Discuss about the Development and Training into Business Results.
The oil and gas industry in Malaysia has attracted various foreign companies to invest, therefore with the course of time it has created a wide range of employment opportunities in the country. This sector plays a vital role in the economic development of the country as it makes up to more than 20% of the gross domestic product of the country. The oil reserves of the country are considered to be the fifth largest in the world as well. Petronas or the National Petroleum Limited is a major organization in this sector which is entirely owned by the Malaysian government. The organization is vested with all the resources in the country and it is also entrusted with a major responsibility of expanding and adding more value to the oil and gas resources. Petronas has also been ranked with the 500 largest organizations around the globe. Since its inception, the organization has developed to be an integrated global oil and gas organization which has business interest in more than thirty five countries in the world. The organization has been engaged with a large range of the petroleum activities comprising of the production and exploration of gas and oil, distribution and marketing of the products, processing of gas, trading, transmitting the gas through pipeline and networking operations, liquefaction of gas, marketing of the liquefied gas, automotive engineering and many others. Therefore, it can be indicated that the organization is a continuous source of income for the government of Malaysia.
As indicated by Khalique et al. (2015) the research purpose tends to provide a proper structural approach to the research work which also helps to provide a definite and proper purpose of the research. The purposes of research are of three kinds: descriptive, exploratory and explanatory. The exploratory research purpose tends to refer to the long term procedure whereas the explanatory research purpose tends to help connecting various concepts for understanding the reasons and outcomes of the research study. On the other hand, the descriptive research purpose is helpful for conducting the research with more explanation and exploration as well. For this research purpose, descriptive research purpose will be taken so that the specific research topic can be explored and explained at the same time.
The continuous development and training is considered to have an optimistic impact on the overall performance of the business organization and to enhance the profitability of the organization, therefore this research will investigate whether continuous development and training has a positive impact on the organizational performance and its profitability on the backdrop of the Malaysian oil and gas company Petronas.
In spite of a large number of researches conducted on defining the relationship between the development and training and the organizational performance, there is still a gap concerning the idea of continuous development and training and its subsequent effect on the organizational performance. Therefore the significance of the study is that it will profoundly investigate for closing the gap with the help of relevant literature which will shed light on the relationship between these two factors.
The research objectives are:
The questions for this research are:
According to Golini, Kalchschmidt and Landoni (2015) the productivity of any business organization is mostly dependent on the productivity of the employees. It has also been highlighted that the employees who seem to be happy and satisfied with their job, they tend to have a better job performance, therefore it leads to less employee attrition rate than those employees who are not at all happy with their jobs. Furthermore, it can be indicated that the employees tend to leave the organization if they are not happy with their job and utterly de-motivated for showing a better performance. The higher the employee performance is the higher productivity and profitability of the organization. It is also easier for the management of any organization to motivate the employees who are satisfied with their jobs for going beyond their fixed targets (Zumrah and Boyle 2015). However it is worthwhile to mention here that the employees can only be satisfied with their jobs if they feel they are competent enough for performing which can be attained through a complete and proper development and training program while they join any new organization. Therefore, it can be said that the workforce plays a significant role in enhancing the organizational performance; therefore it is necessary to provide an extensive development and training program for creating higher performers in the organization along with that it also helps the management to create an improved working environment within the organization. In this context it can be said that the internal environment is another component that helps enhancing the overall organizational performance. Eccles, Ioannou and Serafeim (2014) have indicated that there is a strong impact of the internal strategies taken by the management on the organization performance. For instance the main objective of the cost strategy is to gain the competitive advantage by reducing the unnecessary costs however if that cuts down the expenses spent for the betterment of the workforce and improving the organizational environment, it can affect the organizational performance in a negative way. The structure of the organization also plays an imperative role in defining the organizational performance as it is related to the size of the organization, number of the workers and other associated aspects that tends to recognize the firm from its potential competitors and make reference to the adaptability and flexibility of their positions and functions. In addition to that, performance management can also be defined as a major component in defining the productivity and profitability of the organization. Therefore the management needs to employ both the financial and non-financial performance indicators so that they can measure which employee needs more development and training programs (Riggio and Porter 2017). In this context, it can also be said that leadership is another major component for enhancing the organizational performance as the managerial practices has a strong impact on the profitability of the organization. It also acts as a key component which makes sure that there is a strong connection amongst the factors that can enhance the organizational performance.
