Invest in Tomorrow – Three Key Benefits of Corporate Learning

Companies today operate in severely competitive environments. Facing strong competition from around the world, companies must work harder and smarter to grow their businesses. The success and growth of an organization is dependent on its employees, but the skills employees need to succeed are changing.

The three Rs (reading, writing and arithmetic) are certainly no longer enough. Executives now desire their employees to have ‘21st century skills’, in other words, the four Cs (critical thinking and problem solving, communication, collaboration and creativity and innovation).

Many companies have started investing in corporate learning to develop their employees with the four Cs. In 2013, the overall spending on training by organizations in the US increased by 15 percent. US businesses now spend upwards of $60 billion a year on employee development. Here’s a look at three key benefits that corporate learning offers:

1. Increased productivity

   Learning and development can serve as a precursor to increased productivity and performance. Employees with the right skills perform their jobs better and at a faster rate. They are also less likely to need assistance. According to Josh Bersin of Bersin by Deloitte, “organizations which invest more heavily in training, career development, and mobility outperform their peers in almost every industry”. Telus increased their employees’ return on performance from 62 percent to 75 percent through a corporate learning initiative. Increased productivity is a major benefit for companies; it is the name of the game in today’s rapid pace of business.

2. Increased ability to adopt new technologies

   Being able to adapt and evolve to the changing workplace is essential. Technologies and methods quickly become obsolete and businesses must keep up to stay relevant. The four Cs enhance an employee’s ability to embrace change and even initiate it. Continuous change and improvement is the key to success. In the words of Winston Churchill, “to improve is to change; to be perfect is to change often”.

3. Improved relationships with employees

   Corporate learning can positively influence employee retention and employee attraction. Employees can foster widely applicable skills and advance their careers through corporate learning and development. In a Q&A, Diana O’Brien from Deloitte Consulting LLP states that “development is a gift” and “knowledge workers – particularly younger workers, who can be the hardest group to retain – greatly value this kind of support”. Telus increased employee engagement from 53 percent to 83 percent through its corporate learning initiative. Employees who are encouraged to reach their full potential tend to stay with companies longer and have greater job satisfaction.

Companies are investing in their future when they provide corporate learning and development opportunities. What does your company do to ensure future success? Do you invest in corporate learning? Let us know.