Zarai Taraqiati Bank Limited Essay

Zarai Taraqiati Bank Limited (ZTBL) formerly Agricultural Development Bank of Pakistan (ADBP) is the premier financial institution geared towards the development of agriculture sector through provision of financial services and technical know how. The restructuring of former ADBP is being carried out with the aim to uplift the agriculture and rural sector by raising farm productivity, streamlining the institutional credit and increasing income generating capacity of the farming community. ZTBL was incorporated as a Public Limited Company on 14th December, 2002. ZTBL is dedicated to serve the needs of the farming community, by delivering financial products and technical services on a competitive and sustainable basis, in a convenient, efficient and professional manner, leading to success of the Bank and the farmers. ZTBL is working continuously to fulfill and satisfy the market requirements, keeping pace with emerging technologies in the field of Agriculture Sector and satisfying customer’s needs .ZTBL understands and believe in the importance of its customers and fulfillment of their needs. ZTBL is constantly adopting different strategies that aim to support and reinforce its competitive position. As jobs in today’s dynamic organizations have become more complex, so every organization needs to have well trained and experienced work force to perform the activities that must be done. As the requirements for jobs are changing very fast, the importance of employee’s education has increased . When jobs were simple and easy to learn, there was little need of employees to upgrade their skills. Traditionally, the aim of training and development has been to ensure that employees can effectively accomplish their jobs. But today , the business environment has changed, with intense pressure on business firms to stay ahead of the competition through innovation and re-invention. By definition training and development refers to the process of obtaining and transferring knowledge, skills and abilities needed to carry out a specific activity or task. Training is basically the process of increasing the knowledge and skills of an employee for performing current job given to him or her. It is a short term process when new employees are selected, placed and introduced to a new organization, they must be provided with training facilities so that they can be able to perform their jobs efficiently and effectively. Employees who are trained regularly are will motivated, well mannered and have enhanced confidence and self esteem. In short, training and development prepare and enhance employees’ knowledge and skills enable them to adopt new technology, the changes that are happened or going to happen inside the organization and working environment. The right employee training, development and education and the right time provide big payoffs for the employer in the form of increased productivity, contribution, knowledge and loyalty. Human Resources are the most important and valuable assets for each and every organization, with Machine, Materials, and even money can do nothing without human power. According to Abiodun (1999) training is a systemic process of development of knowledge, skills and the altering behavior of employees in a direction that will achieve organizational goals. Adeniyi (1995) submitted that employee training and development is an activity that can significantly contribute to the overall the effectiveness and profitability of the organization. Oribabor (2000) says that the aim of training and development to develop competencies such as technical , conceptual and managerial advantages for the furtherance of individual and organizational growth, also Isyakn (2000) identified that this process â€Å"training and development† is a continues one. Among other school that has highlighted the significance of Training and Development are Akintayo (1996), Graig (1976) and Oguntimehin (2001). They have postulated the functions as follows : Increases productivity improves skills and knowledge, improve the quality of work, enhance the use of tools and machines, reduces absenteeism, turn over, reduces waste, accidence and other over head costs, expel out dated skills, method, technologies and capital management etc. Misko (2008) identified that where learning become integrated into work place practices, firms are more likely to be innovative, extend learning and reward employees.