Assignment "Costs"

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Ylaa83

Business Finance

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Assignment "Costs"

Costs

Costs are a consideration of every organization and in economically difficult times many managers may want to cut the "training budget" to save costs.

I'm sure that you've heard that training is always the first to go in tough times. But is that really the smartest business strategy to employ--or during economically difficult times should the "training budget be increased?



  • Should Training should be cut in tough times?
  • Should Training should be increased during tough times?



The requirements below must be met for your paper to be accepted and graded:

  • Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.
  • Use font size 12 and 1” margins.
  • Include cover page and reference page.
  • At least 80% of your paper must be original content/writing.
  • No more than 20% of your content/information may come from references.
  • Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three-reference requirement.
  • Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.

References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing.

A detailed explanation of how to cite a source using APA can be found here (link).

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W4 Assignment "Costs" Costs Costs are a consideration of every organization and in economically difficult times many managers may want to cut the "training budget" to save costs. I'm sure that you've heard that training is always the first to go in tough times. But is that really the smartest business strategy to employ--or during economically difficult times should the "training budget be increased? • • • • • • • • • Should Training should be cut in tough times? Should Training should be increased during tough times? The requirements below must be met for your paper to be accepted and graded: Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below. Use font size 12 and 1” margins. Include cover page and reference page. At least 80% of your paper must be original content/writing. No more than 20% of your content/information may come from references. Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the threereference requirement. Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style. References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing. A detailed explanation of how to cite a source using APA can be found here (link). Download an example here Grading Criteria Assignments Meets or exceeds established assignment criteria Demonstrates an understanding of lesson concepts Clearly presents well-reasoned ideas and concepts Uses proper mechanics, punctuation, sentence structure, and spelling Total Maximum Points 40 20 30 10 100 HRM340 Week 4 Getting Started/Reading/Lectures 1, 2 & 3 This Week's Activities Learning Objectives • Define the importance of human resource training and development for all levels of staff. Reading & Assignments 1. 2. 3. 4. 5. 6. 7. Read Chapters 8 & 9 Review Lecture 1 "Socializing, Orienting, and Developing Employees" Review Lecture 2 "Managing Careers" Review Video Lecture 3 "Performance Management" Complete Discussion "Cultural Training" Complete Assignment "Costs" Complete Midterm Reading David A. DeCenzo, Stephen P. Robbins, Susan L. Verhulst (2016). Fundamentals of Human Resource Management. (Twelfth ed.). Wiley. ISBN: 97811190327485 • Read Chapters 8 & 9 Lecture 1 "Socializing, Orienting, and Developing Employees" Socializing, Orienting, and Developing Employees Greetings Class, Welcome to week 4! This week is filled with information which directly applies to each of us regardless of the organization you work for. The focus areas for Chapter 8 are noted below. Introduction Socialization, training and development are all used to help new employees adapt to their new • organizations and become fully productive. Ideally, employees will understand and accept the behaviors desired by the organization, and will be able to attain their own goals by exhibiting these behaviors. Socialization Frequently called “onboarding” is a process of adaptation to a new work role as an employee goes through the passages of coming from outside the organization to inside the organization. • Assumptions of Socialization o o o o • o o o Socialization strongly influences employee performance and organizational stability, by providing information on how to do the job and ensuring organizational fit. New members suffer from anxiety, which motivates them to learn the values and norms of the organization. Special attention is needed to put them at ease. Socialization needs to be consistent with culture. It is influenced by subtle and less subtle statements and behaviors exhibited by colleagues, management, employees, clients and others. Individuals adjust to new situations in remarkably similar ways. All new employees go through a settling-in period. The Socialization Process Prearrival stage: Individuals arrive with a set of values, attitudes and expectations which they have developed from previous experience and the selection process. Encounter stage: Individuals discover how well their expectations match realities within the organization. Where differences exist, socialization occurs to imbue the employee with the organization’s standards. Metamorphosis stage: Individuals have adapted to the organization, feel accepted and know what is expected of them. New Employee Orientation New employee orientation covers the activities involved in introducing a new employee to the organization and to the individuals in his or her work unit. New Employee Orientation is critical to the success of the new hire. Many individuals will decide during NEO whether they are going to stay with the organization or leave! • • • • o o • Orientation may be done by the supervisor, the HRM staff or some combination. It may be formal or informal, depending on the size of the organization. Typically, it will cover such things as the organization’s objectives, history, philosophy, procedures, rules, HRM policies and benefits, and fellow employees. HRM Role in Orientation Coordinating Role: HRM instructs new employees when and where to report; provides information about benefits choices. Participant Role: HRM offers its assistance for future employee needs, such as career guidance, benefit administration, and training. Employee Handbook – benefits both employers and employees. Helps employees learn about the company whenever they want. Provides central information source concerning policies, work rules and benefits. Helps ensure that HRM policies will be fair, equitable, and consistently applied. Employee Training & Development Ask any employee and they will tell you the importance of training & development. But did you know that there is a difference between the two. • • • Training vs. Development – Training is more present-day oriented; it focuses on individuals’ current jobs, enhancing those specific skills and abilities needed to immediately perform their jobs. Development generally focuses on future jobs in the organization and employee development efforts prepare you for those jobs. Both focus on having you learn more about the organization and how to perform jobs within the