Getting Ready to Grow (with Your LMS)
Wisetail | 6 min read
We know that employee performance drives business success, and we know that successful learning and development programs contribute to improved employee performance, so ensuring an appropriate, engaging training strategy is paramount to organizational growth. The agile, resilient companies that succeed today are rethinking the traditional instructor-led training programs that were so common in the past. To meet the needs of the modern company, learning leaders are moving toward learning management systems to provide faster, more individualized training opportunities.
Utilizing L&D to grow your business
Growth is the lifeblood of every modern business. Without development, companies and the people who work for them stagnate. Learning and development (L&D) programs create a culture of continuous learning, invigorating employees and improving your business. When growth is crucial for success, what should your L&D program do for your company?
- Improve business performance. The main objective of an L&D program is to improve business performance by improving employee performance. By creating a more knowledgeable, informed, confident workforce, effective training provides an excellent ROI.
- Improve employee satisfaction. Investing in L&D is a true investment in your employees, demonstrating your appreciation for their development and effort. A well-planned L&D program provides upskilling and reskilling for those employees who need to meet new standards or are ready to take on new roles. It addresses skill gaps, creating a more functional work environment. Engaging learning platforms also are likely to inspire employees to seek further knowledge, kicking off a lifelong learning journey.
- Improve retention. L&D opportunities are very important to today’s job seeker. Employees value the opportunity to move forward in a company and take their skills to the next level, and job candidates seek companies offering those opportunities.
The importance of growing your L&D program
The Great Resignation continues to affect many industries, as the employment market paradigm shift changed the work dynamic in nearly every type of business. Organizations still face the challenges created by the disruption of the pandemic and investing in L&D offers one way to navigate those challenges successfully. If your company is preparing for an initial investment in L&D or growing the program you already have, it’s worth considering some statistics as you establish your budget:
- According to almost half of L&D professionals, the skills gap was wider at their organizations in 2022 than in 2021, and 49% say executives are concerned employees don’t have the skills needed to execute business strategy.
- Skills needed to perform a job evolve over time. Research found that skills from the same occupation changed by about 25% from 2015 to 2021 and are likely to change by roughly 40% by 2025.
- “No opportunity for advancement” was one of the top causes of employee attrition in 2021.
- Changing a top performer’s responsibilities will improve their likelihood of retention by around 20%, even if their title and salary remain unchanged. When promoted, 75% of employees will stay with the company for at least three years, as will more than 60% who make lateral moves within the company.
- There are two job openings for every unemployed worker in the US. With many job seekers motivated by the prospect of career advancement, your company can stand out by offering development opportunities.
Questions to consider
Of course, any investment in learning and development needs to be carefully considered. Here are some questions to ask your L&D partners:
- How will overall L&D costs change as our company evolves? As our organization grows, adds new products or services, or ventures into new areas, how will your learning platform adapt? If our staffing doubles or triples, does the platform have the capacity to manage all user needs at all times?
- How can we scale our L&D program to keep up? Growth is the goal of every business, and our learning system should be capable of growing with us. Is the training you provide able to continue scaling up as needed?
- Will my current L&D strategy be able to meet my company’s changing needs? Learning and development is an ongoing process and should remain continuous to support a robust learning culture. While our current strategy adjusts to compliance requirements and training needs, how should the basic structure evolve as our needs do? Will our investment provide the ROI we need to justify ongoing expenses?
To further support your L&D strategies, join Wisetail’s Kyle Reichelt for our Live-Product Demo “A Modern Approach to Learning in the Flow of Work,” and learn the value of pairing training strategies with daily operational activities (hello learning in the flow of work!). Gain valuable insight into where training gaps exist and help to create a culture of accountability that empowers employees to form instrumental habits and reinforce positive behaviors through checklists.