Monday, October 13, 2008

Real Business Value from Learning and Development

In today’s economic climate, organizations are forced to focus on getting as much as they can from what they've got. With the workforce being considered the most critical resource for most companies, getting the most value from employees via education and training is becoming a priority for most. In a recent survey by Aberdeen Research, Best-in-Class companies shared some common characteristics:
  • 73% have integrated their learning strategy with their organization’s overall strategy.
  • 70% have identified and inventoried all existing learning resources available to be used.
  • 57% have defined the workforce core competencies required for each job and function.

They found that these characteristics had the following results:

  • Improved employee performance on average 22%
  • Improved workforce retention on average 19%
  • Improved new employee time-to-productivity on average 18%

Aberdeen also listed the top five ways that learning and development have the most impact:

  • Developing skills to meet business changes
  • Preparing employees for future opportunities (i.e. succession planning)
  • Increase workforce productivity
  • Getting new employees up to speed quickly
  • Retaining critical employees

In order to reach Best-in-Class performance in this area, businesses need to:

  • Identify all stakeholders that can benefit from learning and make them aware of what is available.
  • Establish a well defined process to identify specific knowledge gaps that can be resolved through education and training.
  • Integrate learning with performance management and make learning readily available.

Are you Best In Class?

Peak Enterprise Solutions has a comprehensive program for workforce education and training that includes classroom training and hands-on application training.