Why Invest in Employee L&D in the Era of Fast Growing AI?

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Why companies should invest in employee L&D (Learning and Development) in this fast growing era of AI? We may think that Employees’ Learning and Development isn’t as important as keeping up with the new trend of technology, but fact is, people will always be our greatest asset.

Industries are dynamic and constantly changing. In the face of fast growing AI, people are insecure that AI could replace or reduce their hours and pay. However, an engaged workforce helps build businesses for the future. Which is why to stay competitive and outperform, we need to constantly up-skill our employees. They are the ones who help we step up the ladder of success. Investing in their professional development should be a priority.

“We don’t build a business – we build people – and then people build the business.”

Zig Ziglar, renowned American author Tweet

This quote is definitely true. AI may help us automate a lot of things but human touches is needed. People are the ones who utilize technologies and use it to reach better results.

Promoting employees’ learning and development to help them work hand-in-hand with technologies is extremely critical to promote overall growth of the organization. For example using psychometric platform that help HR learn the behavior or strengths of each employees and leveraging those strengths the right way.

Harness Technology the Right Way

In L&D, technologies can help people in automating a lot of things. Here are some technologies that can be beneficial for L&D:

    • Chatbots

Chatbots are powered by AI. The goal is to create a human-like conversation via text or audio. It is able to conduct quizzes for detecting employees’ training progress, deliver learning practice and assessments, also perform skills-gap analysis and offer feedback. AI uses insights from a large amount of data, then create a customized learning for the learning professionals. By providing a better understanding of learner behaviors and needs, AI recommends and positions content for the learner’s specific gaps. Similar to the way Netflix and YouTube suggests shows or videos you may be interested in, using an algorithm based on past behavior. 

    • Hybrid Learning

Facilitator is not always the expert or main source of information and knowledge. Hybrid learning allows participants to access learning material in a variety of formats. Participants have access to learning source such as: articles, books, podcasts, videos, quizzes or other formats, then when they come together through a virtual or face-to-face session, they can discuss and be more engaged in learning effectively.

AI threatens jobs, but it will be needed to keep the workforce employable. Humans will always have a place to work where creativity and detailed thinking is required. Which is why it’s vital for businesses to take action; identify where technology could impact their workforce, then implement training to ensure their workforce is fully prepared for future technological transformations.

Here’s why investing in employee L&D is critical:

1. Increase Productivity

Learning and development is crucial to increase productivity, hence increasing Return on Investment. Here’s how:

  • Enhanced technical skills will help our employees to perform their jobs better.
  • Communication skills training will help them communicate ideas and challenges easily, which allows them to complete a task quickly.
  • Better leadership skills in Managers will help identify employees’ strengths and up-skill them. This directly leads to increase in productivity.

2. Attract New Talent

According to a report by NASSCOM, there was a 50% increase in the number of new tech-startups since 2017. Now industries are starting to realize that soon, attracting new talent will be a challenge.

Fresh and innovative minds is what drives a company’s growth, and to attract them, we need to think and act like a learning center. If we invest in technical and soft skills training for our employees, they will share their learning experience with people in their professional networks.

This would benefit you in terms of: we will attract curious candidates who are passionate about learning and interested in the learning program we are offering. And that’s the kind of people we want to hire!

3. Create Future Leaders

21st century employees do not want stagnant careers. They want to evolve continuously. Hence, promoting leadership development is the perfect incentive for them. By offering leadership development training, we can:

  • Earn their trust and dedication
  • Earn loyalty, find people who we can trust to run the organization
  • Improve the productivity with up-skilled talent.

4. Decrease the Turnover Rate 

Why do employees quit?

  • Because they are offered a better opportunity where they can enhance their skills.
  • Because of the poor management and unhappy environment.

According to Gallup polls, more than 50% of employees who quit their job, cite poor management as the reason. Offering leadership training to the Managers helps them improve management practices and create a work environment where people love to work.

Aside from leadership, company can try to invest on team effectiveness training which can help them increase collaboration and prevent conflict in the workplace. That way, each team member can discover each other’s motivation in working and also their strengths. Improving relationship in team can retain employees for the long run.

AI can help organizations go further by analyzing employee’s skills-gap, giving customized learning materials,etc. Technologies and L&D should go side-by-side to help organization reach their goals.

The post Here’s Why We Should Invest in Our Employees’ Learning and Development appeared first on SmallBizDaily.