Learning and development, commonly known as L&D, is focused on managing the development of the people at an organization.
With the work environment constantly changing and technology evolving rapidly, having a workforce poised to tackle change, head-on, is a necessity.
Here’s what you need to know about learning and development and why it should be a key priority for your organization.
What is Learning and Development?
Learning and development plays a strategic role in the development of the workforce in support of meeting key business objectives. It encompasses training, coaching and learning for both individuals and teams.
A strong learning and development program involves employees at all levels for the organization.
The learning focuses on short-term goals, whereas development focuses on the long term.
Your L&D program should be designed to support overall talent development goals such as:
- Attract and retain talent
- Develop people capabilities
- Create a values-based culture
- Build an employer brand
- Motivate and engage employees
As part of this, individual employee development plans should be developed to ensure you’re meeting the needs of the business, as well as getting employees to buy into the process.
Why is Learning and Development Important?
Today’s employees demand opportunities to learn, so employee retention is always a high priority. It’s estimated that 40% of employees who don’t receive adequate training for their jobs leave within a year.
Hiring is also more expensive than employee retention, and upskilling your workforce is significantly more cost-effective. It’s estimated that 94% of employees will stay longer at their job if the employer invests in their training and development.
Focusing on learning and development also has other positive offshoots for your bottom line. It’s estimated that employers who invest in the learning of their workforce recoup costs with their profit margin being 24% higher.
It’s worth noting that untrained employees may put your business at risk. Whether it’s missing key industry guidelines or compliance requirements, or making avoidable errors when serving a customer, if your staff doesn’t have the training they need, the impact can be detrimental and far-reaching.
Your customer experience is also dependent on having a skilled workforce that can deliver consistently, and without training that can be a challenge. Satisfied and happy customers are crucial for the success of your business, and executing on that means having an engaged workforce. The learning and development of your employees is just one of the ways you can ensure they feel valued and empowered to make sound business decisions.
Investing In the Future Through Learning and Development
As you can see, investing in learning and development has benefits for everyone — your company, your employees and your customers.
By offering ongoing learning and development opportunities, you’ll ensure your teams are well equipped to be as productive as possible, and showing through actions that your company is committed to continuous learning.
Are you looking to create a learning and development strategy that meets the needs of your employees and your business?
Explore our Enterprise Offerings to learn about upskilling your workforce.