Is the investment in learning and development worth it?
The short answer is – YES! Of course it is!
Back in the early 1990’s, embarking on a career in human resource management, believe it or not, I enjoyed the monthly task of preparing the end of month report. We had targets to achieve, meaningful targets. One of these was spending a % of remuneration on learning and development across the business. The expectation was to spend 1.5%. This was not a “tick a box” spend, this was learning and development aligned to the goals of the business, to deliver service quality and standards to increase our hold in the market. It worked! We were proactive, our team members felt values, our staff turnover was low and importantly we were constantly upskilling our team members, improving their knowledge and skills and at the same time improving the capability of the business.
Now, I’m not saying you need to spend 1.5% of remuneration on learning and development to achieve positive results, however we should invest something!
Exit interviews often highlight the lack of learning and development, it’s promised but not delivered, leaving team members disappointed and disengaged.
From an employer’s perspective, we often don’t follow through due to lack of time, we may have a lack of knowledge of reputable training providers, or we don’t see a change in behavior following on from the training attended.
Take the time to encourage your team members to attend training, training that grows and develops them and adds value to your business. Just as importantly, take the time to follow up with them after the training. Ask them – What did they learn? What will they do differently? How will they implement what they learnt into their day to day work? Encourage them to act and implement new learnings.
Spend time and effort investing in your people – not time and effort in recruiting replacements