Training Levy
This article covers meaning & overview of Training Levy from HRM perspective.
What is Training Levy?
Training levy is basically a technique to acquire funds to sustain the training policies that it formulates, so that the people can learn new skills and techniques. The government caters to several training schemes that are there in the market. Primarily to encourage people to come forward as learn new aspects. For this purpose, the government requires funds.
Some of the projects that are a part of the training levy is the Government Youth Education Program, vocational courses at subsidized rates,
Advantages:
1. Cost for obtaining the training purpose is easily accomplished.
2. The training purpose may be perceived to be much more effective, as the government is involved & they may have understood the concerns better.
3. It would help serve the community better, by imparting training at a lower cost to the aspirants.
4. The companies contributing to the training levy, gets sufficient exposure & brand visibility.
Disadvantages:
1. If right balance is not found between the training content & the trainees, the levy may go waste, and difficult to change.
2. Under levy-based scheme, there is little chance where the organization will implement any training program beyond the mandated limit.
3. As the training parameters are limited, the chances that no path-breaking insights appear.
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