L&D or Learning and Development industry is not just a team of people that gives training to employees but provides far more value than that. With the rapid changes in our marketplace, it forces organizations to keep pace with it. These changes are difficult for an organization to digest due to which they take the help of L&D.
From conducting need assessment, executive training, or competency training, the employees become more productive, proactive, and adaptable to change. In this way, companies that are involved in leadership and development, campaign change management efforts during times of crisis. Here are some points that explain the reasons for it.
L&D enables employees to upgrade their skill set to match evolving tech
Organizations need to equip their employees with the right skill set as tech is evolving rapidly. According to the Daily Infographic’s Tech Skills Gap report, 70% of the Managers said that the present employees lack the tech and computer skills necessary for the current workforce.
According to LinkedIn’s 2019 Workforce Learning Report, 94% of employees said that they would have stayed at a company longer if they were offered opportunities to learn and grow. In such situations hiring an L&D company would have been beneficial for the organization.
L&D makes your company sustainable
Every company, no matter how big, has a shelf life. Change can be responsible for the demise of most companies. If an organization is having trouble crossing the bridge of innovation, then it can take the help of L&D to become adaptable to change and, in the long run, become sustainable. One of the biggest reasons for organizational failure when facing change is due to mismanagement. Having a good leader can give clear direction to the organization, no matter the crisis.
Importance of L&D
Ashish Rangnekar, co-founder and CEO of BenchPrep says that "Today's employees deeply care about L&D as a key benefit. Millennials are ranking L&D to be more important than a paid vacation, or even cash bonuses. More importantly, L&D programs can upskill and reskill the workforce based on the way the labour market is changing."
Learning & Development helps to form a more agile workforce and transform organizations to be more flexible with the changes happening around them, leading to much better financial returns. Companies that invest in L&D can achieve better financial performance than those that do not. Companies that give priority to L&D also have better employee retention rates. After all, finding new talent is expensive for employers, and it is even more difficult to hire the right talent.
In conclusion, companies would greatly benefit if they use the services of L&D, as it forms a backbone for the organizations during a crisis and even after it.
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