Why effective L&D programs is need of the hour for retention of talent? By Sanjay Bahl

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Today it’s no secret that employee engagement and retention are grave concerns for any organisation across the globe. Learning and Development (L&D) has emerged as a key ingredient to rationalise retention techniques. Employees who leave an organisation usually do so because they feel dearth of career growth opportunities. On the other hand, many people who stay in an organisation for years, are of a view that they their access to the learning and development opportunities, made them motivated enough to excel and growth in their assigned roles.

Today it’s no secret that employee engagement and retention are grave concerns for any organisation across the globe. Learning and Development (L&D) has emerged as a key ingredient to rationalise retention techniques. Employees who leave an organisation usually do so because they feel dearth of career growth opportunities. On the other hand, many people who stay in an organisation for years, are of a view that they their access to the learning and development opportunities, made them motivated enough to excel and growth in their assigned roles. 

L&D has a significant impact on employee motivation and retention. CHROs realise that if the employees don’t receive necessary L&D opportunities, that will help them excel in their positions, eventually they will move on within the first couple of years for greener pastures. Companies that offer continuous training opportunities for advancement of skills have more loyal human resources. The need of the hour, is to offer personalised learning paths that are based on individual traits. Such employees who receive more time to enhance their personalised skill sets at work, remain motivated them to perform better in the company. 

According to the Association for Talent Development (ATD), companies that offer comprehensive training and learning programs have 218% higher income per employee as well as 24% higher profit margin than organisations without formalised training. It appears that investing in training and development is a smart move for any organisation. Here a smart AI enabled Learning Experience Platform (LXP) does wonders, like Centum LearnPro. There is in-fact a strong link that L&D has with engagement and retention. Here are few examples: 

L&D and growth go hand in hand
In the modern workplace, the old paradigm of career ladder is replaced by the term ‘career constellation’. This new career constellation means compilation of experience skills and capabilities instead of old straight-line progression of job role. It is essential for employees to experience horizontal movement and internal transfers into new job roles. 

As new skills develop, we are moving towards a role-less future of work. Career paths will be defined by constant reskilling and movement into new kind of roles. With the help of L&D, employees will constantly be role-hopping within the organisation rather than job-hopping to new companies. Employees who are looking to advance in their careers or get a promotion are normally “learning to grow”. These types of employees have an optimistic feeling about learning. They view learning as a tool that they can use to grow and get better. With advanced AI-enabled Learning platforms, this is being implemented across various visionary organisations. 

Employee Engagement
Employee engagement, by definition, is the extent to which employees feel passionate about the work they do, the company they work for and the organisation’s goals. Employee engagement is not same as job satisfaction. When we talk about growth and innovation, engagement plays a major role here. Employee engagement drives performance. An engaged employees understand the company’s goal and where and how they fit in. This leads to collective and all acceptable decisions, thereby outperforming their competition. 

Training employees and giving them career growth opportunities is one way to show that the organisation is invested in their future. It motivates them to work arduously and be better at their jobs. These training opportunities help the company as well as employees grow. Employees and teams that align with their company’s culture perform higher on key performance metrics. 

L&D helps prepare people for the future
L&D is playing a key role in the reskilling revolution. By 2020, many new skills would have been incorporated in the existing system of organisations. This rapid change in the workplace is placing a higher importance on continuous learning throughout a person’s career in order to stay up to date. 

Given these changes, organisations are encouraging employees to learn new skills which will help them perform better in their job roles. Companies are using L&D to prepare employees for the future of work by driving the conversation on the necessary skills and redeploying employees to new roles. 

Like any organisational change initiative, evolving workplace and learning practices takes time and patience. If an organisation wants to retain their best employees, the time to deploy a dynamic L&D program is now.