The Importance of Learning and Development
Companies know the value of investing in employees. You’re only as good as your worst salesperson, which is how training can enhance your business and help it rise above the crowd. Anything that aids your employees in doing their jobs better helps your business.
While enhanced productivity is an obvious benefit of improving your employee’s skillsets, a less obvious benefit would be improved employee retention rates and a higher level of employee engagement.
Consider the following three other benefits of increasing employee engagement via L&D.
The costs of replacing an employee is expensive in both time and money. The cost of losing an employee includes losing the knowledge of that employee, the productivity of that position, the cost of hiring another and the cost of training a new hire. An effective training program helps improve the productivity, confidence and commitment of employees. Instead of feeling they are isolated and ill prepared for their job, they feel empowered and connected to the company.
Learning and development programs also aid in attracting and hiring top-tier employees. The best programs build loyalty by making employees feel valued and important. Employees who feel they are valued by the company are less likely to leave.
Offering an employee development program can give your company a competitive edge. The better talent you secure, the better your business or sales team will be. Building your corporate culture as one that values and recognizes employees is invaluable. You will reap huge benefits because you will attract the top talent that will subsequently improve your overall bottom line, reduce employee turnover and create an environment of positive employee engagement.
A dynamic learning and development strategy can reap huge benefits for an organization.
Secures Skills Within Your Company
While you can reduce employee turnover it’s inevitable that you’ll have some key employees leave. It’s critical to upskill your all employees so you are prepared to internally replace those key employees from within. Offering employees well designed training and mentoring programs prepare them to step into these roles when you need them.
Failing to prepare your employees can cause serious operations problems for your team. It can also leave employees feeling less than excited about your business, reduce productivity and employee engagement and create a higher level of employee turnover.
This process is called succession planning. When an organization focuses on the continuity of development, they can prepare for events that might halt the flow of business.
By building a succession plan for your key roles through effective learning and development programs that engage high performers your organization will be well prepared.
Securing employee loyalty is made much easier through high quality learning and development programs. Employees that are engaged and feel challenged are less likely to leave.
Engaged employees are more committed to the success of their team. Their commitment to the organizational mission also secures loyalty for the long term. Employees who report high job satisfaction and feel valued by their employer have a far lower rate of absent days resulting in increased productivity. Employees who miss work consistently is a sign that they are not engaged which leads to lower productivity, low quality work and a high probability that employee will leave.
An effective employee development and retention plan will have exponential value for companies.