3 Key Reasons to Plan a Robust L&D Strategy for Your Organization in 2024

As people wrap up summer vacations and prepare their kids to return to school, the C-suite should start thinking about their learning and development plans for employees for 2024. A strong L&D strategy will successfully get organizations through challenges they will undoubtedly continue facing soon. Here are a few key reasons to be thoughtful about your L&D strategy.

Adaptive Restructuring: There have been many terms floating around this past year: "quiet quitting," "loud quitting," and now "quiet cutting ". With the economy being what it is, it all essentially means that restructuring is a mitigating strategy the C-suite may employ. Restructuring or reassigning staff can fill gaps in an organization. However, to become effective in their new roles, employees must acquire new skills or improve existing ones through upskilling or reskilling. Failing to provide proper professional development while moving people around may lead to failure.

AI Agility: Everyone everywhere is talking about the potential impacts of generative AI on jobs. One thing is for sure: to implement an AI strategy successfully, corporations will need to train their employees to use AI effectively. We're getting to the point where more people understand what AI is and need more training in how to employ it. From the C-suite on down, navigating AI will be required at some point. It would benefit no one to ignore it.

Engagement Drives Retention: Engaging employees is one of the critical ways to improve retention. L&D plays a vital role in engagement. Not only does L&D enhance the quality of work at an organization, it boosts employees' knowledge and credibility, thereby improving their career options. People want to be engaged in a company that helps them grow their careers. Employees' perception that their organization supports their professional growth links to more than half  of the immediate retention in an organization. It also provides more opportunities to promote from within, saving much-needed resources required for recruiting externally. 

We will soon be in quarter four this year, so now is the time! Here's what we recommend as starting points for creating an L&D strategy for 2024:

1. Ask, "what challenges are we facing (or what changes are on the horizon) that will impact what our leaders and employees need to learn to succeed in their roles?"
2. Determine the gap between where you are and where you want to be.
3. Review and update your L&D budget for next year (if needed).

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Exalt Consulting provides leadership development, professional development, and coaching services to private, public, and nonprofit organizations to help them develop their people and teams. We can teach your leaders to communicate with clarity, manage tough conversations, and get the best out of their teams, all with an inclusive lens. 

Please get in touch with us to discuss how we can help your organization.