Highly trained, efficient and skilled professionals are the backbone of an organization. And, given the talent shortage emerging among many industries, a critical concern for many corporate leaders is uncovering strategies for attracting and retaining top employees. Opportunities to do so extend far beyond compensation and benefits packages.
A study published by PwC highlighted emerging trends and shifts in the United States workforce influencing how businesses manage their employees. One of the most notable changes is the rise of millennials workers, who will account for at least 50 percent of the global workforce by 2020. According to the source, this generation considers learning and development to be the most important benefit in a job - more so, even, than cash bonuses.
Implementing a learning and development program provides companies with tremendous advantages and opportunities. When done correctly, it can lead to lower turnover rates and cost-savings. The problem is that not enough businesses are properly executing their corporate learning strategy and, as a result, are wasting time, money and talent.
What businesses get wrong about employee training
There are a handful of mistakes companies often make with learning and development programs. One of the biggest is failing to adapt their model in a way that modern workers respond positively to. Given the rapid proliferation of digital devices, smartphones and other technologies, our society is becoming more distracted than ever before. Traditional forms of instruction and education are not as effective as they once were. This is why leading organizations have begun utilizing mobile and eLearning strategies for corporate learning and development.
"Learning and development programs need to evolve with the needs of today's workers."
Online training is a model millennials workers are used to and even prefer. But higher levels of engagement aren't the only reason companies should use it. It is also more cost-effective than traditional alternatives. By delivering microlearning sessions, employers distribute digital content that is accessible on the go and easily digestible.
Another common mistake made with learning and development programs is that they are not tailored to meet the specific needs of individuals. In fact, a research report recently released by Degreed explained that many employees today feel that their companies are so ineffective at training that they have started to get more proactive with self-directed learning. Workers are investing their own time and money teaching themselves because they aren't getting what they feel is sufficient instruction from employers.
Choosing the right LMS
To mitigate this issue, it is imperative that companies place a stronger emphasis on updating their learning and development programs and ensure they are getting a positive response from workers. And one of the most effective ways to do this is through a learning management system. Enlisting the help of a provider that specializes in LMSs and custom content services, enables organizations to create a program that includes all of the features Degreed found today's workers are using for self-learning, including:
- Online courses
A learning management system is the foundation of successful corporate training but organizations must be selective and strategic in which platform they use. It is necessary to have a solution that can effectively handle all aspects of the LMS, from content development and courseware testing to software customization and IT support. Businesses that do not possess the in-house capabilities to manage these critical functions are encouraged to outsource them to a firm that does.
Leveraging a solutions partner that can build a custom, open source LMS will give companies a competitive advantage. In addition to ensuring their learning and development program is optimized to the specific and individual needs of its employees, they will be able to focus their attention on other crucial areas of business.