In a company with a clear and effective learning and development strategy, the talent pipeline is secure and team members receive appropriate management skills training to fulfill their individual roles, push their limits, and grow. The learning and development strategy that aligns corporate training with business objectives not just ensures your staff learning and development needs are effectively met but also enures your succession plan is in place.
So, you may ask: What are the best ways to create a learning and development strategy? How do we make it efficient and effective?
In this blog, we intend to answer these questions and outline the 5 pillars to help you build an efficient and effective learning development strategy. Let’s look into each one of them.
5 Pillars of an effective learning and development strategy
1. Attract and retain talent
In order for a talent management strategy to exist, there must first be talent. Then comes your learning and development strategy. Traditionally, a learning and development strategy solely focused on improving productivity. But today, learning also contributes to employability. That being said, employment has shifted from staying with the same company for a lifetime to a model where employees are being retained only as long as they can add value to an enterprise. Developing one’s personal and professional growth and development comes first to employees today. And “opportunities for learning and development” is also one of the important criteria they look for before joining the company. Did you know? Lack of L&D is one of the key reasons people cite for leaving a company.
In short, you need to craft a strategy that focuses on attracting the best people and retaining high-performing talent. And having the best of learning and development opportunities helps a great deal, creating a win-win situation for both – your company and your workforce.
2. Develop people capabilities
This pillar includes everything from ongoing training to learning during the employee work lifecycle. It enables your workforce to fine-tune and further develop the critical skills needed to meet their performance goals and to help the company fulfill its strategic goals.
In other words, human capital requires ongoing investments in learning and development to retain its value. Because knowledge and skills need a constant upgrade, it only makes sense to upgrade your learning and development strategy that helps employees cope with the current and near-future job requirements. Also, companies that make investments in the next generation of leaders are seeing an impressive return. To add on, research indicates companies that invest in developing leaders during significant transformations are 2.4 times more likely to hit their performance targets.
3. Create a value-based culture
With remote work trends on the rise, effective learning and development strategy can help build a values-based culture and strengthen the sense of community. This will help you create a values-based and sustainable enterprise that focuses on your employees’ holistic development. Thereby ultimately contributing to your organization’s progress.
4. Build and strengthen the company brand
Your organization’s brand is one of the most important assets. Because they convey your company’s success in the market, financial strengths, position in the industry, and products and services. Thus, investing in learning and development efforts enhances your company’s brand and boost its reputation as an “employer of choice.” As large segments of the workforce prepare to retire or move on, employers must work harder to compete for a shrinking talent pool. To do so, they must communicate their brand strength explicitly through an employer value proposition.
5. Motivate and engage your employees
Engage and motivate your employees by providing them the opportunities to learn and develop new competencies and skills. Research suggests that lifelong learning contributes to happiness. When you challenge the highly engaged employees and offer them opportunities to grow and develop within their chosen career path, they are more likely to be energized by new work opportunities and happy with their current organization.
To sum up,
Research by IBM claims that an increase in skill levels linked to business value can result in $70,000 in annual savings and a 10% increase in productivity when teams are well trained. Also, effective learning and development activities can lead to greater employee motivation and satisfaction as employees feel valued and appreciated. And most importantly, learning and change are interlinked. Because it enables organizations to respond to changes and adapt to an increasingly competitive and ever-changing market.