Last week, GrowthSpace CEO Omer Glass joined HR leadership organization From Day One for a fireside chat. The event theme was Reskilling, Upskilling, and Building a Culture of Continuous Learning. The speakers ranged various verticals and company sizes. Omer decided to discuss something that all leaders have on their minds today: Strategies For HR Leaders During Economic Uncertainty.
3 Steps to Impactful L&D
The key to transforming L&D from a nice-to-have into something that actually makes a tangible impact on the bottom line is aligning your training, coaching, and mentoring initiatives with clearly defined business goals.
- Outcome-driven L&D starts with defining the business outcomes you want to see. That means L&D leaders and HR must work closely with other business executives to translate business needs into talent needs.
- The next step is determining what kinds of L&D will enable you to fulfill those needs. Who in the organization requires additional training? What is the best way to enhance XYZ skills? What leadership capabilities do you need to increase? Let’s say your goal is to support employees’ role changes. 1-on-1 coaching can help strengthen their power skills. If you’re looking to reduce attrition of top talent, consider providing them with 1-on-1 mentoring to support their career growth. The key to designing effective, outcome-driven L&D is a personalized, focused approach that remains aligned with business objectives every step of the way.
- Finally, you need to quantify your impact. It’s impossible to determine if something has made a real impact unless you have the means to measure it. Each instance of training, mentoring, or coaching must come with KPIs that are designed to be measured against broader business KPIs. To achieve this, you need a system in place that can actually measure progress on goals. Surveys that assess the participant’s satisfaction or self-perceived improvement are the standard today, but these alone are not reliable. Additional surveys that measure improvement from the manager’s point of view, as well as metrics like engagement and productivity, are vital to quantifying the impact.
Is L&D Worth Investing In Now?
As digital transformation is revolutionizing most industries, employers need to invest in their workers in order to retain them. How can companies best support their workers through these rapid changes? What are the most effective long-term strategies and new educational techniques to equip employees with the skills they need? Watch the discussion below to hear the answers to these questions and more: