Learning is continuous. After all, there are always new skills to learn and techniques to adopt. A culture of learning in an organization can also improve business performance, increase profit, and boost the morale of a workforce.
As per the study “Are SMART Goals Dumb?”, only 42% of workers say they are always or frequently learning on the job, while another 39% percent say they are never or rarely learning. This is because many organizations believe that an investment in learning and development is not only expensive, but it may also lead to a delay in the completion of projects. It is time we bust these myths. Learning and development not only provides the company as a whole and individual employees with greater benefits, but it also makes cost and time a profitable investment.
Moreover, millennials, who make up a major part of the manufacturing workforce today, believe in learning. One major study from Gallup, “How Millennials Want to Work and Live,” reports that for 60% millennials it is extremely important to learn and grow during their work tenure. As the most valuable asset of a company, employees should feel that they are valued. To this end, investing in learning programs for them is a key component in determining the long-term profitability of the organization as a whole.
Let’s look at some of the benefits, or ROI, of having a learning-based culture in your manufacturing organization.
Increase in Productivity
Employees who are continuously engaged in learning programs have improved skillsets and are better equipped to meet any challenges related to change or improving a process. This, in turn, helps the organization achieve its goals more efficiently.
Higher Motivation Levels
When there are learning opportunities for employees, an employee feels valued and understands the company wants to invest in them. This motivates the employees to grow professionally, and the result is that the organization also grows and develops.
Decrease in Attrition Rate
Organizations will be more successful in attracting and retaining employees when they have good learning programs for their employees. This increases employee loyalty. When employees can see the real value and benefit in participating in the learning effort, they prefer to stick with the company.
Backup Talent Pool
Learning is also a way to upskill. There will be a pool of employees ready to replace the ones who are leaving the organization without any adverse effect on any deliverables. And this will also help in attracting new talent.
Stay Ahead of Competitors
Lastly, by making sure that the employees are constantly advancing, organizations will continue to move forward and remain competitive within the marketplace. Engaged employees are more productive and innovative.
Learning ensures talent, best service, and a positive attitude—resulting in better business.