Test - Business Stakeholders

1.5.8Grade 9 - Business Stakeholders

2Building a Business

2.1Growing the Business

2.1.1Business Growth

2.1.2Finance

2.1.3Changes in Business Aims & Globalisation

2.1.4Ethics & Business

2.1.5The Environment & Business

2.1.6End of Topic Test - Growing a Business

2.1.7Application Questions - Growing a Business

2.1.8Exam-Style Questions - Business Growth

2.2Making Marketing Decisions

2.2.1Product

2.2.2Product Life Cycle

2.2.3Price

2.2.4Pricing Methods

2.2.5End of Topic Test - Product & Price

2.2.6Grade 9 - Product & Price

2.2.7Promotion & Advertising

2.2.8PR & Sales Promotions

2.2.9Sponsorship & Product Placement

2.2.10Promotional Mix

2.2.11End of Topic Test - Promotion

2.2.12Application Questions - Promotion

2.2.13Exam-Style Questions - Promotional Mix

2.2.14Place & Wholesalers

2.2.15Direct to Consumer

2.2.16E-commerce & M-commerce

2.3Making Operational Decisions

2.3.1Job Production

2.3.2Batch & Flow Production

2.3.3Working with Suppliers

2.3.4Effective Supply Chains

2.3.5Just In Time & Just In Case

2.3.6Managing Quality

2.3.7Total Quality Management

2.3.8The Sales Process

2.3.9End of Topic Test - Operational Decisions

2.3.10Grade 9 - Operational Decisions

2.3.11Exam-Style Questions - Managing Stock

2.4Making Financial Decisions

2.4.1Gross Profit & Net Profit - Definitions

2.4.2Gross Profit - Calculations

2.4.3Net Profit - Calculations

2.4.4Rate of Return

2.4.5Rate of Return - Calculations

2.4.6Research & Financial Data

2.4.7Marketing Data

2.4.8Percentage Change - Calculations

2.5Making Human Resource Decisions

2.5.1Organisational Structures

2.5.2Organisational Structures 2

2.5.3Recruitment

2.5.4Effective Recruitment

2.5.5Training a Workforce

2.5.6Motivating a Workforce

2.5.7End of Topic Tests - Human Resources

2.5.8Application Questions - Human Resources

2.5.9Exam-Style Questions - Human Resources

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