Table of Contents:
- Five Reasons to Consider Learning and Development for your Workforce
1. Retain Talent
2. Fill Skill Gaps in the Organization
3. Develop and Nurture Future Leaders
4. Foster Innovation
5. Boost your Brand
It is truly said that employees are the organization’s greatest assets. So by investing in employee learning and development (L&D), you carve the path for the growth and success of your organization.
Employee training today should no longer be limited to C-suite executives. With the rapidly evolving technology bringing newer workforce challenges every day, an organization-wide skill development program is the need of the hour for every business to stay ahead in the game.
Over 40% of Fortune 500 companies use e-learning to train their employees. But what do they gain by investing in employee learning and development, and why should you follow suit?
Read on to find out!
Five Reasons to Consider Learning & Development for Your Workforce
Employee satisfaction today relies not only on compensation and monetary benefits but also on growth opportunities available at their workplace. In fact, learning and development have been touted as one of the top benefits current employees seek from their employers, beating health and wellness benefits and other in-office perks.
A study states that 39% of U.S. employees consider the potential for growth as a contributor to employee satisfaction. Similarly, another LinkedIn study found that 94% of employees would stay longer in companies willing to invest in their professional development.
Providing employees with need-based training opportunities also helps them develop a positive attitude toward learning. This translates into higher employee engagement, lower absenteeism, better productivity, and more loyalty toward the organization.
So try and discuss with your employees what their career goals are. Then help them carve their goal path by offering training and skill development in the company.
Here are some tips on how to use L&D as an Employee Retention Strategy.
With the accelerating technological innovations, the skills needed to stay competitive in the workplace are evolving rapidly. The in-demand skills are changing every year, making it critical for employees to upgrade their skill sets every now and then.
According to Gartner, the skill required for a job is increasing by 10% each year, while 30% of skills needed 3 years ago will soon become relevant.
What’s more, the World Economic Forum predicts that nearly half of the core skill sets will likely change by 2022 alone.
The learning and development opportunities you provide in the organization can help fill the skill gap. It will make your employees more resilient and prepared to face future challenges. An empowered employee will engage more with the organization and drive greater business impact.
If you’re looking for ways to simplify upskilling in your organization, here are the five best LMS platforms you can refer to.
When you help your employees learn and grow, you develop a potential future leader. These talented skill forces can fill internal promotion positions and successfully take on the role of leaders when the time arrives.
Such internal promotions result in massive cost savings for the organization that would otherwise have been wasted in interviewing, hiring, onboarding, and training new employees.
According to Gallup research, replacing an employee can cost you 1.5 to 2 times their current salary by conservative estimates. This figure can quickly add up for employees in higher positions.
Besides costing you, losing employees can also break down team morale and hamper customer relationships. All this can be avoided by upskilling your employees and providing them with growth opportunities.
Plus, your current employees are familiar with your company’s culture, vision and operation. So you won’t lose productivity when you hire from within.
Have a look at the top 5 workforce learning and development trends to get started with employee training in your organization.
Training and development initiatives help employees develop their creativity and problem-solving skills and stimulate inventiveness. This is why companies that value innovation invest heavily in the training and development of their employees.
Deloitte Research points out that organizations with strong learning cultures are 92% more likely to develop novel processes and products and be 17% more profitable than their peers. Similarly, a findcourse.com L&D report reveals that high-revenue growth companies are three times more likely to report an increase in their L&D budget.
Along with enhancing the capacities of innovative thinkers, L&D can help others tap their untapped potential. It creates a safe space for everyone to pitch their ideas and learn through exploration.
Your employees feel empowered enough to take on new roles and challenges, ultimately improving your bottom line.
We’ve seen how L&D can boost the productivity and morale of existing employees. But it is equally helpful in recruiting new talent as well.
Showcasing that you invest in your employee’s growth will bolster your brand and attract top talent.
Your current employees can play a significant role in boosting your brand image through employee advocacy. They can add their certificates and credentials to their social media profiles and spread positive word of mouth about your organization.
The improved organizational credibility can also help you win new clients and boost your image in the industry.
Inculcating a culture of learning and development is paramount to the success of any organization, no matter the size of the company or the industry it belongs.
However, offering just any learning program is not good enough. You’ll need to find strategic L&D programs that connect with the organization’s objective, goals, and employee’s functional role in the workplace.
Hence, investing in quality e-learning and training solution is the need of the hour. Though it may seem expensive initially, its benefits will outweigh the cost.
At Hurix, we help institutions across industries achieve learning and development goals with our intuitive and visually engaging workforce learning and development solutions. Our customizable corporate training solutions are equipped with the best-in-class technology to ensure a rich learning experience that enables employees to drive business growth.