The American Society for Training and Development found that companies that invest on training enjoy 24% higher profit margins versus companies who don’t; with the advantage stemming from increased productivity driven by skills advancement.
But with increasingly higher demands for immediate output and results from our people, actively setting aside time for learning seems counter-intuitive in the short term. In Kaisa, we found that the answer lies in utilizing pockets of free time, in transit to and from work, or even those few minutes before the lunch break ends, allowing us to incorporate learning in bits and pieces throughout any given day.
SuccessFactors LMS supports our approach perfectly, as it is readily accessible through the internet. Its simple and user-friendly interface makes navigation easy – with practically no training required for our employees. With 3rd party storage integration, we can even make our training content accessible through any iOS or Android mobile device – something we intend to implement as part of our continuous improvement initiatives.
And just as important to easy navigation is the wealth of learning opportunities that can be made available.
SuccessFactors LMS supports multiple modes of learning — from the traditional classroom, to virtual sessions, to web-based and self-paced learning. It can connect with MOOC providers and allow us to greatly multiply the amount of learning content we can offer at a fraction of the cost.
It’s critical because in a survey conducted by Harris Interactive Poll, employees who said that their company has poor opportunities are more than three times as likely to want to leave their job compared to those organizations who offer excellent training programs. The significance of this becomes apparent as various studies have shown the correlation between employee retention and the company’s bottomline, with the Center for American Progress valuing the cost of replacing employees at 20%, to a staggering 213% of the employee’s annual salary.
In a highly competitive industry like ours, these numbers can spell the difference between companies who merely survive versus those who thrive.
Our journey to transform our Learning and Development approach was not without its bumps, but despite the challenges and investment required, we are excited to see how our system can further strengthen our competitive advantage as an IT consulting company.
In our next entry, we’ll share more of our learnings and some tips on how you can make your own digital learning journey a smoother road to success.