Learning and Development programs are an integral part of an organization that has a great impact on productivity, revenue, and cost. Every major organization in the world has some sort of program that helps its employees learn new skills that help be better at their job. There is plenty of research that indicates the massively positive impact of Learning and Development programs in the organization.
The global corporate learning market is expected to register a CAGR of close to 11% during the period 2018-2022. This is proof that companies are taking the learning and development of their employees quite seriously. Let’s briefly look at some advantages of implementing a learning program in your organization:
- The cost involved in replacing existing employees is reduced. The current cost of replacing an employee is equal to 9 months of their salary. This shows that upskilling existing employees are far more cost-effective than replacing them.
- According to a study done by IBM, 84% of employees in the best performing organizations are receiving the training they need. More than 65% of global leaders cite “talent and leadership shortages” as their #1 business challenge and with some skill areas, a full 90% of organizations do not have all the skills they need to be successful. Organizations that put learning ahead of anything else are the ones that succeed in the market.
- Companies that focus on having effective learning programs have noticed a 10% increase in the productivity of their employees.
While the importance of the learning aspect of these programs is abundantly clear, what about the development of employees? When we talk about development, we don’t just mean intellectual development, but the career development of the employees involved in these learning programs. You need to be able to identify employees that have truly benefitted from the learning program and are now ready to move upward in the organization. How would one go about doing this? There are several assessments that help L&D professionals identify the great from the good by zeroing in on employees that possess these qualities:
- Communication – At the entry and mid-level, employees having good communication skills are important for productivity. Therefore, investing in assessments that can identify individuals with language proficiency is important. Versant is a great solution for this.
- Critical thinking Ability – This is an important skill that needs to be measured as it helps identify employees that have considerably high problem solving and decision-making Watson-GlaserTM Critical Thinking Appraisal is a gold standard assessment for measuring critical thinking skills of employees.
- Learning Agility – The ability of an employee to engage in lateral thinking, learning new concepts, quickly solving complex problems and tasks without drawing on prior knowledge is a very valuable skill to have in an organization. Raven’s ™ Advanced Progressive Matrices is an assessment tool that accurately measures this
- Leadership potential – Leadership potential can be identified by measuring personality traits, interpersonal values, and personal values. SOSIE is a great tool for this.
Having the best assessments will give any organization a leg up when it comes to identifying the best talent internally or externally so go with the best.
Author: Bharat Iyer