If an organization wants to retain quality employees, investing in the individual's personal growth and learning is extremely important. In simpler words, the more you help your employees gain the required skills and knowledge to do their jobs better, the more profitable it is for your organization. Don't believe us? Data states that companies that spend $1,500 or more on employee development yearly report 24% higher annual profits than organizations that spend less.
Here's what additional research tells us about the benefits of a Learning and Development (L&D) program:
Needless to say, organizations that do not focus on designing training and development programs and targeting individual growth and profession will lose out on quality talent.
In this blog, we will explore:
Let's get the ball rolling.
Let's start by setting the context as to why L&D programs are gaining traction. The research paints a positive picture:
Despite these motivating statistics, there's a greater need to realign the L&D initiatives with the business goals. According to the latest research by Deloitte, 53% of organizations surveyed identified the alignment of learning to business outcomes as their "numero uno" priority. Changes brought on by the pandemic, such as remote working and virtualization, have forced business leaders to rethink the role of learning. This is why organizations are:
One, focusing on building learning strategies to better integrate learning with the business.
Two, reinventing how they can create and implement learning content that is better aligned to the organizational objectives.
Pro tip: It is critical for L&D practitioners to factor in the employee's individual growth and professional success at the centre of all learning and assessment initiatives.
1. Start with the skills: If you want to keep your employees, managers, and executives inspired and create a culture of learning, you need to create an L&D program that:
- rewards what employees already know
- helps employees learn new, high-demand skills at a steady pace; skills such as resilience and digital fluency are the most sought-after skills today
- provides opportunities for upskilling and reskilling, leadership and management, and virtual onboarding:
2. Encourage internal employee mobility: As per data, employees at companies
with high internal mobility stay 2x longer. This is why organizations should develop L&D programs that encourage internal mobility between teams, functions, and roles.
3. Do not lose sight of the "human" element of training and development: Despite L&D programs going virtual, it is essential that L&D leaders do not simply focus on technology, leaving the "human connect" behind. In other words, the L&D program should aim to build a human-centric workplace by training employees on the following "soft" (read: human) skills:
The big takeaway: The new mandate for L&D requires organizations to build an emotionally intelligent and empathetic workforce that can demonstrate compassion and promote positive relationships. Employees will not be able to "thrive" in the new world without these capabilities, according to 93% of leaders. To drive business performance, there's a need to cultivate human capabilities such as the skills mentioned above. Other "highly-rated" capabilities include:
4. Learning has gone 'virtual:' As per Deloitte, there's a paradigm shift in the learning landscape. The research indicates that:
The writing is on the wall: Interactive virtual training should be integrated into L&D programs, and classroom sessions should be redesigned using self-paced tools (think: Skype) to drive more convenient-based and customized learning - one that depends on the interests, needs, and skills of the learners. This anytime, anywhere format of virtual learning is finding takers among 23% of learners. To top it off, 30% of organizations are offering information and learning that is available to employees where
the actual work happens.
The latest Deloitte survey suggests that for 62% of leaders, the focus of L&D teams has shifted towards making the content "more interactive" using facilitator-led live instructional training, simulations, and panel discussions over conventional modes. A few experiential modes of learning that are gaining traction include:
The problem: The pandemic forced the organization to rethink its learning and development strategy and go the digital route. Using an innovative approach, the enterprise introduced a new Learning Management System, which included creative forms of learning formats such as simulations and gamification.
The solution: The company developed a cloud-based virtual interactive learning platform that is home to 500+ hours of e-learning content. The platform was curated based on the organization's technical competency framework.
The result: It led to a 300% increase in course completions and could effectively cater to the learning needs of its 17,000+ workforce.
5. Personalized training programs are among the top priorities for learners: When designing training and development programs, L&D practitioners need to prioritize learning design and customize it to cater to the learner's needs. Research suggests that 54% of employees would spend time on employee development if they were given specific courses recommendations geared toward helping them reach their professional goals.
A static, "one-size-fits-all" approach will no longer cut it. There are numerous ways to personalize learning, such as:
The takeaway: A learner-centred design thinking strategy can add a human touch to the learning journey. It empowers the organizations to enter the learner's mindset and craft personalized experiences that can match the learner's holistic needs. Such is the demand for this learning-based skill that an overwhelming 82% of organizations
consider "future designers" to be a top skill for their L&D teams.
Also Read: Four Quick Steps to Lead Upskilling Initiatives for Data Science Talent
6. Close the skills gap: To maintain a competitive edge, L&D professionals need to expand their focus and bridge the ever-widening skills gap among the employees. This will not only help recruit and retain top-performers but will also equip the organization to be future-ready. Boosting investments in online learning can help drive learner engagement and help employees get the requisite training for soft and hard skills. Furthermore, organizations should focus on curating content that is more targeted, organized, contextualized, accurate, and offers just-in-time information.
7. Measure the impact of learning on the company's bottom line: As mentioned earlier, a successful L&D program rests on how effectively it is tied to the business objectives. To measure the program's success with respect to the company's productivity (and bottom line), leverage the following strategies:
8. Keep it "social": LinkedIn's survey also suggests that learners who use social features (think: Q&A, course shares, and learning groups) end up watching 30x more hours of learning content than learners who don't. In an effort to make the L&D programs more employee-friendly, they should consider integrating social elements that can boost learner engagement.
"New approaches to integrate learning and work are arising—combining development and work into 'dev work,' building on the realization that learning and work are two constantly connected sides of every 'job.'" – Global Human Capital Trends, Deloitte
There's a raging need for organizations to build a culture of continuous learning, one that:
Did you know?
Established enterprises such as JPMorgan Chase, Amazon, and PwC are increasing their employee upskilling budget according to the Harvard Business Review:
That said, to take your L&D program to the next level, L&D leaders need to prioritize their employee's professional success and personal growth as integral components, and more importantly, ensure that the program aligns with the business objectives as well.
Long story short, organizations can leverage all this and more with a complete overhaul of the learning and assessment program instead of making half-baked tweaks along the way. Ultimately, the recipe for L&D success comprises employee-centric personal growth and aligned business objectives, paving the way for an engaged, productive, and profitable workforce.