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An L&D strategy, also known as a Learning and Development strategy, is a vital tool for organizations to align their corporate training with business objectives. It ensures that staff learning and development needs are effectively met and that the company's skills requirements for senior management are being developed. Here are some tips to help you ensure high-impact talent development and corporate training through an L&D strategy.
A formal L&D strategy allows the HR department and the company as a whole to have a clear vision of their learning and development strategy objectives and how these support the overall corporate strategy. Developing a clear, written L&D strategy will help you gain better buy-in from both the senior general management team and employees throughout the organization.
In your L&D strategy, clear objectives should be set to ensure the learning and development strategy hits the mark on various levels. Your objectives may include:
An important choice to make for your L&D strategy is how it will be delivered: in-house or through an external organization?
In-house management training courses have the advantage of centralizing corporate training, creating unity and increasing the speed of delivery and transfer to the job. Of course, this option is generally only available to larger organizations. Small and medium companies may have more success by outsourcing training courses to business schools, thus tapping into a level of specialized business and training knowledge that would be hard to access internally. Of course, your L&D strategy can also be built around a judicious mix of in-house and outsourced management and leadership programs, thus cherry-picking the best of both worlds of executive education.
Your formal L&D strategy should include Key Performance Indicators to benchmark your training and development programs and measure return on investment. You'll want to see:
A successful company will not underestimate its role in meeting the learning and development needs of its workforce. An effective learning and development strategy enables better management of the talent pipeline through human capital development. It helps build a skills base that is rich in both quantity and quality for a direct impact on the bottom line. To do this successfully, start by matching your corporate training to your overall corporate strategy and build this into a concrete, formal L&D strategy.