A Team which is empowered with learning and development enhances employee retention. In a survey conducted on Steel, Iron & other similar industries, 93% of employees say they will stay longer at a company when that company invests in their career development.
Employee retention is certainly a important HR objective, but same time there are many other benefits that learning & development provides that directly impacts a company’s performance. Training of employees insure that employees are more productive. Companies that spend on employees learning, annually report earning 25% more profit than those who does not spent or spent with smaller learning and development budgets.
So, learning and development is amazing. It helps companies gain and retain better talent, it improves productivity, and learning & development helps companies earn more profit.
What Is Learning and Development?
Learning and development mainly referred to as training and development, is organizationally part of Human Resource. The objective of Learning and development is to align employee goals and performance with that of the organization’s. Those who are responsible for learning & development within an organization must identify skill gaps among employees and teams then develop, deliver or arrange training facilities to fulfill those gaps. In the present time workplaces, these responsibilities can include a wide range of duties that are both theoretically as well as technologically driven and managerial in nature:
- Evolve and implement learning programs and strategies that meet business needs
- Assess organizational as well as individual employee development needs
- Ensure alignment of L&D department with business goals
- Amend training processes to improve ROI
- Implement and procure L&D technologies to facilitate L&D of learning initiatives
- Design or procure eLearning courses, interactive group training, and other training content
- Implementing effective training methods
- Manage personnel within the L&D department
- Maintaining the L&D budget within an organization
- Promoting and marketing training programs to get managerial buy-in as well as employee commitment.
Why Is Learning and Development So Important?
Now that we have understood the importance of learning and development is, let’s pivot to discuss the reasons why L&D is important for organizations today and tomorrow.
Today’s Employees Demand Opportunities To Learn
According to a 2016 report, 87% of employees say learning and development in the workplace is important while 59% of employees say having opportunities to learn and grow is extremely key when deciding whether to apply for a job. In order for organizations to compete for top talent, they will need to be able to offer a commitment to an employee’s development.
Hiring Is More Expensive Than Employee Retention
It is difficult to understand the actual costs of employee turnover, but we historically understand that losing productive employees is not a good thing for any organisation. In their 2018 Employee Retention Report, Work Institute reported that 25% employees will leave their job and nearly 77% of that turnover could be prevented by employers.
Regardless of the exact monetary value, retaining employees is more cost-effective than the costs associated with separation, recruitment, and the hit to productivity. As mentioned earlier, 93% of employees say they will stay longer at a company that invests in their development. That’s incredible.
This statistics also suggest that organisation are willing to retain their employees by investing in learning and development. L&D not only enhances employee productivity, but it is incredibly important to boost employee conviction in themselves and trust in their employer.
Training Employees Improves Your Bottom Line
The greatest assets of any organisation is their employees. Right? Sure, they are! With the proper team in place, the sky’s the limit. With learning & development focusing on bridging the knowledge gaps and upskilling employees by focusing on the stability of their employees, companies have reported anywhere between a 14%-29% increase in profits.
A study done at IBM found that well-trained teams enhances their productivity by 10%. Equip employees with the ability to do their jobs better is just a wise move. As employer or managers, our duties are to get the best out of every employee. Coaching and training employees is a best way to empower them to succeed.
SNTI over these 100 years has developed various industry-specific and employment-centric trainings for our workforce and the external audiences. Specialized modules ranging from topics in Mechanical, Electrical, Metallurgical, Mining to setting up various Schools of Excellence (SoE) on Internet of Things, Instrumentation, PLC and Automation, IT and Digital Capability, the institute offers myriad opportunities to all for self-development and skill-upgrading.
Tata Steel Digie-Shala portal is the latest innovation in SNTI’s digital initiative, added to the existing portfolio, developed specifically for our external audiences. Tata Steel Digie-Shala is helping students, employees and organisation by promoting learning and upskilling for the prosperity of the people especially our learners in order to make them future-ready.