The Effects of Training to the Employee Performance and Development: A Study of Fareast Islami Life Insurance Company Limited, Bangladesh

Abstract

Fostering more efficient capital allocation; encouraging loss mitigation; enabling risk to be managed more efficiently; helping mobilized savings; facilitating trade and commerce; substituting for and complementing government security programs and promoting financial stability insurance company plays a vital role to a country's economy. Despite prolonged political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms Bangladesh's economy has grown by approximately 6 percent annually for two decades. In this case, the insurance companies of Bangladesh have been keeping a significant role for a long since. Considering the enhancement of the development of insurance sectors, different institutes and academics have been established. But those are inadequate for the fulfillment of developing this industry and manpower also. So, regarding this context, I select the matter of The Effects of Training & Development of Performance: A Case Study of Fareast Islamic Life Insurance Ltd. This study is conducted to Fareast Islamic Life Insurance Head Office and its five branch offices. Identification of the improvement of manpower and their occupational development and how they can contribute to their organization is the main issue of this study.

The Importance of Training and Development on Employee Performance in Somalia Telecom Companies

“…On-the-job training involves learning a job by actually performing it (Purwanto & Prasetya, 2021). However, the definition provided by Hassan et al (2020) that on-the-job training involves acquiring skills in the work environment by utilizing the tools and materials during training does not fully capture the nature of this training method. Abba (2018) defines on-the-job training as a process where job knowledge is imparted by working alongside an experienced worker.…”

“…The initial step in improving employee performance is to conduct a skill gap analysis to identify areas where the company lacks necessary skills. Subsequently, training interventions are implemented to address the identified skill gaps (Hassan et al, 2020). Alnawfleh (2020) emphasizes the significance of employees as a crucial but costly resource.…”

Financial Literacy of Financial Institutions in Bangladesh

“…While some studies emphasize the positive impact of financial literacy on risk management and ethical decision-making, others acknowledge the complexities of implementing effective financial education programs within diverse financial institutions. This study seeks to bridge these gaps by offering practical insights and recommendations tailored to the unique context of Bangladesh (Faisal-E-Alam et al, 2022;Hassan et al, 2020;Hussain et al, 2020;Hossain & Asheq, 2020;Hossain et al, 2019;Islam & Salma, 2014;Islam, 2014;.…”