Due to the current “war on talent” that will be driving business decisions and global economic growth over the next decade, Learning and Development (L&D) will become the most important and innovative team for the most profitable organizations. But why?
What is L&D?
Learning and development commonly referred to as Training and Development, is an organizationally part of HR. The goal of L&D is to align employee goals and performance with that of the organization. This is a process of empowering employees with specific skills to drive better business performance.
According to Training Mag’s 2018 Training Industry Report, organizations in the U.S. spent 87.6 billion dollars on training expenditures that year, and this is only expected to grow. This means that L&D has already been on its way to becoming a trend for many benefits it brings.
Why is L&D important to every organization?
1.Training programs help improve employees’ skill sets and therefore their performance.
A lot of your employees and associates are bound to have some weaknesses or shortcomings in their skill sets. Therefore, a thorough and well-thought-out training program is something that can get you freedom from these weaknesses by addressing those issues immediately and concentrating on skills that are more important for the employees and will fill them up with more relevant knowledge.
Workplace development training programs are specifically designed to eliminate weaknesses within your company and carve out more competitive and skillful employees which leads to the second reason.
2.Training Employees Improves Your Bottom Line
With learning & development focusing on filling in knowledge gaps and upskilling employees by focusing on the strengths of their employees, companies have reported anywhere between a 14%-29% increase in profit. An IBM study found that well-trained teams increased their productivity by 10%. Equipping employees with the ability to do their jobs better is just a smart move. As managers, our jobs are to get the best out of every employee. Coaching and training employees is a great way to empower them to succeed.
3.Training Reduces Employee Turnover
This is one of the most crucial and sensitive pain points of any organization. Employee turnover seems to be a constant problem being faced by several industries across the globe. This is primarily because of a lack of job satisfaction and adequate morale.
Your staff is much more likely to remain glued to your team if you keep them motivated and interested and also invested in your company. Your highest performers are ambitious and restless so they need to feel that they are challenged and constantly growing or you can guarantee to receive your employee’s notice sooner rather than later.
Also, the cost of employee turnover is expensive. Research from the Work Institute shows that the average cost of employee turnover is 33% of the position’s salary. In addition to this, after your talent is replaced, you likely still will not see them at full productivity for months after hiring.
The best way to prevent bleeding out money from lost talent is with investments in human capital.
4.Training Programs Establish an Industry Reputation
According to a 2016 Gallup report, 87% of millennials say learning and development in the workplace are important while 59% of millennials say having opportunities to learn and grow are extremely important when deciding whether to apply for a job. According to research from Clutch, 84% of employees expect their employer to help them develop professional skills. These stats tell the same thing: Today’s employees demand opportunities to learn.
When the word goes out that you take special efforts in educating, training, and improving the skill sets of your employees, managers, divisional heads, and other important position holders in your company, it directly impacts your reputation in the market. Your company is going to become more attractive to not just potential recruits and candidates but also to investors who are looking to enter into your industry.
However, L&D can go wrong:
With all of the resources you are pouring into L&D and new learning methods that you are devising, it’s important that they prove their value. However, with improper strategy, everything can go wrong and the cost is not small. Thus, on Dec 6, SmartR – together with HR Family – are delighted to host the Learning and Development Strategies (L&D) workshop for those who are in the HR field as well as businesses that want to develop their L&D team.
Our speaker is Mr. Thijs Van Loon who has more than 15-year experience as a Mentor Trainer. Having worked at Apple and Google for most of his training career, Thijs embodies the best practices used in these companies throughout his workshops.
More than that, we are having 02 guest speakers:
– Ms. Nguyen Thi Bao Tran – Ex-HR Director of DAFC, GGG, BigC, Metro Cash & Carry Vietnam
– Mr. Van Nguyen – Founder and CEO of SmartR
They are going to share their valuable experience and tactics about the Learning and Development Strategies for the HR Dept.
Join us on Dec 6 and find out how to make the right L&D strategies!
SmartR is an EdTech company providing skill-based training solutions for individuals and organizations. SmartR applies technology to solve real-world challenges in the Learning and Development industry. SmartR offers online and offline courses covering a wide range of topics that include language learning, business skills, computer science, and personal development.