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Do organizations invest enough in helping their employees learn? Do they invest too much? What specific learning initiatives would be the most worthwhile investments? Where are the answers to these questions? As knowledge becomes the foundation of our economy, these questions are increasingly important to the financial health of businesses around the world. Yet even though many managers believe they must invest in employees through formal and informal training, knowledge management systems, and human capital development programs, the accounting systems embedded in their organizations are inadequate for measuring, reporting, and evaluating these key investments. As a result, many managers find themselves unable to make well-informed decisions in an area that may be vitally important for their organizations' survival and success.
The accounting and reporting systems that executives, managers, and stock-market analysts rely on are a relic of the industrial age. They focus undue attention on quarterly earnings and essentially ignore the capabilities and culture necessary for creating lasting value. Using the information these systems provide, most businesses cannot answer the fundamental question: Do training investments create value for an organization? Leaders are not certain whether additional investments improve profitability or whether the stock market will recognize and reward them for these investments. And investors have no idea how much companies focus on learning or knowledge creation, or how these investments improve long-term earnings prospects.
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