The UK’s top-performing companies believe that learning and development are critical to their success, according to a new report*.
More than 100 companies were surveyed and analysed for the report and the results are clear: even in the current economic situation, 94% of the best performers keep learning and development at the heart of their strategy – and as a result, they enjoy the lowest turnover of staff. Top-performing organisations are five times more likely to have learning cultures, suggesting a learning culture is a key factor for business success.
None of the companies spending above the national average of £300 per employee on training have a retention rate of fewer than six months. An established learning culture within a company keeps employees competitive and makes them twice as likely to be highly satisfied with their job. This impacts staff turnover: organisations that offered employees a below-average number of training days and lower training budgets are more likely to report shorter employee retention and lower levels of employee satisfaction.
How much are poorly-developed training programmes costing your business?
Not only could you be hindering your competitiveness and your employee turnover, but also impacting your revenue. With poor corporate learning, it’s harder to prove the business value of investing in L&D: if you can’t measure your training’s return on investment, your company might stop seeing the value that learning and development brings. You need to carefully define what you consider a training success and run learning activities with measurable objectives in mind, the report explains. Presenting clear results in terms of business impact to the managers is the best way to ensure that learning is used on the job.
The report also analysed emerging practices in learning such as Virtual Reality and how they are impacting training by creating a safe, digital environment specifically designed to maximise learning performance. Bolt Learning can create training courses to help you establish your learning culture – and we are able to implement Virtual Reality to make your training more engaging and interesting! If you want to know more, get in touch below.
There is no one-size-fits-all learning solution. Learning and development can take place in many different ways and it is essential for every company to develop its own training programme to address the specific needs of its employees in their particular context. Bolt is here to help.
*UK L&D Report 2018 from FindCourse.co.uk