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Today’s workforce
has undergone significant changes on the back of an increasingly competitive corporate
landscape. Frequent digital disruptions and increasing complexities in doing
business has reshaped today’s employee, while growing uncertainty around
job-relevancy, emerging technologies, multigenerational employee-base, have all
placed a higher impetus on reskilling/ upskilling.
According to research,
highly skilled employees, credible leaders, and a knowledge-based model have
become key assets for organizations to retain businesses in the longer run. And,
an increasingly digital, knowledge-based economy calls for a workforce that is not only future-ready but also
relevant today.
This brings us
to the importance of Learning & Development (L&D). Understanding and
being aware of industry trends, best practices and business priorities in
L&D reveal how the function is gearing up to meet the challenges of skills
shortage, talent development, higher attrition, among others. However, to make the
most of your organizational employee training programs, L&D professionals
must not only adopt an agile approach but also build a comprehensive and sustainable
L&D strategy.
Among the
myriad of responsibilities resting with L&D, the most primary one is the development
of its employees (aligned to overall business objectives). So, here are five
key considerations for L&D to achieve better learning and business
outcomes-
1.Developing and retaining talent within the organization
In an age where employees are in control of their
professional development and career growth, the traditional
productivity-focused learning falls short of attracting individuals, especially
millennials. Today, employees seek professional development opportunities
before joining any organization, while the lack of development opportunities is
among the main reasons employees quit. On the other hand, employment trends
have also evolved where employees are no longer retained if they no longer add
value to the company.
2.Leadership Development
Human capital development is directly linked to the
effectiveness of L&D and the value it adds to the organization. Organizations
ready to invest in the development of their human capital are sure to see
higher returns, especially those with effective leadership development
programs. According to research, organizations
with strong leadership record almost double the earning as compared to other
organizations with ineffective leadership; while organizations who invest in
leadership development are (2.4 times) likely to achieve the desired performance results.
3.Building a Learning Culture
Often easier said than done, building a learning
culture is crucial for organizations to future-proof their workforce. The
modern workforce has gone increasingly (if not completely) digital and globally
dispersed, and it’s up to L&D to build a culture of learning to help employees as well as the organization stay
relevant and competitive in the years to come. Moreover, employees are largely
attracted towards organizations that have a values-based system that contributes
towards the welfare of society.
4.Creating a brand identity
The brand identity of any company cannot be
underestimated, and is an all important asset that indicates how successful and
respected the organization is in the market. Brand value often always also
translated into financial standing, market cap, and the quality of products and
services. L&D needs to play a big role in furthering the organizations’ brand
and enhance its reputation, so as to attract and retain talent in a shrinking
talent pool.
5.Engaging & motivating employees
In the face of today’s business scenario, it has
become absolutely crucial for businesses that their employees feel completely
connected to the core of the organization in terms of values and aspirations.
In simple terms, each employee needs to be engaged at the workplace in order to perform better and add value. Employee
engagement is the glue that binds each employee with her organization’s core,
whereas business’s short and long term success is dependent on employee
engagement now more than ever. And, to engage today’s employees it is absolutely
crucial for organizations to offer L&D opportunities to develop newer competencies. When employees are highly engaged, coupled with relevant
skills to further their careers, they are certain to stay with their
organization and work towards a collective business objective.
6.Integrating L&D with HR
Today, it is critical for L&D to be aligned with larger
organizational objectives, as well as with sister functions like HR, given how
L&D plays a critical role in recruitment and onboarding of employees, in
addition to continued performance management, reviews and more. According to McKinsey, many L&D professionals
are only loosely connected to annual performance reviews in the absence of a
structured approach. It is crucial for L&D to work closely and collaborate
with HR and understand and leverage HR’s feedback from performance reviews to
build higher capabilities. In fact, a large number of organizations are substituting
annual performance reviews with frequent and real-time feedback processes,
where L&D professionals can help leaders by advancing higher performing
individuals.
Takeaway
In order to be more
effective, L&D must take into account these six considerations to create an
effective strategy to support the organization’s push towards growth. I hope
these considerations will help you achieve better learning and business
outcomes.
