Human resource development is concerned with implementing learning and development strategies for the employees of an organization so that the employees can get enough opportunities of developing the required skills and competencies for performing their roles and responsibilities effectively. As per the point of view of Swanson (2022), the main purpose of human resource development is to align the personal development goals and the performance management objectives of the employees with the broader business goals of the organization so that the organization can successfully manage its daily operations and can also achieve its business goals. From this perspective, it can be said that the human resource development strategies of an organization can play a significant role in facilitating the business growth of an organization. According to Gomes and Wojahn (2017), when an organization can implement effective strategies for the learning and development of its employees, it also becomes easier for the organization to manage its business performance in its industry.
For this reason, large business organizations invest enough money on the training and development of the employees so that they can remain competitive for long term. However, small and medium sized business organizations often cannot afford to invest enough money for the training and development of their employees and therefore, the employees of the small companies do not get enough opportunities of enhancing their knowledge and skills and they also face various issues in performing their allocated tasks efficiently (Sedyastuti et al. 2021). As a result of it, the small companies also face various issues in delivering high quality services to their customers. Researchers like Vey et al. (2017), opine that lack of effective human resource development strategies in the small companies is a major reason behind the significant difference between the quality of services and products sold by those small companies and that of the large and reputed companies. Due to the lack of human resource development processes, small companies often cannot achieve competitive advantage over the large companies.
Therefore, it can be said that the lack of effective HRD processes can be a barrier to growth and success of the small companies in London. For this reason, if the small companies of London want to achieve e long term growth and success in their businesses, they also need to provide enough importance to the training and development of its employees (Greer, 2021). In this context, it might not be possible for the small companies to invest huge amount of money for the training and development of their employees. However, they can implement tools and techniques for measuring the performance of the employees systematically so that they can identify the skill gaps of the employees and can design mentoring programs or coaching programs for the employees in order to help the employees to resolve their work related issues. In this process, effective human resource development can help those small companies to improve their business performance.
References
Swanson, R.A., 2022. Foundations of human resource development. Berrett-Koehler Publishers.
Greer, C.R., 2021. Strategic human resource management. Pearson Custom Publishing.
Sedyastuti, K., Suwarni, E., Rahadi, D.R. and Handayani, M.A., 2021, April. Human Resources Competency at Micro, Small and Medium Enterprises in Palembang Songket Industry. In 2nd Annual Conference on Social Science and Humanities (ANCOSH 2020) (pp. 248-251). Atlantis Press.
Gomes, G. and Wojahn, R.M., 2017. Organizational learning capability, innovation and performance: study in small and medium-sized enterprises (SMES). Revista de Administração (São Paulo), 52, pp.163-175 T.
Vey, K., Fandel-Meyer,., Zipp, J.S. and Schneider, C., 2017. Learning & Development in Times of Digital Transformation: Facilitating a Culture of Change and Innovation. International Journal of Advanced Corporate Learning, 10(1).
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