Should your organization club “Talent Acquisition” and “Learning & Development” departments?

talent acquisition

Human Capital is a top notch issue for all companies around the world. Most of the CEO’s are aware of the challenge that stands ahead, companies need to adapt to megatrends. As per the recent study of PWC, 93% CEO’s say that they recognize the need to make a change, or are already changing, their strategy for attracting and retaining talent  But there’s still an enormous gulf between intention and action.  

Is it a good idea?

Yes, Talent acquisition and learning and development departments are different but both never be done on cheap and they belong together for strategic advantage. If you try alternative cheap option the candidate will leave the company early and your company has to pay the price of Mis-recruiting. These two departments are responsible for how long the new employee will stay if the recruitment process is smooth and he gets the right training he needs for the job then the chances of him leaving the company are less. The alliance of these two departments can decide together to “build” or “hire” talent?

Let’s take a look at talent acquisition department. It’s very critical to find the right people who will take the business forward. Talent acquisition department always has to be on the lookout for the perfect candidate with right skills. A smart recruitment needs a smarter forecast of the recruitment; it understands the required skills for the job. To find a specific talent recruiters need a strategic plan for recruiting such candidates but companies always try to minimize budget of talent acquisition department. If companies do not invest in HR technology then they should know why companies should invest in HRTech? Saving a few hundred dollars may sound good for a short time but a bad hire can cost companies fortunes.

Learning and development should develop employees’ ability to lead the teams, further the company’s mission, create more leaders that will lead the organization toward its goal. The goal of learning and development department is to provide individuals and the organization with the tools to respond effectively to customer needs as well as current and future demands for service.

HR managers adore eLearning since it’s hard to measure the effectiveness of the training given. Nowadays top e-learning tools help evaluate everything based on skills & cost. Millennial Branding and Monster.com found that one-third of Millennials rank training and development opportunities as a prospective employer’s top benefit.

A clubbed Talent acquisition and learning development can solve many problems because it will shift the organization’s focus from cost saving to value creation.

Companies need to think strategically rather than just from the cost saving perspective. Online hiring tools that help recruiters in recruitment and eLearning solutions that help them minimize the cost and measure the delivered output. It’s a world of technologies today if your company isn’t investing in the right technology then you may stay behind in the competition to attract and retain the top talent.

The Most Effective Method of Employee Training: eLearning

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Employee training is a hefty task for all organizations, regardless of employee size and function. Even though it is hard to measure the outcome for each of the training sessions conducted in a classroom, still employers are stuck with old methods due to cost and as many companies are reluctant to change.

With bigger companies going for eLearning either on-premise or cloud, it is high time for small and medium size companies to opt for eLearning for higher profitability. If statistics are to be believed, 80% of today’s low performing and 62% high performing organizations aren’t investing sufficient time and money on employee development (expandshare.com), this poor scenario will affect productivity, profit and employee retention for organizations in coming years.

Which factors will be affected most with traditional learning system-

Employee retention-

Training has always been an important aspect in terms of employee retention. Most of the talented employees check organization’s background and employee benefits while joining a new company, pre-job training is a plus.

Similarly, 40% of the employees who receive poor or no job training leave their job in the first year. (Clear company survey). With such a high attrition rate, it becomes a burden on organizations, to find a replacement, train at least basic job requirements and get the employee rolling on the job.

Profit-

With traditional methods to train employees, it is hard to understand whether the employee has understood or mastered the activity. The outcome of such mass activities is low and hard to measure. Non or semi-skilled employee produces poor or average results impacting profit of the organization.

Culture-

Training and culture are most important aspects of organization growth. Training implemented in timely and effective manner helps in team building and makes sure every employee in company follow the same vision and mission.

One of the four elements mentioned by HR.com to build a successful culture of team building and performance as main aspects is training provided to employees arranged in an effective and timely manner by HR.

Why go for eLearning?

Traditional methods don’t give effective results-

Traditional methods do not concentrate development of an individual. With these training methods, the user is likely to forget 80% of training material in 90-120 days and also 85% of such training fails to deliver a positive ROI (Source: Expandshare).

Cost-

Traditional methods are costly. From hiring a resource to train employees to stationary and man hours required for training can be over budget. This is one of the top reasons why organizations don’t offer training and end up in losses.

With eLearning employees can learn at their own pace and convenient time, also the setup required costs less and guarantees ROI.

Resources- 

According to IBM every $1 spent on eLearning results in $30 productivity. The modern method of learning saves resources in terms of cost, instruction time and energy.

Growth-

According to Molly Fletcher, eLearning provides an 18% increase in employee engagement. Whereas statistical data shows, companies with a strong learning culture are 46% more likely to be industry leaders.

With standard features in eLearning to track progress, maintain records and assign particular training to the department or an individual it has become easy for employers to understand training outcome with less expenditure.

instaSkills-

instaSkills is a skills development platform, helping organizations and educational institutes to get the best return on their investments.

instaSkills provides LMS and e-content creation services to develop skills of employees and students. With low cost and advanced features instaSkills LMS is a handy tool for organizations around the world.

Contact instaSkills team to get a free demo for your LMS and e-content creation requirements.

Check also: Why Microsoft bought LinkedIn and how it will impact HR industry.