Companies actively enhance the learning capabilities of their workforce to stay competitive amidst the changing business landscape.
A workshop held by AmCham Vietnam and Respect Vietnam on March 30 has shed light on the importance of learning and development (L&D) on business performance.
L&D is the process of enhancing employees with new knowledge, skills, and capabilities to improve their job performance and, therefore, the business’s performance as a whole. L&D activities have become more vital than ever in anticipation of emerging issues in a volatile business environment.
As quoted in the 2023 Workplace Learning Report by Linkedin Learning, the No.1 in the Top four focus areas of L&D in 2023 is "Aligning learning programs to business goals", where 83 percent of organizations want to build a more people-centric culture with 81 percent having the help from L&D. The report also pointed out that 89 percent of learning and development pros agree that proactively building employee skills for today and tomorrow will help navigate the evolving future of work.
However, according to Ha Dang, Founder of Respect Vietnam & Weatwork.co, the co-organizer of the event, the biggest challenge for leaders is to prioritize L&D during business uncertainty & hardship. And for L&D professionals, it is particularly difficult to persuade business leaders to keep the L&D budgets.
Therefore, learning from top L&D experts from world-leading companies is one of the great opportunities for nearly 60 professionals attending the event.
"Businesses should pay more attention to learning and development to sail through difficulties amidst the volatile environment & keep the organization competitive - Phan Vu Hoang - Delloite Vietnam.
Phan Vu Hoang, Deputy General Director of Tax Consulting, Deputy General Director in charge of Talent Development and Human Resources at Deloitte Vietnam, said that "Businesses should pay more attention to learning and development to sail through difficulties amidst the volatile environment & keep the organization competitive. Indeed, Deloitte Vietnam has made efforts to invest in its learning and development strategy called 4E where the Environment is enabled to support Experiences, Exposure & Education across the entire organization.”
Learning Quotient (LQ) and deemed it as equally important to IQ and EQ - Nguyen Thanh Huong, Country Human Resource Manager, Manpower Group
Meanwhile, Manpower, according to Nguyen Thanh Huong, Country Human Resource Manager, introduced the concept of Learning Quotient (LQ) and deemed it as equally important to IQ and EQ. Specifically, LQ refers to the capacity for learning, cognition, and the capacity to transform new knowledge into awareness and action, all of which have an impact on business performance.
If employees can come up with new solutions to solve business problems and meet customer demand, their contributions will be recognized, adopted, and paid off - Tran Thu Huong - PwC's Academy
Meanwhile, Tran Thu Huong, senior manager of PwC's Academy, shared that the internal training programs of PwC's Academy revolve around the company's goals and business strategy. In particular, the employees will be encouraged to acquire new skills, especially digital skills. If they can come up with new solutions to solve business problems and meet customer demand, their contributions will be recognized, adopted, and paid off.
Intel established a set of OKRs, one of which must be related to L&D - Pham Thi Hoang Yen, Employment & Labour Legal (ELL) and Strategic Employee Relations Manager at Intel Vietnam,
According to Mrs. Pham Thi Hoang Yen, Employment & Labour Legal (ELL) and Strategic Employee Relations Manager at Intel Vietnam, Intel prioritizes L&D in the application of OKRs for each employee through updated initiatives to promote L&D efficiency in business. Hence, Intel established a set of OKRs, one of which must be related to L&D. Employees would thereby become more self-aware and motivated to achieve their goals, which would improve business performance.
L&D should be a tool for leaders to navigate accurately manpower & business challenges amidst economic headwinds - Dang Thi Hai Ha, RespectVN & Weatwork.co
Inspired by the above-mentioned L&D stories, Ha Dang, Respect Vietnam, concluded that the key to L&D successes is the strategic alignment to business successes. If the individual & team performances are not linked with business priorities, L&D professionals might not be able to make the most of their voices to ensure that people strategy and business strategy are one and the same.
During the event, Respect Vietnam also introduced a set of 12 L&D indicators in line with business practices in Vietnam. Accordingly, 60 attendants are encouraged to provide professional inputs & promote the indicators so that not only themselves but also other leaders can evaluate the effectiveness of L&D on their business priorities, including increasing revenue, reducing costs, and raising brand awareness.
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