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Training And Development In The Financial Services Sector: A Critical Scrutiny

Volume 1 - Issue 2, August 2017 Edition
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Author(s)
Nandan Seeboruth
Keywords
Financial Services Sector, Training and Development, Mauritius, Company objectives
Abstract
Training and Development has always been regarded as a tool to improve employees’ skills. Hence, this study has tried to show the significance of training and development by highlighting its advantages and limitations that this process brings forward to companies. Consequently, this study has been undertaken in the Financial Services Sector of Mauritius which comprises of the Global Business Companies, Insurance Companies, and Companies listed on the Stock Exchange of Mauritius. Emphasis has been laid on the two types of training that is: On the job training and Off the job training, that are used by the companies. In addition, a quantitative analysis of the training techniques applied by the Financial Services Sector has been made. From the study, it can be deduced that Training and development plays a vital role in an organisation which contributes in employee retention and consequently future growth of the organisation. It has been seen that the Financial Services Sector invests considerably in terms of tools and equipment in providing training and development to its employees. The impact of training and development and commitment of the organisations have been highlighted in the study. Finally, the study shows that training and development helps in improving staff efficiency and their better understanding of the company`s objectives
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