Traditionally, training and development were not viewed as activities that could help companies create “value” and successfully deal with competitive challenges. Today, that view has changed. Companies that use innovative training and development practices are likely to report better financial performance than their competitors that do not. Training and development also help a company develop the human capital needed to meet competitive challenges. Many companies now recognize that learning through training, development, and knowledge management helps employees strengthen or increase their skills in order to improve or make new products, generate new and innovative ideas, and provide highquality customer service. Also, development activities and career management are needed to prepare employees for managerial and leadership positions and to attract, motivate, and retain talented employees at all levels and in all jobs. An emphasis on learning through training, development, and knowledge management is no longer in the category of “nice to do”—they are a “must do” if companies want to gain a competitive advantage and meet employees’ expectations.