Webinar Series – How to drive Growth through Learning & Development
Title: How to drive Growth through Learning & Development
Speaker: Nidhi Luthra, ForeverNew
Nidhi Luthra – Senior Manager for Training & Development at Forever New India has an experience of 10+ years in the Retail Industry. She shares her thoughts on how building an effective L & D strategy is imperative to business success.
Top 4 reasons why organizations need Learning and Development in 2022
1. Employees today require learning opportunities
According to a 2016 Gallup report, 87% of millennials say learning and development in the workplace is important while 59% of millennials say having opportunities to learn and grow is extremely important when deciding whether to apply for a job.
2. Hiring costs more than retaining employees
Retaining employees is more cost-effective than the costs associated with separation, recruitment, and the hit to productivity. L&D not only increases employee productivity, but it is also crucial for boosting employee self-confidence and trust in the business.
3. Employee training helps your company grow
Employees are a company’s most valuable asset. Companies that focus on addressing knowledge gaps and upskilling employees by concentrating on their employees’ strengths have reported profit increases ranging from 14% to 29%.
4. Improved Customer Service & Satisfaction
Customers look at a company’s employees as experts in their fields with the ability to deliver information through dialogue. Empowering every employee to handle customer conversations effectively, has a remarkable impact on customer satisfaction.
Both employees and the organization become more informed and informative via effective L&D. How can we achieve that? There are 3 key elements to keep in mind:
1. Creating a flexible L&D structure which should be examined and altered to be with the changing times. Continuous analysis and improvement are vital.
2. Top-Down Learning Approach which means senior management needs to buy in and promote participation first.
3.Assess internal stakeholders for a successful L&D plan. Relevant, useful training is more effective among the workers.
Adoption – How to Track & Review Progress on Learning
In order to communicate, engage, review the learnings Forever New is utilizing the Wooqer app.
Forever New, an established women’s clothing brand, chose Wooqer to improve operations and make employee training easier in all of its brick-and-mortar stores.
Wooqer has enabled the employees to:
1. Upload the content on Wooqer platform for the employees to revisit later
2. Share content with the employees seamlessly
3. Auto Reminder
4. Identify training gaps through Assessments
5. Track completion (Insights & Total Visits and time spent on content)
6. Conduct quizzes
It is rightly said, “Knowing is half the battle,” Once you know what learning and development is and how important it is to an organization, you can start to take even small steps to increase its role in your organization.