The ability to develop and enhance employee knowledge using L&D programs benefits organizations in two key areas:
1. It helps them stay ahead of the curve: As organizations focus on developing their "brand" and creating a good impression, L&D takes center stage. As per data by the Universum and the DHI Group, 68% of the world's most attractive employers already have an employer branding strategy in place and believe that their employer value proposition is clearly linked to their HR/talent development strategy. Needless to say, brands that demonstrate their L&D offerings across the board will emerge as the front-runners in the potential hire's eyes.
To better understand how a robust L&D program can serve as a firm's competitive advantage, let's look at a real-life case study.
Problems faced: Pepper UK is a part of the Pepper Group, a diversified global consumer finance business. The firm is regulated by Financial Conduct Authority (FCA) and is required to be in compliance at all times. When the pandemic hit in 2020, this became a herculean task. Other challenges that the firm faced included:
Considering that the Group had a well-established L&D team, system, and processes in place, it benefited in the following areas:
With such a robust system in place, Pepper took its L&D program to the next level by focusing on employee wellbeing when its competitors were struggling with everyday operational issues. It launched a new employee wellbeing program called the "PES People Matter program," which was conceived, designed, tested and launched in just three weeks to support employees in Cyprus, Greece, Ireland, Spain, and the UK. The program also won the Award for Innovation at the Association for Business Psychology's Workforce Experience Awards 2020. The program was clearly aligned to three key themes of wellbeing, connections, and leadership. It comprised of these key features:
The key learnings learned from this initiative include:
The brand claims that "In terms of outcomes, our employee engagement (Office Vibe) score has steadily increased, as has our Glassdoor score." Naturally, this initiative doubles as a competitive edge for the company in today's cut-throat business landscape.
2. It helps attract better talent: For high-performing companies, the word employee has become synonymous with talent, and rightly so. However, in order to recruit talented employee, organizations must have a systematic and employee-centric L&D program in place. Organizations that commit to their employee's personal and professional development can benefit in numerous areas such as:
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