Learning and Development (L&D) function is vital to any company or organization that aims at progress. Training is pivotal for organizational development and success. It is essential for both employers and employees of an organization. Training presents a prime opportunity to expand the knowledge base of all employees.
What Is L&D?
L&D is a function that is focused on organizational activity designed for improving the performance of people and groups in organizational settings. L&D does not only mean training employees for specific skills but it also refers to the process of guiding the personnel for leadership and overall development. To simplify it further, L&D, as the phrase suggests, involves training as well as career development. Training refers to the process of acquiring the required skills for a particular job. It targets specific goals, like understanding a technology or process and configuring a specific machine or system. Career development, however, emphasizes broader skills that are applicable in a wide range of situations, including thinking creatively, managing people, and decision-making. Many organizations consider training and development as a fundamental aspect of human resource development activity.
L&D: The “Make or Break” Factor for an Organization
In today’s volatile global business climate, managing talent to encourage high productivity plays a crucial role in an organization’s growth and future success. Learning and development, when prioritized appropriately, can strategically impact an organization. Training process molds the thinking of employees improving their performance. A study conducted by the Institute for Corporate Productivity (i4cp) has revealed that organizations with strong leadership development practices have high growth in market share, customer satisfaction, revenue, and profit.
Let’s have a look at the strategic role played by L&D programs in organizational growth.
Enhances Business Agility
Strategically planned L&D targets and tracks an enterprise’s business agility. It enables an organization to achieve business goals or deliver a preventive response to environmental and internally generated changes.
Drives Employee Engagement
L&D is one of the most valuable tools for organizational success because it impacts the “minds and hearts” of the workforce. Effective L&D improves the performance and productivity of the workforce by driving continuous employee engagement.
Addresses Employee Weaknesses
It is natural for an employee to show certain weaknesses at workplace. A well thought L&D program helps in eliminating the weaknesses by strengthening the skills of the workforce. Providing the necessary training improves the overall workforce quality thereby fueling business growth.
Reduction in Supervision
Training helps employees become self-reliant. As the staffs require less guidance to perform their tasks. The supervisor is relieved of the burden to give constant directives and can focus on other strategic duties.
Training and development result in optimal utilization of resources in a business. Increased competencies mean no wastage of resources, which in turn reduces extra expenses.
Ensures Employee Satisfaction
Investment in training and development made by a company conveys to the employees that they are valued. It inculcates a feeling of satisfaction among the employees with the role they play in the company or organization. The training creates a supportive workplace environment.
Enhances Enterprise Sustainability
Training can increase the size of talent pools, enhance enterprise sustainability and build organizational capability. A talent management system that incorporates L&D function not only develop leadership skills but also have a direct impact on strategic business results.
L&D: The Knowledge Needed
Prioritizing and imparting knowledge in today’s aggressive corporate world gives the competitive edge to organizations. The need for knowledge has entered into the board rooms and is constantly evolving into a force propelling organizations into the 21st century, with the ability and agility to steer their business towards more profitable horizons.
As we have seen, the three key benefits of L&D are employee engagement, their retention, and business performance and results. However, L&D is not just about acquiring, developing, and retaining the organizational workforce, but it is all about creating a winning organization by systemizing integrated talent processes across the entire organization. Effective L&D is a critical ingredient of high-performance talent management strategies. Learning and Development is an integral part of an organizational framework and should be integrated with the talent management systems to optimize business results.