Learning and development (L&D) strategies are key to any company's growth and success. These strategies aim to assist employees in enhancing their skills within the organization. By implementing these initiatives effectively, employees' goals and performance align with the company's objectives, thereby positively contributing to the success of the business's continuity plan.
However, despite the evident benefits of implementing a robust L&D program, many leaders still place L&D at the bottom of their priorities. Unfortunately, numerous organizations still don't understand the true impact of L&D on business Key Performance Indicators (KPIs).
The lack of visibility and appropriate measurement tools prevents businesses from effectively demonstrating the influence of L&D on their KPIs. Consequently, this can lead to struggles in securing budgetary allocation, the de-prioritization of L&D programs, and low levels of adoption and engagement.
The Increasing Demand for L&D Initiatives
According to a recent survey, 45% of employees are willing to remain with a company for an extended period if the management prioritizes their learning and development. Additionally, an overwhelming 92% of employees report that well-planned employee training programs have a positive impact on their engagement levels. These statistics not only highlight the increasing importance of L&D initiatives but also its demand from employees themselves.
In front and center of this movement is HR tech startup, Growthspace. Founded based on the belief that learning and development is a critical function for businesses, the Growthspace platform is designed to facilitate the launch, management, and measurement of 1:1 coaching and mentoring, cohort-based workshops, team coaching, training, and internal mentoring programs. This enables customers to drive business KPIs through human-to-human development programs.
Growthspace provides exceptional flexibility for customers to allocate their budget across different services and customize programs, measurements, and taxonomy. The platform boasts unmatched accuracy in matching the right expert to each individual or group, leveraging the world's most robust talent development dataset and a network of over 2,000 global experts proficient in over 80 skill sets and 50+ languages. What's more, the unique sprint model employed by Growthspace guarantees completion rates of over 95% and yields demonstrable results.
Matching Participants' Goals with Experts
Growthspace employs a unique matching algorithm that defines participants' goals and experts' expertise in a highly granular manner, utilizing a 3-layered skills taxonomy. This meticulous approach ensures a tangible impact on both employees and the organization as a whole.
Through the Growthspace Management Center, organizations can map the hard and soft skills of their employees, identify skill gaps, and create targeted talent development programs. This enables a customized approach that addresses specific developmental needs.
By combining this data with the industry's most comprehensive dataset of experts' expertise, Growthspace ensures successful matches. The algorithm evaluates precise definitions of employees' goals, considering industry, function, and role, resulting in an impressive 95% success rate in matching them with experts from the exclusive pool, guaranteeing impactful results.
To assess the effectiveness of the programs, Growthspace collects qualitative and quantitative feedback from participants and their managers during and after each program. This enables organizations to share meaningful metrics with leadership, demonstrating the clear impact of employee development programs and their return on investment (ROI).
By leveraging Growthspace, hundreds of customers, including Siemens, Microsoft, EY, Deloitte, J&J, Zoominfo, Tim Hortons, and the United States Government, have experienced improvements in the business performance of 5% or more, a 10% reduction in attrition rates, and a 30% increase in the promotable employee base.
