Learning & Development

Why Small Businesses Need an L&D Strategy

In 2019 and beyond, learning and development (L&D) strategies shouldn’t just be implemented by corporations or enterprises alone. Why? Because L&D will be the most innovative department for any organization for the next decade or so, regardless of its shape or size.

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If you’re a small business owner or work for a small business, here’s why you’ll need to invest in developing and implementing an L&D strategy right now.

Use an L&D Strategy to Recruit Top Talent

According to research, professional growth and long-term career opportunities are important to new talent, especially Millennials. New hires are beginning to demand that organizations of all sizes provide them with ample L&D opportunities as part of their benefits packages and everyday work environments, and they won’t want to work for organizations that don’t offer them high-quality L&D opportunities.
So, if you’re interested in recruiting top talent for your small business, you’ll need to invest in implementing an L&D strategy that will appeal to your job candidates and their desired career trajectories and goals.

Upskill and Retain Your Employees with an L&D Strategy

With the steady and rapid pace of technological innovation, employees need to be constantly upskilled in today’s workforce, regardless of their industries, professions, or roles. And you will need to develop and implement an L&D strategy for your small business and its employees so that it can consistently retain a knowledgeable and productive workforce.
Otherwise, you will risk losing your employees to your competitors, as employees are 12 times more likely to leave a company that doesn’t offer them learning, development, and career-growth opportunities.
Also, research indicates that training and upskilling employees are more cost-effective than constantly hiring new employees, so developing and implementing an L&D strategy is ideal for small businesses. And you’ll need an L&D strategy to maintain a healthy bottom line for your small business, too.

An L&D Strategy Ensures Your Small Business’s Continual Growth

When you’re able to attract and retain high-quality talent for your small business with a well-thought-out L&D strategy, you’ll also be able to ensure its continual growth. You’ll be able to develop your small business’s future leaders, ensuring that they have the skills they need to scale your small business, as well as the skills they need to ensure its constant revenue-generating power.
Essentially, when your employees remain engaged with your relevant and personalized L&D strategies, they will invest their talents and careers back into your small business from the first day they start working.
Be sure to consider the information in this post if you’re a small business owner or operator who is on the fence about whether it’s essential to develop and implement an L&D strategy—and if you’re interested in keeping your small business competitive.