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Learning and Development

Why learning and development matters to a business

  • 3 things to know
  • AS 2

Overview

Training against development, why skills matter to professional firms, turnover and graduate recruitment, skills gaps and training needs analysis, and a training return calculation.

What you need to know

Answer each one before you reveal it.

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Key term

Why does learning and development matter to a business, and especially to a professional services firm?

Key term

How can learning and development reduce labour turnover and help a firm attract graduates?

Key term

What is meant by learning and development in a business?

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What is meant by learning and development in a business?

    Model answer

    Learning and development is the process of improving employees' knowledge, skills and behaviour. The term covers short-term training and long-term career growth.

  2. 2

    How does training differ from development?

    Model answer

    Training is aimed at the skills needed for a current job, such as using new accounts software. Development prepares an employee for future roles and wider responsibility.

  3. 3

    Why is effective learning and development important for a business?

    Model answer

    Skilled staff work faster, make fewer errors and serve clients better. A learning and development programme also helps a firm keep up with new laws, technology and client needs.

  4. 4

    Why is learning and development especially important in professional business services?

    Model answer

    Professional firms sell their staff's expertise to clients. Out-of-date knowledge of tax, law or technology quickly loses clients and can breach professional rules.

  5. 5

    How can learning and development reduce labour turnover?

    Model answer

    Staff who see a route to promotion are more likely to stay. Lower turnover saves the cost of recruiting and training replacements.

  6. 6

    How can learning and development help a firm recruit graduates?

    Model answer

    A strong training programme, such as a funded professional qualification, attracts ambitious applicants. Graduates see the firm as a place to build a career.

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The Business Environment
The Professional Business Services Sector
The Consultancy Process
Understanding the Client's Market

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AA firm might move its staff to a new office.
BA firm might install a new client database.
CA firm might run a graduate recruitment campaign.

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Equity means the owner's investment in the business.
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