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Monday 5 June 2023

Cracking the Code to Learning and Development

WebProNews
Cracking the Code to Learning and Development

Corporate learning is critical to corporate success. The most direct method of corporate learning is called Learning and Development, or L&D. L&D aims to align employee capabilities to business goals, which buoys productivity and progress.

What is L&D?

L&D includes many courses. For example, 70% of employees complete compliance training through L&D programs, 51% complete soft skills training, and 50% complete upskilling training. There are other trainings as well, such as product training, onboarding, and reskilling.

Following COVID-19, companies have been placing more focus on training. Greater focus involves greater expenditures; in 2022, small companies spent $1,400 per learner on training, midsize companies spent $826 per learner, and large companies spent $1,700 per learner.

However, while L&D programs are the norm, they are not without flaws. In fact, many L&D programs end up causing significant problems due to their high costs and ineffectiveness. L&D programs are pricey, with the average in-person training totalling to up to $40,000. This cost includes transportation, hotels, venues, catering, etc.

Similarly, L&D programs are costly in terms of time and effort. Creating 20 minutes of learning can take between 55 and 177 hours. Additionally, employees may need to sacrifice working time to complete L&D courses, which can decrease productivity. Employees often feel unhappy with the outcomes of L&D programs; 25% of participants quickly forget what they learned, 24% report that the training is not relevant to their role, and 21% say their training content is out of date.

Organizations also often feel unprepared, with 35% of companies reporting that they lack access to the right training content. All of these factors compile to create ineffective programs. In fact, studies suggest that only 10% of the money spent on traditional L&D delivers tangible results for companies.

How Can a Company Determine if its L&D Programs are Effective?

The best way to measure L&D efficacy is through calculating the ROI. Only 8% of L&D teams do this calculation, despite it making a large difference in understanding the success of the program.

Arist is a company that offers ROI calculation services. To calculate ROI, Arist looks at sales, employee confidence, and engagement levels. It also assigns monetary value to KPIs, which can help attach a set value to L&D programs. Arist’s ROI Calculator can measure L&D ROI in minutes, saving companies valuable time.

Arist offers other science-backed microlearning services as well and is used by 15% of the world’s Fortune 500 companies. With Arist, companies can create microlearning programs in two to eight hours, and employees can complete the programs in under ten minutes. Arist is cheaper as well, costing around $9.60 per learner. In terms of energy, microlearning programs can save L&D teams up to 82% on course creation and delivery.

Conclusion

More efficient programs have several benefits. They can boost employee confidence in performing their roles by 30%. Additionally, microlearning programs can increase the adoption of learning by 90%. Similarly, they increase the speed of learning creation by 95%. Overall, effective learning programs boost revenue and employee retention.