Learning & Development Opportunities in the Workplace: A Benefit for a Growing Workforce
In a recent national survey of over 400 employees spanning three generations (Baby Boomers, Generation X and Millennials), 70% of respondents indicated that job-related training and development opportunities influence their decision on whether to stay at their current job.
For many millennials , the opportunity to learn and develop within their role in an organization is among the top things they look for when applying for jobs.
With the global workforce demanding more of their employers in this way, and individuals feeling invested in, organizations stand to benefit from implementing the right attractive learning and development opportunities, with employees willing to invest back, reducing costs for staff turnover and keeping employee engagement high.
L&D Opportunities in the Workplace
Workplace training programs have existed for many decades, with many traditionally being implemented in a ‘top down’ manner for compliance purposes. In recent years, we have seen a shift occur with corporate training schemes applying aspects of Continuing Professional Development alongside other formal and obligatory elements of workplace training.
After decades of research and experimentation, L&D professionals have outlined that a more successful learning and development strategy is one that outlines the skills and competencies needed across a complete workforce in order for an organization to thrive.
This is not to say that traditional compliance training doesn’t belong in the workplace, but that employees will feel more invested in these learning opportunities if organizations also offer complementary initiatives that facilitate their professional and personal growth ambitions.
How Do Both Learners and Organizations Benefit?
L&D departments can be utilized to develop high potential employees and grow future leaders.
Research indicates that 40% of employees who don’t receive the necessary job training to become efficient and effective in their job roles will leave their positions within the first year. Getting this right straight from the start is crucial.
By adopting a more holistic learning approach for individuals in the workplace, allowing them autonomy to identify their areas of improvement and providing them access to relevant learning experiences, organizations can continue to offer promising career opportunities, while ensuring internal employees have been trained for the task. This also enables organizations to retain their top talent by constantly offering opportunities for employees to grow both within and out of their current roles.
Research strongly indicates that investing in people pays off. For instance, the Association for Talent Development (ATD) assert that organizations who offer comprehensive training programs achieve 218% higher income than companies who lack a formalized training plan.
For many organizations, the implementation of a formal training solution is a costly decision. But there is plentiful research out there (as we have proven above) to demonstrate the many benefits of an investment such as this.
Skills development is an asset that any organization cannot afford not to have, and the proof is in the pudding of your Return on Investment.
If you’d like to learn more about how to create an effective and meaningful learning experience via Stream LXP (formerly Curatr), sign-up to our latest webinar that will detail what goes on behind the scenes.