What are the essential components of an L&D strategy

What are the essential components of an L&D strategy ?

The past few months have been mentally very grueling for everyone. The Covid-19 pandemic has been on a rampage. It still is. And, you still talk of having a learning and development strategy? But, it is also true that learning and development are something enterprises can ill afford to ignore. In an increasingly IT-driven digitized workplace an effective L&D strategy can act as a proverbial stitch in time and help you save nine to stay afloat in the business.  

Leveraging learning

·      Enterprises have to make do with whatever they have – talent, resource crunch, etc. – to enable them to continue with their businesses. Any major investment plan on infrastructure is out of the question.

·         The best available option for them is to leverage on their Learning and Development game-plan and meticulously align it to the organisation’s overall business strategy and vision for higher productivity and growth.

In a learning mode, always  

·         In today’s Learning and Development strategy skilling and up-skilling of the workforce are two major components of a long term business plan.

·         But, it is also a fact that no skilling is possible without setting in motion the process of learning new knowledge and updating it from time to time to stay relevant and connected with the latest trends.   

Personal and professional progress

·      With rising scope for remote and independent learning, workers are now well placed to take care of their personal and professional progress and development.

·         No wonder, young employees give priority to finding learning and development opportunities while looking for suitable job opportunities for them.

·         Interestingly, many such employees also cite absence of learning and development opportunities as the reason for quitting a particular organisation.

 Multiplier effect

A strong L&D strategy comes with a multiplier effect. It not only helps organisations make optimum use of their existing pool of talent, train them to prepare for future more complex and productive job roles but also ensures that workers stay with them and sustain businesses for a longer period of time. What makes an L&D strategy click?

Individual development

·         A good L&D strategy has development of individuals as a principal component of its overarching objective.

·         No strategy can work if an individual is unwilling to be a part of it.

·         It is also true that an effective engagement can happen through the involvement of people with different capabilities.

·         Therefore facilitating development of human capacities and capabilities has to be a part of L&D strategy.

Updating strategy

·         Secondly, L&D strategy has to be updated from time to time for the learning and development so it is in sync with changing needs of the time and industry requirements.

·         Let there be no doubts about the return on investments on L&D. There have been studies to indicate substantial gains, almost doubling of income, as a result of investment on L&D before taxes, etc. This also increases chances of achieving your objectives by almost 200 per cent, according to the study.

Add value to learning

Another component of L&D strategy is to add value to the learning and development process. It counts a lot at a time when enterprises are reaching out across the globe through internet and digitization. This may make your organisation an attractive destination for young workforce seeking to serve the society through a value driven organisation.

Last but not the least, a strongly motivated workforce work wonders for organisations. The Learning and Development strategy should be such that it motivates learners to make learning a lifelong passion for them. This is the only way of skilling and up-skilling. It equips learners to face up to emerging challenges be the real game-changers