Why Should Companies Invest in Learning and Development?
The world is evolving faster than ever before, and colossal amounts of information are added to our lives on a daily basis. Given this rapid growth and change, it is vital for people in the workforce to update their knowledge and skillsets. This is both an asset for the company, that gains benefits with which it can achieve its goals more efficiently, and for employees themselves, on a personal level. Therefore, employees currently prioritize working for firms that can provide great training resources for them.
In addition to becoming a more appealing work option for job candidates, learning and development (L&D) packages increase employee retention, as companies that offer them become more desirable to work for. These packages also help increase a company’s return on investment (ROI), as tasks get accomplished more efficiently, and bring goal alignment and harmony to the firm.
How Can Companies Budget for It?
Along with the advantages, these incredible benefits do come at a cost. Once companies recognize the great value of strong L&D programs, they realize that the investment is well worth it! Here are some effective ways that companies can afford these programs:
Be Precise and Transparent.
Use Online Options.
Design a Corporate Democracy.
Invest in Flexible Packages.
Companies should estimate their entire costs for the upcoming year, and, as part of that process, invest a significant amount of time identifying desired training initiatives and their costs. It is not uncommon for organizations to overestimate the cost of training, and not engage in it. Although the cost can vary depending on the company’s needs, it might not be outside of its budget.
Traditionally, training programs consisted of experts coming to the company and providing training on-site. Not only can this be inefficient in terms of time, it doesn’t take into account the fact that not all employees learn in the same way or are free at the same times. It can also end up being a very expensive way for firms to train their employees. Instead, online modules or video-based learning options could be used, which are less expensive and often yield better results.
Once all costs are determined, companies can ask their employees what they would be willing to forgo in order to access learning and development opportunities. In order for this technique to work, firms must ensure that their team is fully aware of the benefits and advantages they can gain by engaging in L&D programs. Therefore, prior to voting for which existing benefit to replace with L&D, employees must be informed about the true value of L&D.
This goes back to being precise. Companies shouldn’t invest in features that they do not need at the time. However, this is hard to recognize in advance. It is integral to invest in L&D packages that allow for modifications throughout the process.
At CoreAxis, we are confident that companies achieve their goals most efficiently when they invest in learning and development programs. We encourage our clients to engage in these opportunities. We provide custom training packages and innovative learning solutions which produce optimum results for our clients, while being cost-effective.