August 14, 2020

How an annual learning plan could boost your business

Whether they are fresh to the company or entering a new field, all new employees need some level of training. Employee induction and onboarding training is an essential function for all businesses. For some businesses however, this introductory training is as far as it goes. Many show no further commitment to their employee training or to ensuring this enhances their overall business planning. Such poor planning is often reflected in poor business performance or staff attrition.

Every time a new business year begins, there are so many things employers need to think about. They must understand the needs of the company and the best way to meet those needs. Employees must also understand the part they play in this. At 460degrees we recommend all companies think about how employee development fits into their planning. Formalising this ongoing training with an annual learning plan could be the difference between having a good or a great year in business.

Why is training necessary?

Training not only helps boost the efficiency of employees but also helps improve employee morale. Combined, these will drive increased productivity and revenue and reduce turnover. Employees that receive training designed to help them meet personal and professional goals will often feel more valued. Additionally, the training they receive can assist employees to grow within the company when applying for a promotion.

Training can also prevent staff from leaving a company. Many workers change or leave a role because of the lack of training and development. Employers today know that training is more critical than ever before. This is not only to make sure that employees  understand the technology, software, and processes, but how it can benefit the business.

460Degrees - How an annual learning plan could boost your business

The benefits of an annual learning plan

To support employees and their training path, creating an annual learning plan provides a road map for employees. It helps support their career and personal development while also supporting the business’s goals. The process is essential as it creates a focus on career management, while making sure there is effective communication between different levels of management. It also helps your business identify key roles and grow your talent to fill missing skill gaps, assisting both the company and employees achieve a common goal.

We recommend that all businesses, small and large, implement an annual learning plan. But why? An annual learning plan will benefit all companies differently.

1. Happier staff

People value training and development. Helping your employees to develop a career path helps to boost staff loyalty. It also allows individuals to be proactive in recognising the training and development they need to succeed in their career path.Training with a set, articulated annual plan also enhances performance in the workplace. By investing in staff training and development in the business, you are showing your team that you value them, helping increase morale and performance, as well as reducing turnover. Staff turnover is costly for your business in so many ways – not just the cost of hiring someone new, but the loss of knowledge. By training your existing employees well, they’re likely to be happier, meaning they’ll stick around for longer.

2. Improved productivity and efficiency

When people haven’t been trained, they can often still perform tasks as usual, but often not as efficiently. Proper training helps ensure that everyone is on the same page. It gives your employees direct training on the skills and behaviours expected of them. If all your people have been trained in the same way, there’s a higher chance of them doing things the same way too. Annual learning plans provide staff with focus, empowering them to keep this focus as a valued member of the team. This will create a bonus of increasing productivity, positively impacting your bottom line.Annual learning plans give employees relevant information, enabling a better understanding of processes and delivery. By participating in planned learning and development, individuals build relevant skills and knowledge, raising the overall skill level of your workforce.

3. Better communication

Implementing an annual learning plan often helps open the lines of communication between different levels of employees, promoting transparency. By assessing and discussing individual performance in line with the company goals and needs, it also helps to develop an understanding of what is required to succeed. Taking a proactive approach to the professional development of your team allows them to open discussions about how comfortable an employee is in their job and how you and the employee see themselves moving up in the company.

4. A better understanding of the business’s needs

Organisations are always evolving. Therefore, understanding business needs is an essential task. Through regular training and implementation of learning plans, companies can find skills gaps and areas for business improvements. As mentioned above, opening communication between employees and leaders will also develop a better understanding of what is required to succeed, not only as an employee but as a business.

5. An increase in revenue

Training outcomes in your annual learning plan can clearly be linked to your business objectives. Overspending is less likely with an increased understanding of goals, projects, and budgets necessary for the business to succeed. Revenue is heavily reliant on business efficiency and productivity. By increasing these through training, your business will see an improvement in financial gain.

6. A competitive edge

No matter what industry you’re in, you’re likely to encounter multiple, rapid changes due to technology and other factors. In this ever-changing world, companies must be quick to stay ahead. Having well-trained employees who are up-to-speed with the latest developments is essential. Ongoing training that is linked to a solid, cohesive plan is vital for your workforce and your brand. Businesses that stand still get left behind. But those that make sure their teams are continually developing continue to move forward and stay well ahead of the competition.

As you can see, the benefits of creating an annual learning plan for both staff and businesses alike are numerous. With this in place, you can train and motivate employees to do well and can improve business efficiency and productivity – in turn affecting your bottom line.

Our Experts at 460degrees can create and develop annual learning plans tailored to your business, taking a weight off your shoulders. If you need assistance with your annual learning plans, contact 460degrees here.

Other articles you may find interesting...