ENSURING COST-EFFECTIVENESS IN SUPPORT OF TRAINING

This paper supports a theory that to maintain a competitive advantage in today's global business environment organizations must be able to e ffectively increase the speed of their employees' learning. An attempt has been made to address the issue that to be successful in the next century, businesses will have to alter the method of evaluating employ ees' knowledge, skill level and technological capability. In today's b usiness environment organizations must adapt quickly to changing oppor tunities that are only possible if their organization's competencies, skills, knowledge, and technological capability are effective. To do s o, it is believed that management must first inventory, and define the current asset value, of their employees' 'knowledge and skill level'. Then they will have to implement an assessment method to determine th e return on investment (ROI) from further employee training. This proc ess requires management to have new tools to assist them in identifyin g and managing the organization's investment in its knowledge base.