22/02/2024

Top Business

Trend About Business

Why Learning and Development Is Important in the Workplace

Why Learning and Development Is Important in the Workplace

Learning and Development Concept

In the fast-paced world of modern business, adaptability and innovation are key to staying competitive. Organizations must invest in their most valuable asset to thrive in this environment: their employees. Learning and development (L&D) programs are one of the main driving forces behind employee growth and, in turn, organizational success. 

There are good reasons why learning and development are important in the workplace, and it’s not just about keeping your employees happier by upskilling them. Find out more with our guide!

Learning and Development as a Company Benefit

Pay, insurance, and work-life balance will always be the top benefits you can offer to your employees. However, learning and development should be a key part of your benefits package. Forbes notes that in 2023, one-fifth (20%) of workers surveyed by Forbes Advisor wanted their companies to support their professional development. Meanwhile, Great Place to Work states that 43% of people surveyed said that one reason for quitting a job was a lack of growth opportunities at their place of employment.

What would happen if almost half of your workforce quit because they felt you didn’t offer to help them grow in their skill set or expand their knowledge base?

One of the crucial benefits you can offer your employees is regular learning and development opportunities. Even recent graduates who have just completed their studies can take advantage of learning and development opportunities to hone their skill sets to align with your company’s processes and goals.  

Employees now see a culture built around L&D makes a company a great place to work, according to Forbes. In fact, if all other benefits are equal with your competitor, professional development can make or break landing a top recruit or retaining the best talent. Organizations also need a way to bridge the skills gap and keep employees who are already a vital part of the team.

See how learning and development help you stay ahead of the competition.

Here is what the 2022 Forbes survey said based on the employee side.

  • 75% of employees are overall satisfied with the learning and development in their companies
  • 76% of employees are more likely to stay with a company that offers continuous training
  • 55% say they need additional training to perform better in their roles
  • 38% advise companies to align training with job responsibilities
  • 32% believe training should be both more social and updated more frequently
  • One in two employees is pursuing learning opportunities on their own, outside of training at work

These statistics raise some important questions.

Why are employees pursuing learning opportunities on their own? If it’s a more advanced degree or certification that you can’t supply, do you offer tuition reimbursement benefits?

Why do 55% of employees say they need more training? Is there a major disconnect between workers and management?

Why do more than one-third say training should align with job responsibilities? This shows that job expectations may not align with the job description initially offered to employees. 

But there are many other reasons why you should have a learning and development program for your workforce.

10 Reasons to Have a Learning & Development Program for Your Employees

Clearly, workers, in general, want some kind of learning development program as a way to foster their skills. Beyond that, there are other forces at play here that point to why you should implement this type of program for your business.

1. Skills Keep Evolving

The world and how people work in it change at an unprecedented pace. Technological advancements, shifts in consumer behavior, and evolving market dynamics mean that skills become obsolete faster than ever before. Companies have seen this with AI, which has been more than just a buzzword since it took off in 2023.

A workforce constantly learning and adapting to new challenges is more likely to stay ahead of the curve. Fifty-five percent of employees say they need additional training to perform better in their roles, and 44% say they are pursuing training on their own because they want to stay competitive in the job market, according to the aforementioned Forbes report. 

2. Employee Engagement

Learning and development opportunities demonstrate your commitment to employee growth. Engaged employees are more productive and are more likely to stay with an organization for the long term. L&D initiatives foster a sense of loyalty and job satisfaction.

Sir Richard Branson, the billionaire owner of Virgin Group, summed it up best: “Train people well enough so they can leave, treat them well enough so they don’t want to.”

3. Increased Productivity

Well-trained employees are more efficient at their tasks. L&D programs help individuals acquire the skills and knowledge they need to excel in their roles. This increased productivity has a direct impact on your organization’s bottom line.

