Tuesday, 24th May 2022 | Management
Why L&D, not foosball, helps attract and retain employees
It's becoming increasingly difficult for small businesses to find and retain staff. Offering employees learning and development opportunities is being viewed by many companies as a benefit to both parties, although small business owners have been slow to adopt this strategy.
If you’re in business, you’re already aware that employers need effective strategies to attract and retain talent. The upheaval caused by the COVID-19 pandemic coupled with other social and societal shifts has led many to change jobs or even remove themselves from the workforce altogether. In this environment, you’ll have to do better than providing arcade games or free muffins on Fridays if you want to find—and keep—the best employees. That’s why employers are increasingly offering learning and development (L&D) opportunities as a valuable job perk. Here’s how to make the most of an employee training strategy.
What’s L&D (learning and development)?
L&D opportunities are geared towards developing employee skills, knowledge, and capabilities which in turn fosters their personal and professional growth. These might include coaching, training, or mentoring. Learning and development is a strong way to value-add for everyone but small business owners are behind the trend. According to the Federation for Small Businesses, while 91% of business owners recognize the value of L&D, only 43% actually invest in it. If you’re among the more than half that are neglecting this strategy, you’re neglecting to use an effective tool. When you offer an L&D strategy, employees receive valuable training while employers get better-trained and happier staff. It’s a win-win.
Offering learning and development opportunities to your employees
Training, mentoring and coaching all sound great but one size does not fit all. Here are the steps to developing a training strategy that will benefit your employees and your business.
Create a plan
At its most simplistic, you need to figure out what you want your employees to learn before you can offer them anything. If you want to provide training that will help them in their jobs, write up a list of skills and knowledge they need and determine the gaps. If you’re looking to pair your employees with mentors or coaches, do your homework to figure out who would be the best matches.
Offer different learning styles
Some people are visual learners while others are hands-on. Some like to crack a book while others respond well to gamification. The good news is that there’s a wealth of different modules in various styles, and many of them are available online, due in part to the COVID-19 pandemic. It’s worth your time to explore the best options for your needs.
Provide enough time for completion
An L&D opportunity shouldn’t feel like extra work. Make sure you set realistic goals that don’t overburden your staff.
Give incentives
Incentives are a fun and effective way to boost employee engagement. Consider a gift card or bonus on completion.
Set goals and measure success
No strategy is complete until you account for measurement. Set goals around what you want to achieve both for your business and your employees. Determine in advance how you will measure success. Use this data to improve your L&D offerings for future employees.
In a shifting work landscape, small business employers will need to respond to the changing priorities of workers if they want to attract and retain the best talent. When delivered right, learning and development opportunities can be a strong incentive for employees and a marked benefit to your business.
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