Top 5 Benefits of Employee Learning and Development

Top 5 Benefits Of Employee Learning And Development

The purpose of employee learning and development is to improve their productivity and performance in their current role. It also helps to focus on growth opportunities by capitalizing on particular competencies. Learning and development processes can help companies retain their employees and increase profitability, in addition to increasing employee engagement. For better retention rate and productivity, implementing competency-based learning will produce the best learning and development results for both the organization and its employees.

Competency-based learning solution is a type of learning that involves moving to new levels by demonstrating skills rather than spending time on a particular training course. The learner can master knowledge and skills at his or her own pace as a result of this learning approach. There isn’t any pushing or dumping of information on learners. This ensures that learners retain knowledge and achieve a specific subject mastery level before moving to the next level. This is a highly efficient practice for small as well as large-scale organizations. Many enterprises today have seen a remarkable difference by implementing competency-based learning platforms as it helps to retain the best talent and growth of an organization.

MRI Network report shows that 72% of candidates change jobs for career advancement opportunities. Gallup also reports that 87% of employers agree that improving retention is a priority for their organization.

Competency-based learning helps to retain maximum employees

Competency-based learning helps to retain maximum employees due to its personalized learning approach and motivation-based training. Organizations can use this training approach to evaluate talents over the long run because they rely on the inherent abilities and traits of highly successful people. Competencies outlast job descriptions. Modifications and updates can be made to them, but their core remains unchanged. This way the employee feels more connected to the organization and devotes their best potential towards the work.

Why Is Competency-Based Learning Important?

Individualized learning and development exist alongside competency-based learning solutions. Competency-based learning accommodates multiple learning styles and levels of engagement. Assessment design and implementation are critical for competency-based learning since it depends on the outcome. The flexibility of self-paced learning allows individualized guidance, as the learner decides how much time they want to devote to the learning, perhaps even skipping right to the assessment.

Great responsibility falls on the shoulders of assessment designers, as the assessment must be accurate, consistent, and measurable. You will need a responsible partner to carry out this process smoothly. This process is best outsourced to the experts.

Lumofy is your ideal partner for competency-based learning solutions to help you diagnose and measure your human capital competencies driving your people toward change.

5 reason why competency based learning is important

Holistic Learning and Development

Competency-based learning solution focuses on the structured development of learners as one of their benefits. By using this approach, learners can acquire knowledge and skills and then apply them to real-world situations. Lumofy provides a well-structured e-learning program that helps employees understand and implement skills in real-time situations. As a result, your employees develop the desire to learn more and improve their skills.

Cost-effectiveness

The training activities and talent assessments in competency-based learning are goal-oriented (i.e. they focus on areas identified as requiring performance enhancement). This means employers do not waste money or time on training employees in the ‘wrong’ areas. When employees recognize the benefits of improved performance, they are also motivated to learn. Furthermore, training, development, and talent assessment can occur on the job, which makes it more cost-effective for employers. Therefore, Lumofy builds effective training programs that are easy to implement within the organization and helps in improving performance. It makes sure that employers reduce price overruns.

Application in Real-World Situations

Competency-based learning ensures that employee training is relevant to the real world without a doubt. It does so because it places a higher emphasis on applying knowledge in practice. Therefore, if you want your competency-based learning to be relevant to your employees, make sure your instruction modules are effective. Hence, Lumofy ensures that the modules are not just facts but it also includes case studies and scenarios that demonstrate how to practice the knowledge.

Increased productivity

The more competent employees are at meeting their work objectives, the more they know what the performance expectations are. If they receive acknowledgments for their efforts, they will put more effort into the overall strategy of the team, department, and organization. It is an employer’s responsibility to keep them motivated because motivated employees are more productive and receptive to feedback. Lumofy provides a unified learning experience platform for both employees and managers, improving communication and feedback mechanisms, and increasing overall productivity.

Identify Capabilities Beyond The Role

The organization can create project teams of people with complementary skills using a competency-based employee learning approach. Organizations do this by recording employee skills, knowledge, and other procedures. This way, the organization can assess for areas where the employee needs more improvement. The organization is not only able to identify the core skills of employees, but also allow them to learn beyond their roles through Lumofy’s competency-based learning experience platform.

In a Nutshell

Learning and development departments’ budgets and results can significantly impact an organization and its team with competency-based learning. This allows the organization’s managers to match the individual competencies of their employees with the job’s competencies. That way, they can place talents in positions that will ensure the organization’s growth and success, and meet its overall business goals.

Let us facilitate your businesses’ growth and support your learning and development initiatives. Want to learn how? Schedule a free demo today.

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