4. Innovation and Creativity

Learning encourages creativity and innovation. When employees are exposed to new ideas and perspectives, they’re more likely to come up with fresh solutions to old problems. This culture of innovation can be a significant competitive advantage for companies looking to expand into markets using newfound ideas and strategies.

5. Employee Retention

Employees who feel they are continually growing and developing within an organization are less likely to seek opportunities elsewhere. Reducing turnover saves your company time and money associated with recruitment and training. One of the Forbes report’s most revealing findings was that 76% of employees say they’re more likely to stay with a company that offers continuous training.

6. Adaptation to Change

Change is inevitable in any industry. L&D programs prepare employees to adapt to new technologies, methodologies, and business strategies. This adaptability is critical in remaining relevant and resilient.

Continuous improvement has been a mantra for companies since the 1980s with Toyota’s principles of “kaizen,” which later served as the principles for the scrum methodology from Dr. Jeff Sutherland.

7. Enhanced Leadership

Leadership skills are not innate. They can be developed. Effective L&D programs include leadership training, which helps identify and nurture future leaders within the organization. And future leaders are encouraged that there is a place in an organization that nurtures higher pay for improved performance.

8. Competitive Advantage

A well-trained workforce can be a significant competitive advantage. When employees are knowledgeable and skilled, they can provide a superior level of service or produce higher-quality products, setting the company apart from its competitors. This also comes from continuous improvement as well as innovation, both of which can be fostered by learning and development.

9. Customer Satisfaction

Happy and well-trained employees are more likely to deliver exceptional customer service. Satisfied customers are more likely to become loyal, repeat buyers and advocates for your brand, regardless of your industry.

10. Ethical Considerations

L&D programs can include training on ethical behavior, diversity and inclusion, and compliance. These elements are increasingly important in today’s socially conscious world and can help organizations avoid costly ethical and legal issues.

Solutions to Learning & Development Gaps

One way to foster the need for more training and education is to employ a learning management system (LMS) internally for your company. This type of software package can be customized to your needs, whether you’re in retail, hospitality, healthcare, manufacturing, transportation, or any industry.

Whether you’re a small startup or a multinational corporation, consider making learning and development a cornerstone of your workplace culture. The returns on this investment are bound to be substantial.

Courses Available From The Great Game of Business

The Great Game of Business offers courses to help your organization grow and learn. Although we aren’t a full-fledged LMS, we do offer several training courses to help your employees learn about general business concepts.

Financial Literacy Course: Open the Books & Teach the Numbers

Featuring our Sally’s Grooming workbook, our basic financial literacy workshops are designed to educate employees on the key financial metrics of a business in a non-threatening way. This training uses plain language and easy-to-understand examples through a real-life scenario of starting a dog grooming business, including borrowing capital, repaying loans, forecasting, variance analysis, monitoring cash flow, understanding financial statements, and more. This course applies to all industries, but the example company is service-based.

An Introduction to the Great Game of Business

New to the concepts of the Great Game of Business or need a refresher on the concepts? This introductory course will share a variety of resources to get someone up-to-speed about what a GGOB Culture is all about.

MiniGames™ Course

MiniGames are proven to drive results, increase business literacy, build teamwork, and create an environment where winners are recognized and rewarded for generating results. In this training, participants will learn the guidelines for an effective MiniGame and apply that knowledge directly by building a MiniGame.

The Fundamentals of Bonus Planning: Provide a Stake in the Outcome

This on-demand training course equips you with the knowledge and tools necessary to design a bonus plan that not only rewards employees but also drives the overall success of the company. How do you balance a strong incentive for your team while investing in the company?

Get in the Game™ Course: 10 Steps of Implementation

This training, led by VP of The Great Game of Business, Steve Baker, provides pre-recorded impactful training sessions that include a detailed look at Great Game’s “10-Step Approach to GGOB Implementation” at your own pace! Participate in the course for an in-depth view of open-book management and how they can effectively play The Game in their organizations.

 

New call-to-action