organization. Training Methods – job rotation, apprenticeships, internships, off-the-job training, classroom lectures, multimedia learning, simulations, vestibule training Development Methods – job rotation, assistant-to positions, committee assignments, lecture courses & seminars, simulations, adventure training Organization Development Organizational development (OD) – process that an organization moves through when it changes with respect to continuous improvements, diversity, and work process engineering. • • Regardless of the role of OD in an organization, a change agent is needed to foster the environment in which change can occur, and to help employees to adapt to the change. OD efforts support changes that are usually made in four areas: the organization’s systems, technology, processes, and people. These changes are designed to foster the strategic direction of the business. Evaluating Training and Development Effectiveness are easier to measure when some output can be analyzed, such as in increase or decrease in sales, costs, production, employee turnover, or revenue. Training results • o o o o • When training results are more difficult to measure, the four level Kirkpatrick’s Model can be used. Level one measures the reaction of participants toward the training. Level two measures how much the participants learned. Level three measures whether or not the training actually changes the employee’s behavior when he or she returns to the job. Level four measures whether the training benefited the employer or not. Performance-based measures (benefits gained) – post-training method, pre-post-training method, pre-post-training with control group method International Training and Development It is necessary for expatriate managers and their families before assignments (to learn language and culture); during, and after foreign assignments (to adjust to changes back home). • Cross-cultural training is more than language training; it includes learning about the culture’s history, politics, economy, religion, social climate and business practices and may involve role playing, simulations and immersion in the culture. Lecture 2 "Managing Careers" Managing Careers Important --- If you remember nothing else about this week, please remember this key quote, “If it is to be, it is up to me.” (William H. Johnson) How successful you are in your career is dependent upon your successful management of various aspects of your career to include training, formal education, relationships, and organizational diversity. Your career is YOUR responsibility. I have identified the key concepts from your text here. Introduction Traditionally, career development referred to programs offered by organizations to help employees advance within the organization. Today, each individual must take responsibility for his or her career. While many organizations still invest in their employees, they do not offer career security and they cannot meet the needs of everyone in a diverse workforce. • Organizations now focus on matching the career needs of employees with the requirements of the organization. What is a Career? A Career is a pattern of work-related experiences that span the course of a person’s life, reflecting any work, paid or unpaid. It can also include schoolwork, homemaking, and volunteer work. • • o o o Career development adds value both for the individual and to the organization Mentoring and Coaching Effective coaches give guidance through direction, advice, criticism, and suggestion in an attempt to aid the employee’s growth. Mentors are typically senior-level employees who support younger employees by vouching for them, answering for them in the “highest circles,” introducing them to others, and advising and guiding them through the corporate system The disadvantages of having senior employees coaching younger employees include: tendencies to perpetuate current styles and practices and reliance on the coach’s ability to be a good teacher. o o Coaching is most effective between employees who do not have a reporting relationship, but share other similarities in their perspectives. Organizations are now exploring ways of advocating cross-gender mentoring. Traditional Career Stages There are well defined stages in every career. • o o • o o • o o • o o o • o o Exploration Includes school and early work experiences, such as internships. Involves trying out different fields, discovering likes and dislikes, and forming attitudes toward work and social relationship patterns. Establishment Includes search for work, getting first job, and getting evidence of “success” or “failure.” Takes time and energy to find a “niche” and to “make your mark”. Mid-Career Challenged to remain productive at work. Employee may continue to grow, may plateau (stay competent but not ambitious), or may deteriorate. Late career Successful “elder states persons” can enjoy being respected for their judgment. Good resource for teaching others. Those who have declined may experience job insecurity. Plateauing is expected; life off the job increases in importance. Decline (Late Stage) May be most difficult for those who were most successful at earlier stages. Today’s longer life spans and legal protections for older workers open the possibility for continued work contributions, either paid or volunteer. Career Choices and Preferences Good career choice outcomes provide positive self-concept and opportunity to do work we think is important. • o o o 3 Models to match skills to careers Holland Vocational Preferences The Schein Anchors The Myers-Briggs Typologies Video Lecture 3 "Performance Management" https://content.grantham.edu/at/BA340/BA340_W4/BA 340_W4.mp4
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Explanation & Answer

Attached.

Running head: TRAINING COSTS

1

Training Costs
Student’s name
Institution
Date

TRAINING COSTS

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Introduction

There are numerous costs which a business has to incur to successfully operate. From
fixed to variable costs, enterprises bear these costs in a continuous process to maximize their
operations. Due to the negative impact of high costs on profitability, businesses continuously
find ways to cut their operational costs. This usually enables them to maximize profitability. This
commonly occurs when a company or an organization is faced with tough economic times.
Training and development costs are some of the most affected when a business decides to reduce
their operational costs in the face of tough economic times. According to DeCenzo, Robbins, and
Verhulst (2016), many organizations tend to reduce or cut on training costs believing that they do
not have a direct impact on the business. However, it’s important to understand the effect of such
reduction in costs has on the business.
Reasons why Organizations Invest in Training
There are numerous reasons why organizations invest in employee training. According to
DeCenzo, et al. (2016), employee training is essential when new skills are needed especially
following job requirement changes. When new job skills are required in an organization, it’s vital
to implement an employee training program to equip them with relevant skills. Also, training
programs are essential when performa...


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