Learning and development (L&D) is about creating the culture and environment for individuals and organizations to learn and grow. It’s knowing the current and future capability needs of the organization, as well as how to create a learning culture that drives engagement in continuous professional development.
An organization’s brand is one of its most important assets and conveys a great deal about the company’s success in the market, financial strengths, position in the industry, and products and services. Investments in L&D can help to enhance the company’s brand and boost its reputation as an “employer of choice.”
According to Jacob Morgan, who analyzed more than 250 organizations for his book, The Employee Experience Advantage, companies that invested heavily in the employee experience earned more than four times the average profit and two times the average revenue compared to those that didn’t. If that didn’t pique your interest then lets a look at some more reasons:
- L&D Improves Staff Morale
- L&D Reduces Staff Turnover
- L&D Enhances Productivity
- L&D Increases Engagement
L&D Training; What’s Required, What’s Recommended
To help maintain a safe and productive workplace, employers should adequately train their employees on their obligations under the law and to the company. Employers can develop an effective L&D program by implementing training required by law, as well as training that can help employees and supervisors succeed in the workplace.
The following is an overview of certain required training and additional recommended training that can help promote compliance with a variety of employment obligations.
- Sexual Harassment
- Non-Discrimination & Anti-Retaliation
- Compliance & Ethics
- Safety Training
- FLSA Training
Reduce Risk of Lawsuits and Fines
Not training your employees can also put them at greater risk of workplace accidents and can put your company at risk of lawsuits and fines. Not training them on how to safely move heavy items, climb ladders, use dangerous machinery, or handle chemicals can lead to workplace injuries for which your company ends up having to pay.
“The probability that a company will get sued for an alleged employment practices violation has increased dramatically; aggrieved employees drive some litigation, and, in other cases, plaintiffs’ lawyers encourage this type of claim,” said Beth Goldberg, chief underwriting officer, Financial Lines Division, Starr Insurance Companies. “These claims can be expensive just to defend, even if they are groundless.”
According to Westlaw, a legal research service by Thomson Reuters, plaintiffs win 51 percent of the time when employment practices liability (EPL) claims go to trial.
Losses from certain types of EPL lawsuits are also getting larger. Employment law firm Seyfarth Shaw LLP found that settlements for the 10 biggest class actions increased 55 percent from 2016 to 2017.
As such, the more you have good onboarding and employee training will reduce your companies risk related to employment practice litigation.