The importance of L&D initiatives for company growth
Learning and Development strategies, also known as L&D initiatives, have come to play a significant role in the growth of companies. The main aim of these initiatives is to help employees within the company build upon their skills. By doing this, the employee’s goals and performances are aligned with that of the business, playing right into the success of the business’s success strategy.
Despite the benefits associated with L&D initiatives, many CEOs do not implement them within their strategies. About 96% of business owners realized that their business has suffered due to the skills gap in “key skills.” These key skills refer to the essential skills needed for a particular role and soft skills such as communication, creativity, and leadership. According to these CEO’s the lack of skills has created significant issues within the business’s operations, such as an inability to pursue new markets, delay in achieving various targets, and cancellation of key business strategies.
According to 99% of L&D professionals, if these skill gaps are not closed in the next three to five years, companies will suffer significant losses. However, the primary factor preventing businesses from taking advantage of this initiative is its training costs. The truth is, despite these potential increases to the training budgets of companies (whether big or small), spending to increase the overall value your company offers is an excellent investment for the company. This infographic from Ezra Coaching explains why and how companies spend time and money to increase value.
Infographic Design By Ezra Coaching
