Learning and development is often met with moaning, and the distinct sound of feet dragging along the ground from employees. Why? Because when you say L&D, people hear ‘waste-of-time training course on how to lift a box properly.’ But that mentality is beginning to shift, as more and more companies are realising that engaging and effective people development may secure the future of their business.
With budget decisions just around the corner, we’ve taken a closer look at why spending money on L&D could have a huge positive impact on your business.
L&D is getting a facelift
The conversation around the learning and development industry is changing massively. Both employers and employees are realising that ‘proper’ learning and development can make an enormous difference to individual career growth and company productivity and results. Tailored learning that an individual employee can actively apply to their role within the company is paramount. “Don’t do a one-size-fits-all approach, do a one-size-fits-one approach,” says Naphtali Bryant, Director, Learning & Organisation Development, at Netflix.
How and why the industry is changing
In reference to L&D, a recent report by LinkedIn commented, ‘It’s remarkable how much change can happen to an entire industry in just 12 months. In their Workplace Learning Report 2021, it reported “Only 27% of L&D pros report that their CEOs are active champions of learning…Then the pandemic struck. And that’s when executives really took notice of the positive impact that learning can have.”
From the start of the pandemic, the attitude around the industry changed completely, with L&D leaders moving fast to deliver programs to ensure people were working from home effectively and productively. Now that we are all becoming used to our new way of working, L&D pros are focussing on ‘upskilling and reskilling’ to ensure proper growth for individuals and forward motion for companies. Employers are also seeing a “shrinking talent pool due to digital transformation and demographic changes” meaning they are working within their organisations to train their existing employees to fill roles that they may have advertised for externally in the past.
Staff retention is crucial
Another big reason to put emphasis on L&D is staff retention. A whopping “94% of employees say that they would stay at a company longer if there is investment in their learning and development.” The company cost of hiring a new employee is around £3,000 and takes almost a month. With enthusiastic employees looking for satisfaction in their work and growth within their chosen profession, why wouldn’t businesses start putting more stock in the staff they already have?
What’s next for L&D?
So, with L&D becoming a priority for many companies, how are employers managing this along with everything else that running a company entails? And not only that, but making sure that the right people are learning not only the right things but topics they’re actually interested in as well, to continue to thrive in their roles? The question seems big, but the answer is quite simple. Implementing a learning platform that is right for your company, your needs, and your team members will ensure everyone gets the results they want.
It’s budget planning time
It’s the time of year when you’re considering how to spend your budget over the next 12 months, and although that can be a little stressful, it can also be an exciting glimpse into the next year of your business growth.
We know that supporting your team’s professional development will have a big impact on your company, so when planning your 2022/23 budget, why not consider expanding your L&D programme by introducing an intuitive learning experience that your staff can actively engage with, take practical knowledge from, and use as a tool to feel part of the workplace community that you create?
You’ll be able to see what your staff are seeking to learn, and how they are applying their knowledge within their role. thirst’s simple reporting function allows you to see who’s reading the most, who’s watching the most, who’s sharing the most, and who’s engaging the most, with the learning materials on offer both internally, and from hundreds of online sources. We can even show you where there are skill gaps within your organisation so that you can tweak your training and L&D planning.
Our pricing model means you can manage your budget carefully based on your headcount as you pay per employee, per month. You won’t have any unforeseen costs, and you’ll be able to see exactly how your team are benefiting from the platform so you know your ROI is worthwhile.
What’s more, when you first sign up to thirst, you get 14 days of unlimited, unrestricted access, completely free, so you can see for yourself how transformative our LXP is. We won’t take any payment details, we won’t annoy you with sales calls and you’ll be under no obligation. Interested in becoming a part of the thirst revolution? Get started now!