In today's fast-paced business environment, investing in employee learning and development (L&D) has become more crucial than ever. Technology advancements give L&D professionals many skilling options that improve employee performance and save costs.
However, a study revealed that 19% of L&D practitioners fail to get leadership buy-in or support for L&D initiatives, resulting in a hindrance to employee development. In this blog, we'll explore how skilling technology enables organizations to achieve cost efficiencies that L&D professionals can utilize to obtain leadership buy-in for investment.
The prospect of upskilling can be overwhelming as it entails deciding on the best course of action for advancement and devoting time and resources to learning new skills. Hence, embracing a continuous learning culture and investing in the right skilling technologies are essential steps towards realizing the below listed cost efficiencies and building a skilled workforce for the future.
Investing in a skilling technology not only benefits employee development but also yields significant cost savings for organizations. By leveraging these technologies, organizations can achieve long-term success in today's competitive business landscape. Skilling technology also enables businesses to streamline their training procedures and minimize overhead expenses, leading to substantial long-term cost savings.
With the emergence of advanced skilling technologies, organizations have opportunities to optimize their training processes to fill the skill gaps needed for the future and achieve cost efficiencies.
According to Gartner, almost 64% of managers agree their staff won’t be able to keep pace with the skills needed in future. Also, 70% of employees agree they haven't mastered the skills needed even today. Below is a guidance that L&D professionals can use to get leadership buy-in for skilling technology compared to traditional methods.
While traditional training methods have served their purpose, they often come with inherent limitations and cost implications. Embracing skilling technology enables organizations to overcome these challenges by streamlining training processes, reducing overhead costs, and maximizing ROI on learning investments. By making a strategic shift towards digital learning solutions, organizations can achieve greater cost efficiencies while empowering employees with the skills (hard and soft skills) they need to succeed in today's competitive business environment.
Deploying a modern skilling technology is a good way to train and empower your employees while saving costs for the business. Skilling technologies also help in several other ways, such as reducing attrition, supporting business growth, boosting new-hire performance, and preparing teams for new projects. L&D professionals can showcase the cost savings in a business case to get leadership buy-in for deploying skilling technology.
Download our purple paper now to know more about how to build a compelling business case for investment in skilling technology. Discover key tips, cost saving advice, and examples of ROI analysis to build a successful business case.
Rahul is the Senior Manager of Content Marketing at Disprz, with around 14 years of experience in content marketing and IT research. He is an alumnus of Gartner, Fiserv, and Indian Institute of Technology (IIT) - Roorkee. Rahul enjoys crafting content on the latest industry trends and insights that contribute to informed decision-making.
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