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ABSTRACT
In global competition and swiftness of changes emphasize the importance of human capital
within organizations, as well as the swiftness and ways of knowledge gaining of that capital.
Effectiveness of Training and development play an important role in the organisations and to
the experiences of people in work. Training has implications for productivity, health and
safety at work and personal development. In the economy where uncertainty is the only
certainty, knowledge is becoming a reliable source of sustained competitive advantage.
Knowledge is becoming basic capital and the trigger of development. Previously built on
foundations of possessing specific resources and low costs, present day competition is based
on knowledge possessing and efficient knowledge management. Modern organizations
therefore use their resources (money, time, energy, information, etc.) for permanent training
and advancement of their employees. Organizations which are constantly creating new
knowledge, extending it through the entire organization and implementing it quickly inside
the new technologies, develop good products and excellent services. These activities
determine the company as a learning organization with constant innovation being its sole
business. These are organizations which realize that learning and new knowledge are
becoming the key of success, and that education is crucial for abundance. Thus, in order for
organizations to achieve optimum returns from their investment, there is imperative need to
effectively manage training and development programmes. However, the most vital asset of
every organization under stiff and dynamic competition is its human capital. Training and
development is an instrument that aid human capital in exploring their dexterity. Therefore
training and development is vital to the productivity of organizations workforce.