5 Ways Learning and Development Drives ROI
While learning and development initiatives are certainly hot buzzwords for HR professionals, it can often be hard to create and execute on an effective and continuous strategy – whether due to a lack of employee interest or executive buy-in. The result? Companies are spending thousands of dollars per employee on training programs that are underutilized.
About 70% of employees say they are dissatisfied with the growth opportunities at their companies. To make learning and development a priority within your company, consider these five benefits of implementing a consistent Learning and Development (L&D) program:
The future workforce demands it.
If you haven’t heard by now, Gen Z and Millennials are quickly becoming the majority in the workforce. By 2020, Millennials alone will make up one third of the workforce. Both of these generations value growth and career opportunity more than previous generations. Consistent learning and development programs are going to be a crucial part of keeping younger employees engaged.
It will help keep employees motivated.
According to a 2016 study, 74% of employees felt that they weren’t achieving their full potential at work. An L&D program can be the perfect way to give your employees what they’re missing. Help them grow their skill set, and they’ll be more motivated and productive.
Employees will stay with your company longer.
Attracting top talent is the goal of every company, but you also do not want to lose the talent you already have! 7 out of 10 people say that training and development opportunities influence their decision to stay with a company. Don’t miss the opportunity to keep your current employees engaged.
It will help new hires ramp up more quickly.
While it’s important to get new hires on-boarded quickly, the amount of new info relayed to a new employee during their first few days can be overwhelming – and worse, easily forgotten. To ensure your points are really sticking, consider offering regular training on company policies and relevant information and don’t dismiss the importance of reinforcing these newly learned skills.
Your company culture will grow stronger.
Many companies are starting to build out their employer brand. Your learning and development initiatives are a crucial part of your company’s culture and help ensure that employees throughout the company have a growth mindset.
If you are looking to add to your training regimen for your team, I urge you to take a look at all of our training options offered through the Learning Alliance. The benefits of “full-immersion” training are considerable, and don’t forget about the new, LA Live Weekly trainings your team can watch together! Visit the CertainPath Hub to get a full listing of course offerings. Not a member yet? Attend a Profit Day near you and gain these benefits along with countless others to help your business grow.