“Employees are assets of an organization”. No matter whatever be the industry a good performing company runs with the constant dedication and contribution of talented employees. Investing in developing the skill level employees has been widely observed across different domains to make sure the workforce is putting their best efforts. Employees feel more valued when corporations spend the time and the money to invest in them, leading to a positive relationship between company and worker.
Knowing how important can the employee training be, the current generation is digital and hence the investments with respect to learning and development have observed a paradigm shift to online training. Not only just online training to be more specific, next-gen is completely going to be mobile savvy. Few examples where investment in learning and development has a direct impact on ROI are listed below:
The average investment of a Cheesecake factory per employee on training was $2,000 annually. The chain enjoys sales of $1,000 per square foot, almost double the restaurant industry average.
ADP coaches some sales associates on managing virtual teams and time management. Those that participate had an average of 7 percent growth in sales.
Companies who are aspiring to become giants must observe from the successful examples that outcomes, effectiveness, and efficiency form the triangle of evaluating training. Also if your organization values its employees, it’s safe to presume how investing in your employees will make the organization stronger.
To make the situation transparent online training needs to be linked to the organization’s overall strategy. Companies should ask themselves, what is our growth plan? Do we have the right people in the right positions? The companies have enough learning and development resources must focus on identifying and devising better strategies to align their pieces of training with missions and values.
Top management and respective stakeholders must clarify from thinking training is a cost to be minimized, to thinking it is an expense that can help achieve company’s goals. Talent and HR heads must ensure their chief executives are aware of the synergistic effect which could be observed post-investment in employee online training.
All the challenges and hurdles like knowledge gaps or interaction between the stakeholders must be solved to understand and feel the positive change one could bring within the performance of an organization.
An interesting fact in the Nordic countries tells that learning and development was given the highest priority with respect to investment and growth. Learning and development can have no benefit unless the employee can apply it to have an impact. Hence it is definitely necessary to keep track of resources at an early stage and strategize the learning and development goals with organization’s revenue and profit margin goals.