Role of Global Institutions in Competency Development

Role of Global Institutions in Competency Development

Ramnath Dixit, Vinita Sinha
DOI: 10.4018/978-1-6684-2448-3.ch015
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Abstract

This chapter aims to highlight the role of global institutions in facilitating competency development for people from different nationalities spread across diverse geographies. Training and development is an essential step towards accomplishing inclusive development and is closely connected with social and economic development on a universal scale. Although multilateral institutions are taking efforts towards providing timely and regular training to people worldwide, there is ample scope for ensuring the successful implementation of knowledge and skills disseminated through various training initiatives. It is in this context that transfer of training or learning transfer gains prominence as a game changer in shaping the development initiatives driven by global institutions. This chapter thus delves deeper on the need to ensure a robust training transfer ecosystem and the significance of global institutions in facilitating the same to achieve competency development. The chapter concludes with pragmatic recommendations to enhance competency development universally.
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Introduction

Institutions and organizations depend on their workforce to survive and prosper. Therefore, it is imperative that institutions continually invest in human development through training interventions. Training and development is a critical organizational task it delivers the personnel with pertinent insights on ways to perform their roles and the resources to deliver performance in their field of work (Suazo et al., 2009). Training is an indispensable component in strategic Human Resource Development (HRD) framework (Kucherov & Manokhina, 2017). According to (Wilson & Madsen, 2008) continual training of personnel is the most critical organizational competency. Training also contributes to norm localization, defined by Acharya (2004) as “a complex process and outcome by which norm-takers build congruence between transnational norms … and local beliefs and practices.” It their research, (Sekerin et al., 2018) prove the efficacy of on-the-job training in enhancing a nation’s competitive strength and building a knowledge economy. Anane (2013) rightly asserts that “in today's competitive global economy, technical/vocational education is a key element in the equation of development, because it allows people and society to unlock their potential, broaden their horizons, and adapt to changes in a dynamic world.”

Competency building and measurement are becoming increasingly crucial for business success in current times of increasing flexibility, speed and globalization within the economy (Stracke, 2011). Abele & Reinhart (2011) suggest that skills and competency development must be adaptable in accordance with the following:

  • New forms of learning that are adapted to the learning ability of older employees

  • Changing requirements for knowledge management in the company

Furthermore, empirical investigation by proves that competence level of learners can be increased by providing them adequate training opportunities (Mohanakumari & Magesh, 2017). Research by (Dixit, 2019) clearly highlights the positive impact of competency development of workers in healthcare institutions. Similar sentiments are echoed in another study that proves training is a strategic tool to provide impetus to competency development initiatives (Dixit & Sinha, 2021). However, merely investing time, money and effort in training without ensuring its effective implementation is likely to result in loss of invaluable resources. Hence, global institutions need to assess the significance of their role both in competency development through adequate training along with ensuring successful learning transfer in the aftermath of training interventions. Multilateral institutions play a critical role in facilitating the development of Corporate Social Responsibility (CSR) (Vives, 2004). Researcher Kuruc (2018) states that institutions such as the International Monetary Fund (IMF) play a significant role in fragile states towards accomplishing macroeconomic stability along with building state capacity and institutions in the domain of its core competency. Libraries of work have commented on the role and relevance of World Bank as a leading a development institution (Barnett & Duvall, 2005; Griffin, 2006; Broad, 2007; Weaver, 2010; Vetterlein, 2012) extending project financing and intellectual output. Institutions of the stature of World Bank are becoming increasing important in every sphere of economic activity. As famously remarked by (Kramarz & Momani, 2013) “the world bank has always sold ideas, not just loans.”

Key Terms in this Chapter

Global Institutions: Global institutions comprise of multilateral entities that perform humanitarian operations such as education and health initiatives on a universal scale.

Return on Training Investment (ROTI): This refers to the approximate value, calculated in monetary terms, derived from a particular training intervention.

World Bank: The World Bank is a very reputed international financial entity that provides financial support to low and middle-income nations towards pursuing various development projects.

Competency Development: Competency development is a culmination of skills, knowledge and job attitude aimed at accomplishing desired workplace behavior and/or performance.

Training Transfer: A systematic process that ensures implemented of training skills and competencies by leaners from the training classroom to actual work environment.

International Labour Organization (ILO): The International Labour Organization is a entity formed under the United Nations agency to promote social and economic justice through establishment of international labour standards and laws.

Economic Development Institute (EDI): The Economic Development Institute is a training institute operational under the World Bank, meant for the government officials. It was launched in the year 1955 as a training college to cater to the needs of senior government officials.

International Monetary Fund (IMF): The International Monetary Fund is a global entity working towards providing financial stability and ensuring global monetary co-operations between member nations.

Epistemic Community: An epistemic community is considered to be a sociological group of people with similar thinking styles.

Training Intervention: This refers to a series of training programs designed and delivered to learners over a certain period of time.

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