The actual supervision of individuals and managing people at workplace is Human Resource Management, and it has been formed to be a primary part in many business organizations and is the adjustment for a wide – extending thought process which concerns the idea of the contemporary business connections. One of the real segments in the coordination and administration of work in an association is the administration of human asset. Cascio (2018) eluded to Human Resource Management as counting all of management exercises and choice, that impact the connection between associations also, its workers which are the HR. For the most part, administration settles on basic decisions for quite a while that impact this relationship. (Tahir et al. 2014). Anitha (2014) contends that the affirmation of the significance of preparing starting late has been strongly affected by the escalation of competition and the relative accomplishment of associations, as interest in workers’ improvement is broadly stressed. They encourage contended that creative upgrades and various leveled change have continuously determined a couple of organizations to the acknowledgment that accomplishments rely upon the aptitudes and capacities of their specialists, and this suggests huge what’s more, relentless interest in preparing and improvement. Eccles, Ioannou and Serafeim (2014) saw that Human Resource Management idea for instance, obligation to the association and the development in the quality advancement have driven senior administration gatherings to comprehend the expanded significance of preparing, worker advancement and long – term instruction. An idea of this nature requires careful arranging, as well as a more accentuation on worker advancement. To Ford (2014) regardless of how deliberately workers are screened, regularly, a hole stays between what the representative does know and how they should know it. An association in this way, wanting to pick up the aggressive edge in its areas of expertise, will require rigorous labor and powerful preparations of its human resources (Parmenter 2015). Development and training works are a larger amount of source for a learning action to obtain enhanced abilities and information expected to play out an errand. Training is the prerequisite for a more protruding profitability and security in the activity of particular equipment or the requirement for successful deals constrains, to say a few. To concoct the coveted information, capacities and aptitudes of workforce to perform well at their work side, requires appropriate preparing programs that may similarly affect representative inspiration what’s more, responsibility (Goetsch and Davis 2014). Representatives can either formulate or break their organization’s notoriety for being admirably as productivity. Moreover, they supervise the greater part of the exercises which can impact satisfaction of the clients, in accordance to the everchanging demand of the global market.
Training has been priceless in increasing the profitability of business organizations. It doesn’t just upgrade representatives creatively, it also gives them a chance to project all intents and purposes take in their occupations and perform all the more efficiently. While expanding Petronas’ prosperity as well as the company’s efficiency. Different examines exhibit the optimistic effect of training on company’s profitability. Development and training works as a procedure in this field is a standout amongst the most inescapable techniques to improve the profitability of the business organization and conveying hierarchical objectives to faculty (Mone and London 2018). (Hyland, Lee and Mills 2015) additionally bolstered that driving resources into training executives on basic leadership, cooperation, relational relations and critical thinking has valuable effect on the company’s development, as well as affecting on staffs’ execution. Training influences workforce’s conduct and their working aptitudes which come about into PETRONAS ‘upgraded execution and additionally effective organizational changes (Taylor, Doherty and McGraw 2015). Training is surely the best method for encouraging and retaining high caliber workers by HR inside a business organization. Likewise included by preparing is a method for improving worker duty and augmenting representative potential. As indicated by Mone and London (2018) training is an instrument that generally manipulates the useful achievement of the company’s goals and objectives. Be that as it may, the model objective of each business organization is to produce high income and boost benefit and an essential apparatus to understand this is a proficient and compelling workforce. Consequently, a workforce is just productive and successful if the proper training and improvement is accommodated such and consequently prompting efficiency of the company.
Authoritative execution is currently a vital factor in the exact probes about of the business associations (Goetsch and Davis 2014). As indicated by (Epstein and Buhovac 2014) organizational performance can be surveyed by the inward and outside variables on which the survival of the company depends. Notwithstanding this, the operationalization of the idea is extremely troublesome as it is a multi-dimensional and complex aspect (Sloman 2017). Impressive research has been done, distinguishing the connection between HR hones and the execution of the association (Golini, Kalchschmidt and Landoni 2015). The impact of HR hones on the authoritative execution is significantly impacted by the COQ of the association. The higher the disappointment expenses of value the more lower the levels of authoritative execution will be. As the disappointment costs caused by the absence of duty, expectation to stop the association overhaul of preparing programs;what’s more, losing potential workers incredibly drive the levels of hierarchical execution towards the lower end (Davis et al. 2016). Henceforth, the better the HR rehearses usage the higher will be the performance levels of the business organization.
In fact, supervisors pass on aptitudes, information and knowledge through instructing and coaching. However, in our more aggressive and complex world, the part of the leader has disintegrated (Albrecht et al. 2015). Overseers are at present overstrained with duties. They can hardly deal with what they have easily estimated on, not to mention offer coaching and instructing. The management of the organization needs to help and boost directors to carry out this project.
