4 Ways Corporate Learning Drives Revenue
Research shows that a well-executed corporate learning strategy can create a significant competitive advantage. In some sectors, corporate learning may even be the most important competitive factor for an organization.
There are several ways in which corporate learning can help drive revenue. Let’s have a look at some of the most important ones.
1. Boosts Innovation
In many sectors, lack of innovation is a death sentence for a company. Organizations often get left behind by the competition due to a lack of innovation. Driving innovation is a difficult challenge though. One of the best ways of boosting innovation is with improved internal learning, knowledge sharing and collaboration. Employees who keep developing their expertise and are encouraged to participate in collaboration come up with more innovative ideas and solutions.
2. Improves Product and Service Quality
Better trained employees perform their work at higher standards and consequently will help improve product and service quality.
For example, a customer service agent who receives extensive training on more than just the products or services that he/she is providing customer service for, will provide better service to customers than one that just receives training to be able to answer basic questions. This customer service representative will provide a higher quality service if he or she has followed soft skills training that help deal with ‘difficult’ customers.
3. Helps Create Better Leaders
Great managers help lift their organization to the next level. While not everyone is cut out to be a leader, most of the time the best managers come from inside the organization. Giving employees the opportunity to take on more responsibility will create great and loyal leaders.
To help employees take on roles with higher responsibility, training is imperative. It is also important that there is a strategy in place for detecting which employees are most cut out to move up the corporate ladder into positions with more responsibility.
4. A Corporate Learning Strategy Helps Create a Learning Culture
When a learning strategy is well executed, it will help create a learning culture throughout the organization. Employees have to be made aware that their development doesn’t only benefit the organization but also their own careers. Employees who realize the importance of learning will take more responsibility for their own development and take learning into their own hands by requesting further training and learning new skills during their own time.
Corporate learning may well be the most important factor for your organization to survive in a competitive market. If you don’t have a corporate learning strategy in place yet, then this should be the year you develop and implement one. Otherwise you will risk getting left behind by your competition and unable to catch up.
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