As the start of the new financial year arrives, it’s essential that fast-growth organisations prioritise learning and development in their budgets and plans for the year ahead. Not only does this help align everyone with the company’s vision, but it also helps maintain growth by equipping everyone with the skills they need to adapt to changing business needs.
In this blog post we take a look at why these companies need to prioritise learning and development, and how it can benefit both employees and the business as a whole.
Continuous learning is vital in fast-growing companies
Fast-growth organisations need to adapt constantly, in order to stay ahead of their competition.
The fast-paced nature of these companies ensures that all employees need to be able to acquire new skills to keep up with changing business needs.
In 2023, it’s those companies that prioritise learning and development that are better-equipped to navigate challenges that come their way, sustaining growth.
How learning and development benefits the individuals in your team
Employees who receive top quality training and development opportunities are more engaged, more motivated, and much more productive than those that don’t.
This is because these individuals are able to feel truly valued, knowing their company’s leaders are investing time and money into their own personal growth.
And studies show that people who feel supported in their career and valued by their business are more likely to stay with the company long-term, reducing staff turnover.
Companies that properly invest in their employees' growth also create a culture of continuous improvement, leading to increased innovation creating a real competitive edge.
How to prioritise learning and development in your budget
When it comes to budgeting for the future, it is now essential that you are setting aside a percentage of revenue for learning and development or creating a dedicated training budget.
You should also ensure that your team members are a part of the discussion. You can work with them to identify specific areas for growth, creating personalised development plans for everyone allowing you to know exactly where you’ll be investing your time and money.
The best companies will also track the ROI of learning and development initiatives. This is so they can ensure they’re effective and provide true value to the business.
To conclude…
Prioritising learning and development is critical for fast-growing companies looking to sustain their growth and remain competitive. By investing in your employees' growth, you can create a culture of continuous learning and improvement that spreads throughout the business and benefits everyone.
Written by Adam Rowden, creative copywriter at alterniq inspired growth
<< Return to Insight page
