A learning and development strategy aims to achieve the following:
- Meet employee learning and development needs.
- Ensure optimal human capital development.
- Build the business management and leadership skills for a strong executive team.
Despite having the definition given, there are still questions that are left unanswered.
- What is the essence of learning & development strategy?
- What are the key considerations in creating learning and development strategies?
- How can we enhance learning and development in the corporate workforce?
By reading this article, these questions will be answered and the content will help you build an efficient and effective learning development strategy.
What is the essence of a Learning and Development Strategy?
The current business environment is fast-paced, demanding and constantly evolving. Global general management leaders need the skills to face ever-new situations, so their development as leaders can't be left to chance. A good learning and development strategy incorporates senior executive training, so their leadership skills are continually sharpened.
In a company with a clear and effective learning and development strategy, senior executives know that the talent pipeline is secure: team members have received appropriate management skills training to fulfil their individual roles and the management succession plan is solid.
Want to get more key insights about leadership? Download this exclusive article
7 Key Considerations For A Successful Learning And Development Strategy
1st Consideration: Alignment With Overall Business Strategy
Ensure that your learning and development strategy is aligned with an overall business strategy, because your organization's learning and development needs are unique. If, for example, your organization has placed a priority on brand marketing strategy, be sure to incorporate marketing courses into your L&D strategy. The design of your organizational development must be consistent and anchored towards your long-term business strategy.
2nd Consideration: Organizational Priorities
Make your learning and development strategy an organizational priority. Senior officers, such as a corporate learning officers or education executives should be able to drive their professional development and be awarded adequate budget, resources and support. Career development of senior management officials must be one of the main priorities.
3rd Consideration: Resource Use Considerations
Include resource use considerations in your learning and development strategy to create an effective corporate training package as well as leadership development programs.
Consider whether you will have better gains from in-house training management courses and workshops or if you can make better strategic use of resources by accessing business classes at top business schools. The former may offer advantages such as team unity and speed of program delivery; the latter enables you to tap into leading-edge business expertise. A mix of both may prove to be the winning L&D strategy.
4th Consideration: Internal Stakeholder Assessment
Conduct an internal stakeholder assessment to identify the various stakeholders and understand what they require from your learning and development strategy. Gain buy-in by making them a part of the employee training and development process. To take the above example of a marketing and branding priority, consult the marketing team to know and incorporate their learning and development needs.
5th Consideration: Availability Of Corporate Learning Tools & Techniques
Consider the best corporate learning tools and technique within your learning and development strategy. Some of today's best tools for integrative corporate learning include leadership exercises, leadership coaching, guided case study analysis, flexibly balanced distance and campus learning, and real-world learning in global business hot-spots.
6th Consideration: Employee Recruitment & Retention Rate
Don't forget that employee recruitment and retention are interconnected and that learning and development programs should contribute to these as part of your value proposition to employees. Ensure that expected impact on recruitment and retention is set out in your learning and development strategy.
7th Consideration: Future Requirements
Consider the future of your learning and development strategy. As learning and development needs and management training tools and resources evolve, so should your L&D strategy. Build your management development objectives and enhancement goals into your learning and development strategy.
Looking for a Learning and Development Strategy from a Top-Ranked Business School?
Use our interactive Program Finder to find the best executive development program for you!
Download your exclusive leadership article by IMD's world renowned experts
Leadership is the key skill for your career. Gain key insights thanks to this exclusive leadership article, accessible to our top-raking IMD leadership program students.