Employers develop learning and development (L&D) programs to drive better employee performance, customer service, and innovation. Top organizations have been continuously developing effective learning solutions to upskill and reskill employees into subject matter experts to help enhance their problem-solving skills and gear up for tech roles of the future.
Several studies have shown that companies that have dedicated employee training and development programs have seen sharp growth in their business. L&D programs also contributes to excellent employee retention, a crucial factor for sustaining business growth.
What is Learning and Development?
Learning and development is all about developing employee knowledge, skills, and capabilities to improve business performance. L&D programs may be centralized, decentralized across various business units, or hybrid. Learning and Development programs typically encompass onboarding, career development, skills training, talent management and more. Even till this date, Learning and Development continues to be a critical component of Human Resource management and employee transformation.
9 Compelling Reasons to Invest in Employee Learning and Development
According to LinkedIn’s workforce learning report, 94% of employees prefer to stay at a company longer if it invests in helping them learn.
Identifying and recruiting new talent is more expensive than retaining existing talent. According to a Gallup’s study, hiring a replacement can cost around 150 % of a staff’s annual salary.
Companies can outshine their competitors when their employees are upskilled and trained in the latest technologies as part of a comprehensive learning ecosystem. As such, investing in employee training and development is one of the best investments any company can make.
Let’s look at 9 compelling reasons why organizations should invest in learning and development programs:
1. To adopt new methods and technologies
The latest technologies and methods often bring improvements in efficiency and productivity. For instance, automation tools can streamline repetitive tasks, leading to time and cost savings. Organizations investing in learning and development can train employees to effectively utilize tools and methods, maximizing their benefits and boosting overall efficiency. This unlocks new possibilities and helps businesses stay at the forefront of their industry.
2. To keep pace with industry changes
With changes in the industry, keeping up with the latest industry trends is key to growth. Additionally, upskilling and reskilling, along with cross skilling, have become the most important factor for employees to help their organization keep up with industry changes. When it comes to staying ahead of the competition, companies need to have up-to-date knowledge about their industry, which should be an outcome of various L&D initiatives.
3. To increase employee job satisfaction
Conducting a successful training needs detailed assessment to determine the skills and knowledge that employees require to perform their jobs effectively. The outcome of organizational learning solutions not just helps businesses grow but also positively impacts the career trajectories of employees. This results in improved job satisfaction, which motivates employees to stretch the scale of their performance.
4. To reduce employee turnover
Employees are always grateful when they are offered opportunities to upskill and reskill by their organization. They are more likely to plan long-term careers in companies that promote learning and development. On the other hand, employee learning and development would be one of the best investments for companies as it helps them achieve lower employee turnover. It also helps to develop continuous learning solutions for long-term benefits.
5. To attract top-level talent
An organization with successful learning and development programs attracts top-level talent because employees consider them as a major benefit. From an organization’s perspective, the primary advantages of offering employee training and development initiatives are retaining a skilled workforce and attracting high-quality talent.
6. To maintain the level of skill in tech teams
Successful organizations understand that continuous learning is essential for developing and maintaining talents. Therefore, by conducting regular employee training programs, companies can help employees improve the skills they already possess and also ensure the workforce maintains a high level of proficiency and knowledge.
7. To create promotable employees for internal opportunities
With employee training, employers can avoid the expense of hiring new talent and save costs. In addition, existing employees are already familiar with the organization’s operations and culture, which allows them to hit the ground running and start performing more enthusiastically. This helps in closing internal promotions & positions with rewards and recognitions.
8. To be future-ready
Several traditional workplace practices are outdated and need to evolve. Organizations have been facing a lot of such challenges ever since the onset of the pandemic. Employees’ preference for work is changing, and adaptability has become a critical element in creating a resilient workforce.
Investing in employee upskilling and reskilling programs involves more than just providing technical skills training. It entails focusing on competencies like effective communication, adaptability, and others, which equip employees to handle any unforeseen challenges of the future. While it is easy to become absorbed in managing daily business operations, employee learning and development must be an integral part of any contemporary organization’s business strategy.
9. To increase employee engagement
Disengaged employees are less productive, prone to burnout, and more likely to leave the organization due to a lack of connection or loyalty to their workplace. In addition, remote work blurs boundaries, exacerbating burnout and disengagement. Therefore, investing in employee learning solutions offers them an opportunity to learn and grow, fostering excitement through practicing new skills together.
Motivated employees who strive for excellence are eager to take on challenges and prioritize professional growth. Such employees should be offered various learning and development opportunities, those focused on upskilling and reskilling in the latest technologies. Individuals who exhibit a desire to acquire fresh skills, enhance their performance, and assume additional responsibilities are often the most enthusiastic about the organization’s learning opportunities. Thus, investing in their learning and development programs results in growth both for employers and employees.
Organizations can facilitate employee upskilling and reskilling effectively through a learning experience platform. Techademy is one such platform that caters to companies of all sizes, offering hands-on learning experiences across various tech roles to help corporates train their employees. As part of learning and development initiatives, adopting a learning platform can help employees acquire the latest skills in in-demand technologies from the comfort of their homes.