Employees are the lifeblood of any organization. This is true regardless of company size, industry, or location. Today’s employees are faced with more challenges than ever before, due to increasing global competition, more stringent regulatory requirements, and the growing complexity within the corporate workplace. In addition, new technologies and methods of operations are widening the gap between the skills required for success in the workplace and the current skills possessed by the average employee.
Against this backdrop, Workforce Development has become a $170 billion industry in North America. To put some definition around it, Workforce Development refers to programs and activities companies put in place to upskill their workers to help ensure their success. While job training takes the narrow view of providing employees with the skills they need to perform their current roles, Workforce Development take a long-term approach of providing the knowledge and skills employees will need for long-term success. These are ongoing programs that are essential for, not only ensuring success in the short-term, but for identifying and grooming the future leaders of the organization.
The Benefits of Workforce Development Programs
Workforce Development can be expensive and time-consuming to deliver, but the benefits it can bring to an organization are significant:
Effective Workforce Development can better prepare each employee to perform their jobs, leading to an overall increase in the company’s level of production. This alone can result in a tremendous ROI from your program.
Decreased Employee Turnover
Numerous studies have shown that employees are less likely to leave a company that invests in its employees through training programs. The findings indicate that workers tend to have a greater sense of loyalty when they believe their company demonstrates an interest in their professional growth.
Enhanced Talent Recruiting
Today’s top talent is most likely to choose to work for a company that invests in its employees through Workforce Development. In this way, your training program can serve as a powerful tool for recruiting new workers.
Workforce Development is seen as a critical element in developing a culture of success, camaraderie, and respect within an organization. Incorporating team exercises and encouraging participant communication can help foster this outcome.
The Business Opportunity in Workforce Development
While owners and executives from most every company around the world would agree that there is tremendous value in Workforce Development, small and mid-sized organizations may find it challenging to allocate the financial and labor resources required for a successful program. This creates a significant business opportunity for any company that can offer the technology, content, and services required for an effective training program.
Over the past decade or so, the evolution of SaaS-based technologies has made electronic learning, or “eLearning” the preferred approach to Workforce Development. eLearning eliminates the need for travel and makes it more convenient for employees to conduct their training activities at a time and place that is convenient for them, without having to leave their work to attend in-person training sessions.
High quality and relevant content is what really drives the outcome of a Workforce Development program. With studies now indicating that it can cost up to $15,000 to create a single one-hour course, there is an increasing opportunity to access ready-made training content in order to minimize content delivery costs and minimize the timeline for commencing a program.
Finally, effective Workforce Development requires program management to introduce the program, streamline user onboarding, maximize engagement, report on its success, and make recommendations for revisions and adjustments to optimize outcomes over the long-term.
LMS Portals and the Workforce Development Business Opportunity
At LMS Portals, we provide our Workforce Development partners with a SaaS-based, multi-tenant Learning Management System (LMS) to build, deliver, manage, and track client training programs. The platform allows an administrator to launch a dedicated, customized eLearning environment (portal) for each of your corporate clients. And each portal includes a powerful course development engine, along with robust tools for user onboarding, group management, learning path creation, live remote training, certificate awarding, analytics, and more.
We also offer a complete library of ready-made courses, covering most every aspect of Workforce Development and employee upskilling.