The company should tutor representatives to claim their professional advancement. Exceptionally prepared, ‘one-measure fits-all learning programs’ do not work much longer. Individuals should possess, self-direct, and control their learning process (Riggio and Porter 2017). However they can’t do only it, nor do they need them to. The development and improvement of the worker’s skills is imperative to the company’s constant achievement, capacity to enhance, and wide-ranging profitability. It’s a brittle adjustmen, one Don Jones, previous Vice President, Learning at Natixis Global Asset Management condensed in this way: “We need ‘modified’ answers for people, while at the same time giving scale and cost efficiencies over the association,” he said.
The organization should the short-timeframe of realistic utility of learning and improvement requirements. It used to be that; what the management understands was significant for a significant length of time, however now; learning and professional capabilities can wind up out of date inside months. This makes the urge to learn swiftly and consistently more vital than any other time in recent times. This expects management of the business concern to reconsider how taking in and progression take place from a time to time advancement to a more nonstop, progressing effort (Khalique et al. 2015). As Senior Chief Learning Officer and Vice President; Annette Thompson, at Farmers Insurance brought up in a meeting, keeping away from information over-burden is vital, so the management must establish synchronization between giving the correct information as opposed to providing excessively.
They should also give adjustable learning alternatives. Advising legislative body have to contribute in all the more learning and development exercises with their officially substantial workload often discard them feeling devoured and overpowered by the inquiry, “When and in what capacity will I discover the time?” business organizations must react by embracing on-request and convenient arrangements that make learning opportunities all the more rapidly available for your kin (Birasnav 2014).
Matching idiosyncratic learning choices to a range of learning styles should be done. With five ages effectively in the labour force, the management of the company must reconstruct the way representatives learn and the devices and exercises they use to precisely coordinate the dissimilar styles, inclinations, and desires for workers (Helmreich and Merritt 2017). For instance, Millennial became an adult utilizing PCs, cell-phones and computer game consoles, so they will be expecting to make use of these innovations in order to help their learning exercises.
Trust should be fabricated in hierarchical administration. Individuals desire straightforwardness, transparency, and dependability from their pioneers. Sadly, business pioneers generally keep on confronting issues of trust. As indicated by a study by the American Psychological Association, one of every four laborers say that they don’t confide in their boss, and just about half-trust of their manager is open and forthright with them. In the event that pioneers withdraw or refuse to share their own particular incessant learning ventures, how may they foresee that their kin will eagerly seek after theirs? It is the familiar saying of “show others how it’s done.” If directors of the companies need employees to participate in learning and improve mental programs, at that point they have to exhibit that they are at present looking for after their own learning ventures also (Zumrah and Boyle 2015).
They should also provide the changing needs of more virtual groups. While most of the business organizations have more employees working tenuously and for all purposes and intents, it needs further idea and innovativeness in how to train this fragment of your labor force. This includes formal kinds of learning through courses, yet in addition the casual tutoring and training channels. Because representatives are outside of anyone’s capability to see does not mean they have the possibility to be out-of-mind in relation to learning and advancement.
Conclusion:
This research work may face a major drawback of limited budget and time. Therefore the future researches on this topic can be capable of finding various other potential impacts of the continuous development and training on the overall performance of the organization along with increasing the profitability. In future, the numbers of samples can also be increased for gathering adequate information and data. In addition to that, the future researches can also utilize different research philosophies to evaluate the research study from various other approaches. This research work has various chapters that cover different stages to complete the entire research study. The first chapter refers the introduction to the study including the background of the company, purpose of research, problem statement and the significance of the research. The second part of the research work includes the review of various relevant literatures. This part contains various related concepts, models and theories of development and training of the employees along with the concepts associated with the organizational performance and the profitability of any business organization. The concluding section of this part will include the further implications of the research along with the research objectives and research questions. The next part of the study is the research design which is comprised of two sections. The first section includes the background of the research, purpose of research, problem statement, research questions, research objectives and the research framework. The next section includes the research methodology that comprises of the research methods, sampling methods, data collection, data analysis, ethical issues and gnat chart. The researcher has linked the objectives of the research while reviewing the relevant literatures in this study.
References
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Anitha, J., 2014. Determinants of employee engagement and their impact on employee performance. International journal of productivity and performance management, 63(3), p.308.
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Ford, J.K., 2014. Improving training effectiveness in work organizations.Psychology Press.
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