Creating a Winning Learning and Development Strategy for 2023

It’s a known fact that employee development brings significant value to businesses. But while widely recognised and well understood, this aspiration is often considered a low priority and remains unfulfilled. The main reason for this thinking is often that Learning and Development is a support function and not a direct revenue generator, but what many forget is that training, too, is vital for business success.

Smart, successful companies realise how important it is to invest in their people. They leverage training to unlock their people’s potential, magnify their strengths and drive innovation because they know that without employee development, they can’t keep up with change. To them it’s not a question of whether they should train their employees but whether they can afford not to.

Why should companies prioritise learning and development?

The benefits of learning and development are truly endless. Studies have shown that businesses that value and empower their people enjoy higher levels of employee engagement, increased productivity, greater job satisfaction, better staff retention and bigger profits – components that are crucial for long-term growth.  

Contrarily, ignoring the importance of workplace training can severely impact team morale, business performance and your ability to attract and retain talent. According to a LinkedIn Report, 94 percent of employees say they would stay at a company longer if it simply invested in helping them learn. 

It’s clear, then, that a winning workplace is one in which employees thrive and are given the chance to learn, grow and shine. But how does one go about bringing this aspiration to life? A good starting point for any business is by investing in a robust learning and development strategy.

Why is an L&D strategy essential to your organisation?

There’s a lot to be gained by investing in a well-defined learning and development strategy. Any training is useful, but not all training is effective. It is thus crucial to develop a clear and structured plan that caters for the needs of your people and focuses on your organisational goals.

A strong learning and development strategy clearly outlines how to develop people’s capabilities, skills and competencies. It assists leaders and their people in defining goals and empowers employees to gain the knowledge and skills necessary to be proficient and productive in their roles. It:

1. Gives direction to your training efforts
2. Provides a clear vision of your learning and development goals
3. Ensures training needs are being met
4. Supports other key business priorities
5. Creates a value-based culture

Whatever areas of development it focuses on, your learning and development strategy must always align with your company’s overall business strategy. If the two are not in sync, your strategy is doomed to fail. Consider your employee capabilities, determine which solutions most reflect your business priorities and strategic objectives, and revisit and re-evaluate this alignment regularly to ensure that they are still in tune. Remember that needs change and so should your strategy.

What will you get in return as a business?

1. Better workforce performance and productivity

When you train your employees to be a better version of themselves, they are more likely to perform and maintain their duties well. Knowing they have a supportive employer will lead to increased productivity because employees feel more motivated to work. Employees will also be in a better position to understand their responsibilities within their job role, resulting in increased confidence.

A proper learning and development programme raises all employees to a higher level, allowing them to share skills and knowledge as a team and work effectively in groups or on their own.

2. Improved customer service and increased loyalty

Maximising customer loyalty is an important point of focus for every business. Excellent customer service is critical to the growth of any business as it boosts the satisfaction customers receive from the company, leading to increased customer loyalty and retention. Generating strong customer loyalty helps you build stronger relationships and increase your sales. It is also more cost-effective, meaning you can save while actively working to improve your business.

3. Increased job satisfaction and morale

How your employees feel about their job and your company can have a huge impact on the success of the organisation. Studies have shown that happy employees are more productive, more engaged and more satisfied with their work.

By increasing job satisfaction, you will be in a better position to gain and retain top talent. A good L&D programme will also help you increase adaptability and flexibility in the workplace, meaning your people will be better able to respond to different scenarios and challenges within the workplace, resulting in increased efficiency and higher productivity.

4. Higher profits

Retaining your skilled employees and limiting employee turnover will help you avoid unnecessary expenses. Training your staff boosts productivity and confidence, resulting in higher efficiency and increased sales. These elements improve your bottom line and lead to higher profits.

In conclusion

Learning and development may seem like a large investment of resources, but the benefits far outweigh any costs involved. A well-trained workforce is happier, more engaged, more productive and more resilient.

By focusing on a strong employee development plan, L&D teams can drive incredible value to the organisation and dramatically improve all aspects of the business. The final and most crucial step is obviously to follow through.

Find out how Mdina Partners can help you build a winning L&D strategy and transform your workplace through the right training plan: https://mdinapartners.com/client-partners/