Why spending on L&D in 2024 will provide high ROI

It’s no surprise that a recent survey by LinkedIn shows that employee retention is one of business leaders’ top priorities this year.

As many as 90% said it was one of their top concerns as they assess their business impact and objectives, and as they incorporate new tools like AI. That figure can be intimidating — but the survey points to strategies in learning and development as the number one way to keep employees engaged.?

L&D is an investment, but it’s a worthy one that has both short- and long-term benefits. Here’s why, and how we do it at RippleWorx.?

Continuous learning opportunities keep employees more engaged and motivated, and these employees are most likely to be the innovators at your company.

Investing in L&D also is also a competitive advantage in attracting new employees. I don’t have to tell you that it’s a competitive talent market right now, and offering career development opportunities can distinguish your company as an employer of choice.

There’s some upfront cost to L&D, for sure, but let’s look at the ROI.?

• Adaptability: Investing in L&D ensures your company is as up-to-date as it can be on trends, technologies, and methodologies, making it as competitive as it can be in the marketplace.
• Internal development: It’s far more cost-effective to upskill and promote current employees who already know the company processes, culture and workflow, than to spend on recruiting and onboarding.
• Company culture: A commitment to employee growth creates a strong team and company brand, which impacts employee loyalty and satisfaction. Those positive reviews from current employees will attract great talent.?
• Increased productivity: Employees who engage in continuous learning are more efficient and productive, as they apply new skills and knowledge to their work.

At RippleWorx, we specialize in this ongoing employee development with data-driven insights. We use AI and machine learning to analyze employee performance data and pinpoint areas where an individual could improve. The platform then offers personalized, bite-sized learning modules that address these specific areas and provide targeted skill development.?

We incorporate this “microlearning” into their workflow through interactive exercises or short, instructional videos. We’ve also incorporated some gamification with the possibility of earning badges, points and other rewards to keep employees engaged. RippleWorx is able to adapt its learning paths in real-time to make sure its training content is engaging and effective.?

If you’re heading into your next round of 1-1s with your team, take these strategies with you.

• Set clear goals: Identify personal skill gaps, whether they be technical, soft skills or industry-specific knowledge. With each individual, set goals that align with their career aspirations or the teams’ needs.?
• Use available resources: Find a platform that helps you on this process, like RippleWorx’ [specific product here?] You can also organize knowledge-sharing sessions where team members can share lessons or skills from recent projects.?

• Microlearning: Set aside 15 minutes a day to tackle a new software, project or skill.
• Encourage curiosity: Make your team a place where questions and curiosity are encouraged, and where employees feel safe to experiment.
• Make an action plan: End each 1-1 with a clear plan of what each employee should focus on next