TRAINING, DEVELOPMENT, AND HOW THE CORPORATE LEARNING MODEL CAN BOOST YOUR BUSINESS
The importance of striking a solid work-life balance can’t be overstated. Finding that balance is good for mental health, physical health, and all-around productivity. But, in a world with ever-changing technology, it’s not always easy for employees or business owners to find that balance when they have to keep learning and training on their own time, just to stay relevant within their career.
Businesses all over the world are starting to recognize the importance of keeping their employees happy while also understanding that as technology continues to change, the workforce has to change with it.
That’s where the corporate learning model comes into play.
What is the Corporate Learning Model?
The Center for Creative Leadership developed this model in the 1980s. It follows a 70-20-10 formula that suggests employees learn 70% of their new skills based on job experience, 20% from interacting with others, and 10% from educational seminars, classes, etc.
What does that actually mean, especially for a business trying to maximize employee learning? Simply put, it means you can create (or be a part of) a workforce that is continually growing, learning, and adapting to changes and advancements in technology. The best part? You can do it without sacrificing too much of your personal time.
The Right Ratio for Your Business
As you can see, the lowest percentage for this model deals with continued formal education. The highest focus on learning at work and from job experience. But, it’s important to think of this model as flexible. Maybe 70-20-10 doesn’t work for your business. Instead, maybe you’re more of a 50-30-20. How can you determine the right ratios for your employees? Consider some of these questions:
- Do your employees collaborate and share knowledge with each other frequently?
- Does your company try to stay ahead of the game when it comes to innovative advancements in technology?
- Are your employees excited about growing your business to the next level?
If you can answer yes to those questions, you might be able to adopt a looser corporate learning model. But, if the answer is no, the 70-20-10 model can be a great way to improve your development strategy.
What The Model Means
Let’s break down the 70-20-10 model in a way that can make it easier to understand, so you can start implementing it in your place of business. Not only is it a great way to encourage a work-life balance for yourself and your employees, but your business will benefit from continual learning and growth.
70: Gaps in skills cost employers money and they can cost employees jobs. If your employees are repeating the same tasks day after day, you’re constantly at risk. They might feel uninspired and unmotivated, which can make it harder to keep them on board for long. Additionally, if your employees aren’t challenging themselves to learn more and advance their skills on the job, your business is going to fall behind. What can you do? Offer up challenges to them, either as teams or individuals. Encouraging them to learn a new skill set can give them purpose and will improve their performance as they learn along with changes in technology.
20: Collaboration is huge in the world of business. You’ve probably heard the saying “teamwork makes the dream work,” and for as cheesy as that might sound, it carries a lot of weight. As a people, it’s natural for us to learn from others. Putting together teams of employees with different skills and expertise can create an instant environment of growth and learning – again, all while on the job.
10: Want to be a better business owner? Set aside 10% of your employees’ time at work for formal training and education each year. Some skills just can’t be acquired on the job doing the same tasks every day. So, giving your employees the opportunity to take online classes or even go to a training facility is not only good for their future, but it’s good for the future of your business and its growth.
Putting it All Together
As you can see, the percentages reflected in the corporate learning model all focus on different ways to grow. But, it’s important to understand how they all work together. By being challenged on the job, employees are forced to grow and adapt. That gives them the knowledge and skills needed to collaborate with others. When they take part in more formal educational services, they can also bring back what they’ve learned to the business, and share it with co-workers and management alike.
Training models should always be flexible based on the type of business you run, and especially if you want to make sure your employees don’t burn out on the job. But, using the corporate learning model can help your business to find that balance while making sure your workers never become stagnant with their daily tasks.