L&D Budget – Slash or Splash?
Asks Andrew Penker Chartered FCIPD, Founder of xsectormentor.com
Given the economic challenges and uncertainty, and with our people looking for greater opportunities to grow personally and professionally, do you believe your people would consider quitting their jobs or ‘quiet quit’ if L&D investment to support career development, reskilling and upskilling, was slashed?
Udemy, an education tech company has a free eBook, Why learning programs matter during economic uncertainty and states, “learning can help stabilise organisations during uncertain times”, by creating a learning culture and integrating learning to build a better employee experience, and reduce the risk of losing their skilled people.
They state companies are x7.2 more likely to engage and retain their employees, and are x2.6 more likely to exceed financial targets, if they have a learning culture.
Whilst it’s important that people have a positive experience of learning, and are personally invested in learning, people also need to be able to apply their learning ‘in the flow of work’.
Self-esteem and Confidence
Studies have shown that high levels of self-esteem are a strong indicator and predictor of academic achievement in students. This is a trend that continues throughout our adult lives, with studies indicating a clear positive correlation between self-esteem and job performance.
One of the more recent tools of Human Resource Analytics, that analyses and maps the information flows, knowledge sharing, communication, advice flows, and trust between people in teams, functions, divisions, and organisations.
Focus on building ways your people can share their knowledge and skills at work, to learn from each other, build their self-esteem and confidence, and create a sense of belonging.
Consider ‘Lunch and Learns’, that showcase ideas and projects, ‘work shadowing’ that enables people to understand their work and how they can be more effective in working together, or a pioneering new approach called ‘Reciprocal Mentoring’, that is founded on the principle that ‘everyone can learn from each other’ regardless of their background, the size of their company, or which sector it operates within.
Request a demo of our new approach to mentoring by visiting xsectormentor.com and talk to me about our affordable fixed pricing model, the way we’ll train mentors in your company, how our psychometrics enable effective communications, and about how we can run your mentor programme and supercharge your conversations at work, and make engaging (and retaining) your people much easier!
Visit us at the Hr NETWORK Conference & Exhibition on 11 May 2023 at BT Murrayfield.