The L&D function has dynamically changed in the current era of rapid digitalization. From more of an administrative department, it now plays a key strategic role in deciding the fate of your organization, in both, short and long term. In its absence, you will set yourself up for failure, or will become irrelevant in context of market expectations.
The L&D function at your organization has to perform with a top-notch efficacy for keeping the business thriving and relevant. In a recent Statista survey encompassing employees from across the globe as surveyees, and exploring the relevance of corporate learning, 61% of respondents said that workplace learning initiatives did help them perform better at their job.
Now, the question that would instantaneously hit an L&D leader would be – ‘In what ways can I help my organization grow while drafting a perfect L&D strategy that’s aligned to the business goals?’ We did a little research on what L&D functions are doing at the top organizations and Fortune 500 firms in terms of strategy. There are 4 key areas.
Constant Upskilling of the Workforce
Human capital’s value goes obsolete if their knowledge & skills are not updated from time to time. It’s even more relevant in the era of constant technological developments in almost every industry sector. In every five years, we see the entire technological infrastructure changing in every major industry. You need to be constantly running L&D programs specific to the organizational goals so as to keep your staff relevant to the rapid changes in technology.
Attracting & Retaining the Cream
Gone are the days when people used to stick to one organization for lifetime. In today’s time, candidates see L&D opportunity as a prospect for enhancing their future employability. And therefore, lagging on the front of offering L&D support to the workforce can become a good enough reason for the top talent to part their ways.
As a competent and far-sighted L&D executive, you should be constantly communicating with your top talent regarding their learning needs, working experience, professional aspirations, and expectations from the organization. On the other hand, attracting the cream is even trickier.
Leveraging social media could be one of the major tactics to tap into the distinct talent reservoir that exists on social professional networks such as LinkedIn, especially the groups on the said portal. Alternatively, you can run recruitment campaigns, or write posts pertaining to job openings, on other major social platforms such as Facebook, Twitter, Instagram, and many others.
Actively posting on the company page about organizational culture, working environment, events, and celebrations would certainly help draw attention of talented people towards your organization.
Developing Leaders of the Future
The L&D function needs to ensure continuous investment is being made into developing people capabilities. Firms that recognize & invest in their next generation of leaders make a lucrative return in the immediate future.
Strengthening the Brand Name
A company’s brand is its biggest asset as it tells a lot about the company’s reputation, success, industry-position, and financial prowess. The firm’s L&D function can help establish it as an ’employer of choice’.
The more maturely your organization’s L&D function operates in terms of implementing the stated four strategies, the higher the market positioning of your firm rises. Drafting an L&D strategy that aligns with the business goals is key to securing future relevancy of your firm in the industry it operates into. And futureproofing is always advisable!