A 2022 Linkedin workplace report found that 94% of surveyed employees responded that they would stay longer if their company invested in helping them learn and grow. Yet a U.S. Bureau of Labor Statistics study found that organizations with 100 to 500 employees gave just 6 minutes of training every 6 months! With employee retention a key objective for every organization’s HR department, it's curious why companies are not investing more in learning and development.
Learning and development, also known as L&D, training, and development, is usually a function of HR. The goal is to upskill and impart new knowledge to employees to increase business performance among other impactful benefits.
The responsibility for developing and implementing a company’s L&D strategy falls on HR. HR departments look to develop employees, improve performance and efficiency, cultivate a learning environment, and improve employee retention. These initiatives can be accomplished through well-developed earning and development programs.
Learning and development programs are critical for companies to be successful:
Designing and implementing a learning and development program can be done whether you are a startup or the HR/L&D manager at a well-established company through a few basic steps:
As employee engagement plays a crucial role for companies looking to retain and grow their employees, the role of the HR team becomes even more critical to the company’s success. More and more employees have greater opportunities to leave organizations that do not make employee engagement a priority. On the flip side, bad or ineffective training and development doesn't always fit the organizational needs. A Harvard Business Review stated that although organizations spend more than $350 billion globally on training, they are not spending their money effectively.
HR’s role can help offset these challenges for companies by taking stock of organization and employee needs and thoroughly vetting appropriate, effective L&D programs. HR teams have different tools and solutions in their back pocket that can help to build effective L&D programs. When creating these programs, HR departments should focus on the following:
HR teams are not alone in their efforts to develop and build successful L & D programs for their companies. Valor Performance can help through the entire process, from defining the organizational goals to uncovering employee skills gaps with individual 360 assessments for each employee. Valor builds the groundwork for closing employee skills gaps that help achieve the targeted goal by matching employees with a coach in personalized 1-on-1 sessions designed around their needs and skill areas for work.
Employees work with their coaches in and out of sessions with live consultations and coursework in the online platform to progress towards closing the skills gaps. With each session, coaches will have employees apply new skills, tactics, and exercises to their roles in an effort to build on their current skillset.
Throughout this program, Valor provides insightful data analytics and metrics (including benchmarking against comparable companies) that help HR departments understand the team’s engagement, mindset, motivations, and the impact our coaching and mentorship programs are having on their performance.
Valor Performance can help organizations and HR teams simplify the L&D process with our online digital coaching platform. To learn how Valor can help your organization with L&D, schedule a demo today.