Here at alterniq inspired growth we’ve always championed the importance of Learning and Development (L&D), particularly for fast-growing businesses.
However, we still see a lot of organisations today that don’t place enough emphasis on the value of L&D. And whilst others seem to appreciate its benefits, many still fail to invest properly in it. It’s important to understand that investing in your people is investing in your business, those who get it flourish, those who don't falter.
That’s why we’ve decided to put together this blog post, offering you four quick reasons why L&D is so vital for start-ups and fast-growth organisations.It's an investment that benefits every part of your organisation.
So take a look below and you’ll see why so many of the top performing and fastest growing organisations around the globe invest their time and money into L&D
1 - L&D aids recruitment and retention
Finding and keeping hold of the best talent possible is vital for any growing business. Research by LinkedIn shows that 94% of employees stated they would remain at a company for a longer period of time if it invested in L&D.
The same report added that 56% of employees placed career growth and opportunity above salary when it came to prioritising what made a business more attractive to them.
2 - L&D is the ultimate futureproofing step
By helping your team learn and grow, you’re able to ensure that your business is protected in the future. If you want your business to continue to grow at a fast rate, it’s absolutely vital that your team members are able to learn new skills to help them cope with that growth.
Failing to upskill your team can also harm productivity, as they’ll spend longer on tasks or require the help of others to achieve their goals. And you’ve got to remember that team members who are given the chance to develop their skills will be more confident moving forwards, which can only be a good thing!
3 - L&D can help everyone in your business work cohesively together
One thing that is absolutely vital for business growth is alignment. It’s important that members of all teams are aware of the company’s goals and are able to work together to achieve them.
Top quality L&D can have a huge impact on this! The Emerald Works 2020 Back to the Future Report showed that just 52% of organisations claim that everyone on their L&D team is aware of their company’s strategic goals. However, when it comes to companies with high-impact learning cultures, a huge 97% claim that their L&D team is aware of these goals.
These high-impact companies are also vastly more likely to have a communication plan in place for all stakeholders, dramatically improving alignment across the business compared to your average organisation.
4 - Investing in L&D boosts profits
Some businesses don’t want to spend the same amount of money on L&D as their competitors. However, one thing that these organisations should be aware of is that there is a direct correlation between investing in L&D and increased profits.
The Association for Talent Development (ATD) revealed that businesses that invest in L&D have a 24% higher profit margin than those that spend less. The ATD also revealed that organisations with detailed training programs have a whopping 218% higher income per employee than those that don’t.
All of this shows that L&D offers a huge ROI!
Here at AIG, we work specifically with fast-growth organisations, supporting them with their L&D requirements. If you would like to learn more about what we can offer, get in touch with our team today via email at info@alterniqinspiredgrowth.com.
Written by Adam Rowden, creative copywriter at alterniq inspired growth
<< Return to Insight page
