Importance of Training for Companies in Serbia

Purpose: In an increasingly dynamic business environment and increased market competitiveness, quality and well-trained staff are vital to a company's success. Training is a process that gives employees new knowledge and skills needed to properly perform the work within the systems and standards set by management. The training includes transferring skills, knowledge, and information related to the job. New employees and even experienced workers need proper training to ensure that their job performance meets company standards. This paper aims to show the importance of employee training for the productivity and profitability of companies in Serbia. Design/Methodology/Approach: To determine whether companies in Serbia train their employees, this paper uses primary data sources obtained as a result of a survey conducted in 40 companies in Serbia. The questionnaire consisted of seven questions related to the type of training, the location of the training, the effects of the training, and the reasons why some companies do not train their employees. In each of these 40 companies, one of the top managers was interviewed, which means that the answer of one manager corresponds to the situation in the specific company in Serbia. Findings: Noting the massive role of training for corporate success, most companies in Serbia conduct training for their employees. Most often, these trainings are performed within the company. Practical Implications: This paper has proveд the importance of training for the productivity and profitability of companies in Serbia. Originality/Value: Using primary data sources obtained from a survey, this paper has proven the importance of training for the productivity and profitability of companies in Serbia.