Learning and development (L&D) is a critical function in any organisation that wants to stay competitive in today's fast-paced business environment. But how do you ensure that your L&D initiatives are not only effective but also provide a return on investment (ROI)?
This is a question that many organisations grapple with, and one that was recently discussed in a webinar hosted by PLUS UTS, an industry-leading provider of executive education and professional development courses. Here, we'll explore some of the key takeaways from the webinar and share insights on how organisations can ensure that their L&D programs are delivering a positive ROI. Watch the full conversation below.
1. Align on organisational goals with key stakeholders:
To ensure a good return on investment for learning and development, it is essential to align on organisational goals with key stakeholders. This helps in identifying the key skills that the organisation needs to develop and enables partnerships outside the organisation to achieve those goals.
2. Invest in employees’ skills and experiences:
Investing in employees’ skills and experiences makes them more valuable to the organisation and more likely to stay. Diverse views and ideas can challenge us to keep flexing and pushing, leading to better outcomes.
3. Focus on building capability, security, and skills development:
The focus of L&D programs should be on building capability, security, and skills, rather than just measuring the return on investment. Developing skills and building capability leads to better business outcomes in the long run.
4. Context over content learning is crucial:
Context over content learning is essential to identifying the behaviours or practices that are not occurring in the business today, or that need to occur in the future. This helps in creating relevant and effective learning programs.
5. Acquiring specialist skills:
Hiring for specialist skills is expensive, and there are massive skill shortages, especially in emerging skill areas. Investing in L&D programs can help in bridging these skill gaps and reduce the cost of hiring.
6. Be agile and flexible:
In today's fast-paced business environment, organisations need to offer agile and flexible learning programs. Taking six months to onboard in an organisation’s ways of working is not practical. Investing in L&D programs can help build the required skills quickly and efficiently.
7. Define the results you want to achieve:
If you have a learning program that you want people to join, it is essential to define the results you want them to achieve. This helps in guiding business leaders through the process of setting expectations with learners, especially in technical skills or sales.
8. Trace the cause of changed behaviour:
It is hard to trace whether learning is the cause of changed behaviour. To overcome this challenge, it is essential to have a program that has defined results and guides learners through the process of achieving those results.
In summary, investing in L&D programs is essential for building capability, reducing the cost of hiring, and bridging the skills gap. To ensure a good return on investment, organisations need to align their goals with key stakeholders, invest in their employees' skills and experiences, and focus on building capability, security, and skills development. Context over content learning is crucial, and it is essential to define the results you want to achieve and guide learners through the process of achieving them.
Watch the full video below, or enquire with Plus UTS now.
