While learning and development initiatives are certainly a hot buzzword for HR professionals, it can often be hard to create and execute on an effective and continuous strategy—whether due to lack of employee interest or executive buy-in. The result? Companies are spending thousands of dollars per employee on training programs that are underutilized.
Why is employee development such a crucial part of retention? About 70 percent of employees say they are dissatisfied with growth opportunities at their companies. To make learning and development a priority within your company, consider these five benefits of implementing a consistent L&D program:
1. The future workforce demands it. If you don’t know by now, Millennials and Gen Z are quickly becoming a majority in the workforce. By 2020, millennials alone will make up one third of the workforce. And these two generations value growth and career opportunity more than previous ones. Consistent learning and development programs are going to be a crucial part of keeping these young employees engaged.
2. It will help keep employees motivated. According to a 2016 study, 74% of employees felt that they weren’t achieving their full potential at work. A learning and development program can be the perfect way to give your employees what they’re missing. By helping them grow their skill set, they’ll be more motivated and productive.
3. Employees will stay with your company longer. As you work to attract top talent, you don’t want to lose the talent you already have. 7 out of 10 people say that training and development opportunities influence their decision to stay with a company. Don’t miss the opportunity to keep existing employees engaged.
4. It will help new hires ramp up more quickly. While it’s important to get new hires onboarded as quickly as possible, the amount of new info relayed in an employee’s first few days can be overwhelming—and easily forgotten. To ensure your points are really sticking, consider offering regular trainings on company policies and relevant information.
5. Your company culture will grow stronger. Many companies are starting to build out their employer brand. Your learning and development initiatives are a crucial part of your company’s culture and help ensure that employees throughout the company have a growth mindset.
While it’s never easy to know how to keep employees happy in today’s constantly changing, and often high-pressure, work environment, a solid L&D program can drive employee engagement and happiness.
Want to learn more about how to measure the ROI of L&D? Join Namely and Grovo for our upcoming webinar to learn four key metrics that will help prove the value of your learning initiative.
Emily Smul is a Senior Demand Generation Associate at Namely, the HR, payroll, and benefits platform built for today's employees. Connect with Emily and the Namely team on Twitter, Facebook, and LinkedIn.
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