Setting up an L&D department, shopping for a learning platform (LXP) and purchasing content are big upfront investments for a company. But, with the right learning strategy, these investments will not just deliver outsize returns but perhaps even save a company from obsolescence.
Here are the top four benefits of L&D investments:
Keep Up with Change
Two WEF surveys show that one-fourth of employees in the OECD feel they don’t have the skills needed to perform their current job duties effectively. As technology and work processes change, skills mismatches will only increase. Organizations can’t take advantage of new technology if their workforce is unable to use it.
Top 10 Digital Transformation Trends for 2021Forbes Read Summary
The Industrial Revolution Is a Digital RevolutionWilliam Blair Read Summary
Digital Transformation Challenges in Large and Complex OrganizationsCenter for the Future of Organization Read Summary
The Technology FallacyMIT Press Read Summary
Optimize Workforce Potential
Talent shortages are a main impediment for companies to reach their goals. It is crucial for companies to make the most of the talent they have. Besides, internal reskilling and hiring is more efficient and cost-effective than dealing with frequent onboarding and employee turnover. Companies benefit from an experienced, adaptable workforce.
Flat, Fluid, and FastMcGraw-Hill Education Read Summary
The Enterprise Guide to Closing the Skills GapIBM Read Summary
The Inside GigLife Tree Media Read Summary
2019 Workplace Learning ReportLinkedIn Read Summary
UpskillingAIHR Technology Read Summary
Why Internal Mobility Needs to Be Part of Your Talent StrategyLinkedIn Read Summary
Keep and Attract Talent
Lack of career progression is one of the most frequently cited reasons for employees to leave a job. High-performing employees seek out employers who empower them to stretch their limits. Offering on-the-job learning opportunities is a great way for companies to keep the talent they have.
Talent MagnetBerrett-Koehler Publishers Read Summary
Investing in PeopleSociety for Human Resource Management Read Summary
Investing in People vs. Managing Human CapitalDegreed Read Summary
The Playbook for Putting People FirstDegreed Read Summary
Build ItWiley Read Summary
Help Them Grow or Watch Them GoBerrett-Koehler Publishers Read Summary
Disrupt and Innovate
On-the-job learning initiatives expose employees to new ideas, foster cross-team collaboration and boost a growth mind-set. Creating a lifelong learning culture is the best way for organizations to promote innovation and cultivate an agile workforce – prerequisites for staying in business long-term.
“Corporate Learning Is More Important than Ever”E-Learn Magazine Read Summary
Strategic LearningWiley Read Summary
7 Steps to Creating a Lasting Learning CultureUNC Kenan-Flagler Business School Read Summary
The Curious AdvantageLaiki Publishing Read Summary
Learn more about today’s top L&D challenges by downloading getAbstract’s latest white paper and register for our Global L&D Knowledge Forum: