At a time when over 50% of organisations are struggling to keep high potential and top-performing employees, what is one important strategy that will help retention rates?
In an ever-growing, dynamic job market, employees need to stay on top of their game. It is no wonder that they are always on the lookout for opportunities to broaden their knowledge base. With new e-learning portals available at the click of a button, people are constantly seeking to upskill and to improve their salaries, positions and performances. In such a fast-paced, challenging environment, many companies upping their learning and development offerings, to keep attrition low and to improve engagement, retention and growth.
Why is L&D so important?
According to a study by Linkedin, around 59% of employees joined companies in search of improved career paths and better opportunities, while 45% of employees who quit companies cited a lack of advancement as their top reason. This reflects the importance that the current workforce places on learning and development initiatives, and the subsequent growth that comes with it. Learning and development, however, has to be viewed in a customised manner, should your company’s resources allow for it, i.e., keeping in mind the needs of different teams while scheduling upskilling sessions with/for them. In certain cases, it can also be customised based on individual needs for a target-specific, lasting impact. L&D opportunities are not just for rectification or fault management, they are a brilliant way to better an already efficient workforce. By investing the right kind of time and resources into L&D sessions, here are some of the benefits companies can reap:
Building a positive reputation
A company that provides opportunities for learning, development and subsequent career advancement is also a company that appears to care for their people. Helping build trust with its workforce, this encourages the development of a positive reputation within the company and a healthy employer brand outside of the company. Offering L&D opportunities also ensures higher retention rates, as on an average, 23% of employees leave their jobs due to lack of development and training. Lower attrition rates further help build the company’s image as reputable and respectable employers, thus attracting better talent.
Achieving Organisational Objectives
L&D tools are also a brilliant way to build towards company goals. Using these sessions as an opportunity to reiterate organisational objectives, expected behaviours, attitudes and targets, employers and managers can set the stage to achieve their goals faster. Whether it is a monthly target or setting a wider standard, leaders can use these sessions to build trust within the system, and to put a united foot forward.
A Tool for Engagement
A means for employees to interact with each other and their management, L&D sessions also make for great team bonding activities. These activities help in improving the strategic internal communications plan already in place, and make it more efficient by opening up new connection channels. Directly or indirectly, this can also have a favourable impact on employer branding and advocacy endeavours.
For Personal Growth and Career Advancement
Lastly, and most importantly, L&D sessions are a great way for employees to ensure personal growth and career development over the years. It helps eliminate feelings of stagnation and helps them chalk out a career path for the future. In fact, a whopping 78% of employees have stated that a clear career path would compel them to stay with an organisation for longer, thus improving loyalty and retention. This directly indicates the growing need to move resources towards L&D or training sessions, and provide a sense of reassurance to the workforce about the management’s belief in them.
To build a corporate culture based on trust and dynamism, it is important to allocate resources to the needs of the employees. In this case, a mutually beneficial relationship emerges by providing learning and development opportunities to the workforce. Helping build a strong, employer brand, continuous learning significantly improves the likelihood of the company achieving its long term goals, whilst ensuring the well-being and advancement of those who work for it!