Modern HR departments are not just about hiring, inducting, and managing employees. They go above and beyond to improve the wealth of the company by selecting, training, and promoting the right workforce for the organization. HR should focus on the learning and development of employees to achieve success.
Learning and development help the company gain and retain top talents, improve productivity, develop a career-oriented mentality, inspire loyalty, and earn more profit. It aligns the employee goals and performance with those of the company, while the training helps them bridge gaps in professional knowledge. The things they learn can help them implement strategies and programs that meet business needs.
Here is why learning and development are important for organizations.
Demand for learning opportunity
The variety of client requirements can force a company to branch out into new territory. Facing challenging projects requires equally qualified employees. The next generation of workers are the millennials, who crave more knowledge and opportunities to grow their careers. If HR can invest and give the employees the best learning materials, they can develop the next generation of loyal and qualified staff.
Hiring is expensive, not retention
We all know that an advertisement for job opportunities can bring in many applicants. It is cheaper these days. But the actual CTC of hiring a new employee is not so cheap. The figures for actual turnover from those new people cannot be calculated immediately. But this CTC can be reduced by increasing employee retention through training and development programs. Regardless of the dollar value, retaining employees is more cost-effective than going through the hiring process. If the company can constantly update the knowledge of employees, it can be said that more than 70 percent will stay longer (at least we hope they will).
Improves productivity
There is a difference between a well-learned employee and a well-trained employee – productivity. Employees are a company’s greatest asset for moving work forward and bringing in revenue. The more projects a company executes, the more SMEs they might require. Instead of hiring new people for it, if you can replace or add employees from other departments who are trained, it will be easier. Constant training helps the employees fill in their knowledge gaps and upskill themselves. Well-trained teams can increase their productivity by at least 10 percent, according to an IBM study.
Fewer risks
Training gives the employees the knowledge and information they need to work better. HR can also help them understand risk mitigation through compliance training programs. In order to work in a safe and work-friendly environment, employees need to understand rules and regulations well. Proper training in this subject can help them maintain a good work culture. The compliance training can also help them work and understand their clients better, with great respect, and make fewer errors.
