As we look ahead to next year, it’s essential to strategically plan your learning and development (L&D) budget to ensure it supports your team’s growth, adaptability, and overall success. Investing in the right areas can drive both individual performance and organizational outcomes. Here are five critical elements to include in your L&D budget for the coming year.
1. Personalized Learning Paths
One-size-fits-all training programs are becoming less effective in meeting diverse employee needs. Instead, allocate a portion of your budget to create personalized learning paths. Personalized learning allows employees to choose training that aligns with their roles, interests, and career goals. It can include online courses, workshops, coaching, or mentorship programs tailored to individual needs. According to LinkedIn Learning’s Workplace Learning Report, employees are 94% more likely to stay with a company that invests in their career development, making this a wise investment for retention.
2. Leadership Development Programs
Strong leadership is crucial for navigating the complexities of today’s business landscape. Consider setting aside funds specifically for leadership development initiatives that cater to different levels, from emerging leaders to seasoned executives. Programs could focus on essential skills such as emotional intelligence, decision-making, change management, and coaching. By nurturing leadership at all levels, you create a pipeline of capable leaders ready to guide your organization through change and growth.
3. Digital Learning Platforms and Tools
With the shift towards remote and hybrid work models, investing in digital learning platforms and tools is a must. Budget for subscriptions to e-learning platforms, virtual reality training tools, or mobile learning apps that offer flexibility and accessibility. These tools enable continuous learning opportunities, allowing employees to access training anytime, anywhere. According to McKinsey, organizations that offer digital learning tools are more likely to be agile and innovative, qualities that are critical in today’s fast-paced environment.
4. Diversity, Equity, and Inclusion (DEI) Training
Building an inclusive workplace is not only the right thing to do but also has a positive impact on engagement and performance. Allocate budget for DEI training to educate employees on unconscious bias, cultural competency, and inclusive leadership. Such training can help foster a sense of belonging, reduce turnover, and enhance team collaboration. A study by Deloitte found that inclusive companies are 1.8 times more likely to be change-ready.
5. Performance Support Tools
Don’t overlook the importance of investing in performance support tools. These tools—such as job aids, quick reference guides, and microlearning modules—provide employees with on-the-job support, helping them apply new knowledge and skills in real-time. According to Gartner, performance support tools can boost employee performance by up to 15%, making them a valuable addition to any L&D strategy.
By including these five elements in your learning and development budget, you ensure that your organization is prepared to support continuous growth, foster innovation, and retain top talent in the year ahead.
Here at Potentials Realized we work with our partners on all of these areas. Looking for a new organization to partner with? Let’s set up a conversation about how we can support you in building out, or delivering, your learning and development planning for 2025. You can set up a 15 minute call with me at https://calendly.com/jennbritton.
1. Personalized Learning Paths
One-size-fits-all training programs are becoming less effective in meeting diverse employee needs. Instead, allocate a portion of your budget to create personalized learning paths. Personalized learning allows employees to choose training that aligns with their roles, interests, and career goals. It can include online courses, workshops, coaching, or mentorship programs tailored to individual needs. According to LinkedIn Learning’s Workplace Learning Report, employees are 94% more likely to stay with a company that invests in their career development, making this a wise investment for retention.
2. Leadership Development Programs
Strong leadership is crucial for navigating the complexities of today’s business landscape. Consider setting aside funds specifically for leadership development initiatives that cater to different levels, from emerging leaders to seasoned executives. Programs could focus on essential skills such as emotional intelligence, decision-making, change management, and coaching. By nurturing leadership at all levels, you create a pipeline of capable leaders ready to guide your organization through change and growth.
3. Digital Learning Platforms and Tools
With the shift towards remote and hybrid work models, investing in digital learning platforms and tools is a must. Budget for subscriptions to e-learning platforms, virtual reality training tools, or mobile learning apps that offer flexibility and accessibility. These tools enable continuous learning opportunities, allowing employees to access training anytime, anywhere. According to McKinsey, organizations that offer digital learning tools are more likely to be agile and innovative, qualities that are critical in today’s fast-paced environment.
4. Diversity, Equity, and Inclusion (DEI) Training
Building an inclusive workplace is not only the right thing to do but also has a positive impact on engagement and performance. Allocate budget for DEI training to educate employees on unconscious bias, cultural competency, and inclusive leadership. Such training can help foster a sense of belonging, reduce turnover, and enhance team collaboration. A study by Deloitte found that inclusive companies are 1.8 times more likely to be change-ready.
5. Performance Support Tools
Don’t overlook the importance of investing in performance support tools. These tools—such as job aids, quick reference guides, and microlearning modules—provide employees with on-the-job support, helping them apply new knowledge and skills in real-time. According to Gartner, performance support tools can boost employee performance by up to 15%, making them a valuable addition to any L&D strategy.
By including these five elements in your learning and development budget, you ensure that your organization is prepared to support continuous growth, foster innovation, and retain top talent in the year ahead.
Here at Potentials Realized we work with our partners on all of these areas. Looking for a new organization to partner with? Let’s set up a conversation about how we can support you in building out, or delivering, your learning and development planning for 2025. You can set up a 15 minute call with me at https://calendly.com/jennbritton.
Jennifer Britton, MES, ACTC – PCC, CHRL, CPT
CEO, Head Coach and Author
Potentials Realized | Group Coaching Essentials
Leadership | Teamwork | Coaching
Contact: 1-416-996-8326
Email: [email protected]
Instagram:@ReconnectingWorkspaces @CoachingBusinessBuilder
Looking for bite-sized boosts to your work as a coach, leader or during your onboarding process? Check out our Card Decks. Now available on Deckible:
90-Day Guide for Success – Deck 1 – Days 1 – 30 (for new leaders, onboarding or those wanting a sprint) – https://bit.ly/90dayguidedeck1
ACTIVATE Your Group and Team Coaching Superpowers (for coaches) – https://bit.ly/activatedeck
Pick up a copy of Reconnecting Workspaces: Pathways to Thrive in the Virtual, Remote and Hybrid World at Amazon – https://bit.ly/reconnectingworkspaces.
Check out my latest TEDx talk – Coaching Teams Through Chaos at https://www.ted.com/talks/jennifer_britton_coaching_teams_through_chaos
Set up a call with myself or my team to learn more about how we can support you through our card decks, customized team development and leadership training, OR award-winning ICF CCE approved Coach Training programs – https://calendly.com/jennbritton/15-minute-exploration-call
CEO, Head Coach and Author
Potentials Realized | Group Coaching Essentials
Leadership | Teamwork | Coaching
Contact: 1-416-996-8326
Email: [email protected]
Instagram:@ReconnectingWorkspaces @CoachingBusinessBuilder
Looking for bite-sized boosts to your work as a coach, leader or during your onboarding process? Check out our Card Decks. Now available on Deckible:
90-Day Guide for Success – Deck 1 – Days 1 – 30 (for new leaders, onboarding or those wanting a sprint) – https://bit.ly/90dayguidedeck1
ACTIVATE Your Group and Team Coaching Superpowers (for coaches) – https://bit.ly/activatedeck
Pick up a copy of Reconnecting Workspaces: Pathways to Thrive in the Virtual, Remote and Hybrid World at Amazon – https://bit.ly/reconnectingworkspaces.
Check out my latest TEDx talk – Coaching Teams Through Chaos at https://www.ted.com/talks/jennifer_britton_coaching_teams_through_chaos
Set up a call with myself or my team to learn more about how we can support you through our card decks, customized team development and leadership training, OR award-winning ICF CCE approved Coach Training programs – https://calendly.com/jennbritton/15-minute-exploration-call
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