Talent is developed from among the people engaged in the business with planned and unplanned learning that carries the business excellence forward. This is an advantage competitive builder for the organization, which enables it to move forward with the competition in the market that it operates in. The strategic importance of such HR activity is immense. Nevertheless, Rothwell notes that there is a small percentile of people who gets the opportunity of training and skill enhancement. This due to their potential or performance criteria that makes the management biased for that group’s T&D for future leader development (Niazi, 2011).
The other very important strategic role of T&D is retention of talent within the business. Since T&D forms a basis for career development and knowledge enhancements, so the necessity of the business is to make people assured of career growth for retaining them with the business. However, the T&D should also include job satisfaction factors in it to boost career development and retention of employees. So employee satisfaction must also be the part of T&D planning so that people feels motivated to be involved and get the best outcome from such activity. Today the Training and development is also being used as talent development in few organizations to enhance career path for employee satisfaction. So in talent development the business includes various aspects like training, career development, career enhancement, organizational development etc. Thus the word talent development would be much suited for the 21st Century business, where people and business are dependent on each other and retention of talent is a big factor(Shrm.org. 2016).
Training is teaching of skills and imparting the needed knowledge from one to another. This is directly related to the competency development of personnel in the business. The goals of the business like improved capacity, capabilities, productivity, and performance are achieved by a well planned T&D initiative. This is a strategic part of the business management, which helps the business to gain the needed competence to be successful in a competitive market. In the global economy, free trade is common among the economies so the economy which can export the best product as a lower cost to another economy would gain from such trade and expand its scope of doing business abroad as well (Dynamics of Training and Its Vital Role in Organizational Development, 2016). The person in the professions or different business departments needs such T&D inputs to be aware of the changes in the market and get equipped with it. The On the job training which may include better ways to produce which takes lesser time and cost for production or adoption of new technology are few aspects that the T&D have the capacity to impact among the employees(Armstrong and Baron, 2012).