To understand the goal of learning and development programs, let’s break the name down into parts it consists of. Learning in this context means acquiring new knowledge and skills. Development means broadening the understanding and growing as a professional. So the goal of such programs is to improve employees’ qualifications.
In this article, you will learn why your company needs an L&D program, ways to create one, and the advantages and disadvantages of having such a program.
Why Your Company Needs an L&D Program
Learning and development programs aim to enhance your employees’ skills, knowledge, and competency. Also, such programs help your employees to share knowledge, which, in turn, helps them do their work better. Basically, you need L&D programs to improve the overall performance of your team and thus your organization.
L&D programs also allow you to train your current employees to improve their qualifications to avoid hiring unnecessary personnel.
If your company offers internships, having an L&D program in place can save you and your team a tremendous amount of time on training interns. Students eager to work for you can delegate their homework to an online paper writing service like domyessay.com and instead dedicate their free time to learning everything there is to learn about your industry and company and take on their responsibilities much faster.
But how to create an L&D program that will help you get your employees motivated and engaged in learning? Let’s find out.
How to Create a Successful Learning and Development Program
Creating a good L&D program is no easy task, but following these four steps will set you on the right track:
- Analyze your staff’s training needs;
- Set the learning objectives;
- Design learning content;
- Evaluate the results.
Pros and Cons of Having an L&D Program
Though the reasons for having a learning and development program in place are rather convincing, not all organizations actually need it. So here are the advantages and disadvantages of L&D program adoption.
Pro 1: Increased Satisfaction Rate
There are many aspects that contribute to employee satisfaction rates. However, engagement is one of the most important among them. Companies that have a high employee engagement rate are 21% more profitable, though it is rather challenging to achieve.
According to Gallup, only one-third of workers in the US feel involved and are committed to their jobs. This figure worldwide is much more concerning, only 13% of employees feel enthusiastic about their jobs.
Learning and development programs can help you increase this rate. If you offer and encourage your employees to learn and deepen their knowledge, they tend to feel better about what they do at work. What’s more, the fact that you invest in their education and training shows that you value your employees, which also contributes to the overall satisfaction rate in your company.
Pro 2: Stronger Motivation
With the help of learning and development programs, your workers acquire new knowledge. These new skills allow your workers to take responsibility for new tasks and challenges. That, in turn, boosts your employees’ enthusiasm towards their jobs.
A high level of employee motivation is critical, as it influences the turnover rate and the overall productivity. Surprisingly enough, material benefits such as corporate cars, various compensations, etc., do not motivate your workers as much as their own feeling of empowerment.
Pro 3: Increased Profits
As we mentioned above, L&D programs allow your employees to develop and hone their skills, thus allowing them to take on new responsibilities. That, in turn, can contribute to enhanced business processes and increased ROI. For example, once your sales team improves their qualification, you can expect increased sales, better customer retention rates, etc.
Pro 4: Enhanced Employee Retention Rate
On average, companies lose 41% of staff in three years. Recruitment processes are rather pricey, so businesses strive to lower this figure by all means. L&D programs are among the ways to do that.
When you, as an employer, invest in the learning opportunities of your workers, they see that you value them. As a result, they feel more empowered to perform well. Also, if employees feel empowered, motivated, and valued, they are more likely to stay loyal to your company.
Con 1: High Costs
While for large enterprises developing L&D programs can be challenging because of bureaucracy, for smaller businesses, it can prove to be rather expensive.
However, with the global switch to remote, creating training programs are much easier now, and their price amounts to the rates of a teacher or personal coach.
Con 2: Missed Working Hours
At first glance, there is nothing to neutralize this disadvantage. You have to pay both for the working hours when your employees are not, in fact, working, and for the program itself.
However, it is only significant in the short-term perspective. In the long-term, your organization will only benefit. Well-trained employees need less guidance and are less likely to make mistakes that will cost you.
Con 3: Poor Quality Training
Inadequate training can negatively affect your business and end up costing you twice the price. If the learning program shares irrelevant knowledge and skills with your employees, it can actually worsen their performance. So, you have to take the coach selection process very seriously. Yes, creating quality materials and finding a required professional is rather challenging and time-consuming. However, as we mentioned above, it is applicable only in the short-term perspective.
Learning and development programs are critical when it comes to creating a healthy and efficient working environment. To implement one successfully, you need to carefully analyze what skills your employees lack, identify what results from the program you expect, and find a professional mentor to develop learning materials.
Successful L&D programs allow you to increase employee satisfaction, retention, motivation, and engagement rates. All these factors contribute to the boost in your profits.
So, if you were still hesitating, here is your sign to go ahead and organize an L&D program for your employees. Good luck!