While learning and development (L&D) initiatives are certainly hot buzzwords 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 generations. Consistent learning and development programs are going to be a crucial part of keeping these young employees engaged.Consistent learning and development programs are going to be a crucial part of keeping Millennials and Gen Z employees engaged.Click To Tweet
2. It will help keep employees motivated
According to a 2016 study, 74 percent 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. Seven 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.You don’t want to lose the talent you have. Seven 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.Click To Tweet
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 they help ensure that employees throughout the company have a growth mindset.
Want to learn more about how to measure the ROI of L&D? Join Namely and Grovo for their upcoming webinar to learn four key metrics that will help prove the value of your learning initiative.
Editor’s note: this piece was originally written by Emily Smul for Namely.
Tell us what you think
Does your organization make learning and development a priority? How so? If you’ve had notable success with any experiences or resources in particular, we’d love for you to share them with us below.