How L&D can be used to drive business results?
Everyone knows that Learning and Development can drive business results and push you ahead of your competitors. However, many of us don’t know exactly how our company could benefit from Learning and Development, and how to implement it to drive change within an organisation.
We’re taking a look at how L&D can drive business results, and the top reasons that your business needs to consider it…
Motivate Your Top Talent
In the modern world of work, employees are aware that they need to keep developing in order to stay at the top of their game. With digital trends, automation and the economy changing at the drop of a hat, employees know that to stay ahead they need to know their stuff.
Perhaps that’s why 43% of millennials said they would leave their current role if they felt like they’re not learning fast enough. You might also be surprised to learn that amongst younger workers the feelings are much the same. Studies have found that younger workers want employees to develop their skills in a holistic way.
So, whilst leaving employees alone with a huge text book and then quizzing them on it after may have worked in the 90s, nowadays employees want stimulating learning that helps them grow and develop on the job. Hence, one of the most obvious ways that L&D drives business results is by maintaining employee relations and motivating employees to stay with the company – saving both time and money.
Stay Ahead Of The Game
Another reason L&D is increasingly being used to drive business results is the need for soft skills that allow employees to stay ahead of the game.
As technology evolves, and automation comes into play, the focus is turning to the more human skills that can’t be automated as easily as manual processes. Hence, L&D can be used to drive business results by collating the knowledge that your employees need to help them develop in a holistic sense.
With modern Learning and Development platforms offering shareable knowledge, people are now able to scour a variety of sources to get the best information. This enables businesses to build better, more effective teams and future-proof their business.
No matter what industry you participate in, if you are any good at running a business, revenue is going to matter. Learning and Development has been proven to drive revenue through enabling employees to become more effective in their roles.
Per employee, companies who offer digital learning and on-the-job training generate 26% more revenue. But how?
Here are the top reasons that Learning and Development drives revenue:
- Upskilling employees better enables them to deal with business challenges
- Upskilled employees are more productive
- Online learning saves time and money, as managers don’t have to spend time training their subordinates as intensely
- Increases employee retention, which saves money
Learning and Development is increasingly being seen as a business essential as opposed to an employee perk. With job ready education that engages employees and offers real time insights, learning and development can drive business results.