Learning since time immemorial has been one of the best advantages for individuals and organizations. In current times of rapid change learning is a transformational tool that could be your best differentiator. Whether as an individual you are trying to reach the peak in your domain or as an organization you are providing the best to your clients…learning is one of the best advantages that you can exploit for growth. The fast-paced and ever-changing business world needs training and development programs to keep up with new challenges. It can boost your competitive advantage.
Analysis of top Fortune 100 best companies, shows that they are committed to employee development as a top strategic priority. Employees are considered to be the most valuable asset of a company and investing in their training further enhances their capabilities and productivity. Strong learning culture also allows employees to be current rather than getting complacent. Gen Z and Y have huge potential in the workspace and the best way of leverage is to invest in bite size learning as against conventional tick mark activities.
You have the obvious benefits of sales and product knowledge training which in turn leads to increased revenue and market share, service training leads to better customer service experience and brand loyalty, innovation training generates new ways of thinking, potentially leading to new products and services. But let’s look into more ways that training and development can positively impact your business and give you a competitive advantage in the corporate world.
1. Helps you achieve a competitive advantage
One of the main challenges of a company is to stay ahead of its competitor’s. Developing a competitive advantage can be a tedious task and involves implementing loads of different strategies across all departments to make your business stand out from the crowd. Training and development can play a big role in making a real difference to your competitive advantage. By making sure that employees are constantly progressing, the company automatically gains more value and continues to move forward with a strong position in the market. Creativity is a byproduct of exposure to various methodologies.
2. Ensures employee satisfaction & retention
Investing time and money in employees makes them feel more valued, leading to a positive relationship between company and employee. It is essential to keep employees engaged at work. Higher retention rates and less attrition is crucial for the success of your business. All this can happen with a good training and development plan to keep the employees motivated. Besides, the cost of retaining existing employees is much less than replacing them. Traditionally, learning focused solely on improving productivity. Today, learning also contributes to employability. Over the past several decades, employment has shifted from staying with the same company for a lifetime to a model where workers are being retained only as long as they can add value to a business. So if you’re showing your employees that you want them to grow with the business – they will be more likely and willing to stay for the long haul.
3. More internal promotion opportunities
Growing employees organically can be a huge long term advantage. This also reduces unnecessary hiring costs and gives employees opportunity growth in skills-knowledge and attributes. Another advantage of internal promotions is that unlike new employees, your existing employees have better insights about the business as well as having the required skills for the new role. They are people who you have already built trust with and they already know how the company operates. So it’s a win-win for your business recruitment funds and development plans.
4. Increases productivity
It is no surprise that training and development naturally leads to more productivity in the workplace. By making sure that necessary training is given to employees to improve their skills, the company is, in turn, ensuring a higher productivity rate. Well-trained employees show both quality and quantity in performance – leading to less wastage of time, resources and money. Engaging your employees is another key way to increase productivity in your business.
5. Attracts the best employees
Every company wants the best employees for a greater chance of success and innovation. And what’s the best way to attract top talent? Training and development.
To attract new talent to the business you want to make sure that candidates are fully aware of any training and development plans you have set up – since it is a key feature people usually look for during their job search. Your employer brand can showcase this. What’s employer brand you ask? Training incentives create a positive image for the company and this has an impact on potential candidates for a future job vacancy. So if you want the best people in your business, you need to show them that you care about their progression before they’ve even started their job.
6. Tech Leverage in Learning
Investing in the latest technologies is essential for business growth. Technology is constantly evolving and companies need to ensure that employees are using the latest technology at its full potential. If applied correctly, it can increase revenue and significantly reduce costs. Online learning has taken a new high during pandemic and is the need of the hour for every organization. Thus it is critical to have blended approach even while setting up the LMS. In recent times people are more comfortable learning by doing and in self paced modules; thus design of learning solutions plays a major role in learning outcomes.
7. Proactive Learning Culture
It is essential to make sure that your employees are up-to-date with any industry changes or developments. Ongoing training can help you do this. This kind of training helps your entire workforce stay aware of what’s happening in the industry around them, therefore keeping you one step ahead of your competitors at all times. So instead of having a workforce full of employees who are stressed and constantly playing catch up with your competitors, you can have a proactive approach to learning architecture. This also gives you an edge in the domain you are operating.
Your TAKE…
How often do you prioritize learning strategies ? What is the culture of your organization in terms of new programs? Are your leaders sharing their learnings with the team? Is your performance management system encouraging learning and collaboration rather than cut throat competition…carrot & stick? Are you evaluating your competency mapping a live document updated from time to time based on client feedback, competition and industry futuristics…Look forward to hear from you.
drsonaliduttabaanerjee 