How can a chief learning officer benefit your business?
A chief learning officer is becoming an essential addition to companies as older generations begin to retire and younger generations enter the workforce.
Most opportunities to attract and retain top talent begin with learning and development. This is causing a lot of companies to shift their talent management strategy to include a chief learning officer. This is because many organizations believe the benefits of a chief learning officer include keeping valued, talented employees engaged, developing leadership skills in the organizations needed for succession planning, and maximizing the skills available for workers. With this new position becoming a popular addition to many organizations, how exactly can your organization benefit from hiring a chief learning officer?
Engagement and Retention
Employees highly value learning and development opportunities and including these opportunities has been shown to increase employee loyalty and retention. When your organization employs a CLO, chief learning officer, to lead talent development, you show your employees that your organization is committed to training the modern workforce. As the workforce today is being made up of more and more younger generations, it is essential that you tailor your learning and development opportunities to these generations who expect mobile access for every aspect of their HR experience. The role of a chief learning officer could positively impact your company because it has been shown that 76% of millennials believe that professional development opportunities are one of the most important elements of company culture.
Skills and Planning
Another way a chief learning officer could improve your business operations is because they can teach employees leadership skills and help your organization create effective succession planning measures. Implementing an effective succession plan is essential as more and more baby boomers leave the workforce, leaving leadership roles in your company vulnerable. It has been shown that organizations that train and promote leaders from within experience a 31% higher success rate than companies that look outside the organization. It is essential that your business commit to a responsible succession approach and invest in younger generations to ensure that they develop the skills to lead and the functional expertise needed to be a leader in your organization.
Improved Productivity & Profitability
While the bulk of chief learning officer responsibilities includes preparing younger generations to replace older generations in the workforce, hiring a CLO in your organization can also help improve the overall productivity and profitability or your company. Engagement is a key driver of business productivity and the best way to ensure that your employees are effectively engaged is to offer them learning and development opportunities. As a CLO helps employees improve their skills, the ability for them to perform their jobs better and solve problems more creatively increases, improving the quality of their work. These factors can greatly impact your company’s bottom line, making a chief learning officer an excellent addition to your talent management strategy.
Does your company employ a chief learning officer to improve talent management efforts? If not, now is the time to learn how implementing a CLO into your organization can improve your talent management measures.
