.jpg)
You should know by now that employees are the biggest asset in a company, and investing in employees is crucial to sustaining your business growth and success. However, a study by Gartner shows that 70% of don’t have mastery of the skills needed to do their jobs.
Considering the ongoing organisational changes and different job requirements, the role of an L&D has become more critical than ever. CEOs and CHROs are strongly asking the L&D department to upskill and reskill employees as quickly and effectively as possible.
No matter how competitive the business gets, the learning and development initiative plays a pivotal role in shaping the desired learning culture, fostering new ways of thinking, developing new behaviours, and driving strategic opportunities in the business world. ey are more driven and keen to show up in the morning.
So, here are the five reasons why L&D is so important for organisations in 2021.
Benefits of Learning and Development at the Workplace
1. Employees demand new learning opportunities
According to a global survey last October, more than half of working adults in the world are afraid of losing their jobs in the next 12 months due to the pandemic.
A new study finds that 86% of employees around the globe demand new skills from their employers. In the current job landscape, most employees’ desire for upskilling and reskilling opportunities stems from the fear of job loss, considering the skyrocketed unemployment rate. To to stay competitive and drive more business results, 80% of employees believe they would be more productive and satisfied at work if they learned new skills.
By giving the right training, your employees will perform better in their roles. Not only will they gain a greater understanding of their responsibilities, but it will also help them build confidence in solving challenges at work.
Consequently, the overall employee performance improves and benefits the organisation as a whole. Your business will become a market leader when your employees stay up to date with new skills and knowledge.
2. Retaining is more cost-effective than hiring
When you see a talented employee leaves the company, start looking for a replacement for someone with a similar experience. Consider the recruitment fees, onboarding, training costs, and lost productivity. Not only will it take time, but it will also cost more than your original budget. A study by Employees Benefit News found that the average cost of losing an employee is a staggering 33% of their annual salary.
Employees feel more values when a good training program is put in place. With this initiative, 94% of employees say that they would stay at a company longer if it simply invested in helping them learn.
Employee retention is hard to earn, but ultimately is the key to any business success. When you are in two minds about investing in your employees, think again about which matter more: recruitment or retention?
3. Well-trained employees gain more profit
Focusing on the strengths of your employees makes good business sense. The more they improve on their strengths, the more likely they feel well-rested, are happy and productive, and have ample energy at work.
With the right training, companies have reported a 14% to 29% increase in profit by filling in the knowledge gaps and upskilling employees. Having up-to-date knowledge and skill set will help you stay ahead of the competition.
Once your employees have the professional knowledge, they can help resolve challenges at work and fill in for those who can cover when needed with minimal supervision, leading to greater efficiency and generating more revenue.
4. Improved customer service and client servicing
Having good customer service equals to achieving a better relationship with them. It is often the heart of a business by providing exceptional support that leaves the customer feeling valued and respected. Did you know consumers are willing to spend 17% more on a company with outstanding customer service?
Especially when customers take the time out of their days to wait for on-hold or schedule a call to speak with you, your team should be knowledgeable enough about the company’s services to have a fruitful conversation.
Trust in brands is far more important than ever for customers. Study shows 73% of buyers point to customer experience as an important factor in purchasing decisions. Whether your employees are in the support team or the sales team, the key to handle customer conversations effectively is to start by empowering and encouraging them.
5. Technology inspires lifelong learning
As technology continues to advance, some roles in the workplace are becoming obsolete. According to the World Economic Forum, 35% of workplace skills in all industries are expected to change. Continuous learning in the workplace becomes a known practice to companies to help employees acquire new skill sets, remain their skills relevant to the job market.
Nevertheless, you have to invest in new innovative tools to educate and nurture employees in your organisation. Empower your employee skillset by establishing effective learning with the right Learning Management System (LMS), so they can keep upskilling at any time, anywhere.
An upgrade for employee learning and development
Benjamin Franklin used to say, “An investment in knowledge always pays the best interest.” When you truly understand the value of learning and development, it will create a ripple effect across the organisation.
Leaders feel competent and can efficiently influence employee performance; employees are happy and satisfied with their jobs, continue to stay committed to the organisation and thus increase employee retention; improved and engaged workforce that can yield better business result.
.jpg)
