Updated: Aug 20, 2021

The process of improving workforce skills. This may be done by formal instructional courses, provided by employers or by educational institutions, either before or during employment. Such courses may be fiill- or part-time. Training can also be provided on the job by working under the supervision of more experienced workers. Most firms which provide any training make some use of both methods. General training, for example, increases numeracy and improves the skills of the worker in any form of employment. Specific training, such as in the operation of specialized equipment, enhances the worker’s skills only for the firm providing the training. See also on-the-job training.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.