The learning curve has become a central concept in many companies’ strategy. Therefore, let us define what learning curve is in relation to businesses and employees.
What is a Learning Curve?
A learning curve is a graphical concept which considers the relationship between time spent learning a new competency and on-the-job performance. Thereby, the curve describes the rate at which the employees progress as they acquire new skills or experiences. Hence, in the visual representation of a learning curve, a steeper slope indicates initial learning which translate into higher cost savings.