Employees are at the heart of your business. Without them, you’d be unable to achieve most of your goals. That’s why employee retention is so important.
The recruitment process can be expensive and time-consuming, so why not nurture the talent you already have? Not only will this reduce staff turnover, but it’ll also motivate your employees at the same time.
So, how do training and development come into the mix? With the potential to upskill your employees and enhance engagement, it’s one of the most critical factors for success. To find out more, keep reading.
- How Do Training and Development Help With Employee Retention?
- 7 Statistics That Link L&D With Retention
- The Other Benefits of Training and Development
- How Do You Create Effective Training and Development Opportunities?
- Find Out More About the Impact of L&D On Engagement, Satisfaction and Retention
How Do Training and Development Help With Employee Retention?
Although one of the biggest advantages of effective training and development is the enhancement of your business skillset, it holds many other benefits for your employees.
Employees Feel Valued
A benefit of training and development is that it makes employees feel valued.. If you invest time in your employees and give them opportunities to develop as individuals, they'll likely remain at your business.
Employees that feel valued feel heightened loyalty towards their employer, meaning they’re more likely to engage in their role, work on professional development and be more motivated. This leads us to the next point.
Employees Are Motivated
Learning and development allows employees to grow in their role, which benefits your company. Enhanced motivation lead to new ideas, better outputs and increased productivity, reaching your overall business goals quicker.
Training allows employees to understand new concepts, gain essential skills and deploy them within their daily roles. This learning culture will help retain your employees by allowing them to learn something new without going elsewhere.
Gives Employees the Skills They Need To Do Their Job Well
The Work Institute’s Annual Retention Report 2022 found that career issues were the most cited reason for workers leaving their jobs. This shows your retention rates are likely to suffer if you don’t give your employees the training and tools they need to do their job.
Not giving employees the training they need, whether at onboarding or throughout their careers, can lead to lacking the skills required to carry out their roles effectively.
Not only could this have repercussions for your business, but it can also result in employees feeling disheartened, unmotivated and likely to leave, impacting your retention levels in the process.
7 Statistics That Link L&D With Retention
- Companies that excel in learning and development can retain employees for twice as long as companies who struggle with it
- 94% of employees say they'd stay at a company longer if there's an investment in learning and development
- 74% of workers are willing to learn new skills or re-train to remain employable
- 74% of employees feel they aren’t reaching their full potential at work due to a lack of training opportunities
- More than 55% of employees consider opportunities for career growth more important than salary
- In a 2021 Amazon and Gallup survey, 66% of workers aged 18-24 ranked learning as the third most crucial perk when choosing a new career opportunity
- IBM found that employees who don't feel they can achieve their career goals at a company are 12 times more likely to leave
The Other Benefits of Training and Development
Arguably, the list of training benefits is endless. Training and development touch every business area, generating more success and opportunities.
Here are some of the key benefits of having an effective training and development strategy:
- Foster a culture of learning
- Respond to industry changes faster
- Stand out from the competition
- Attract new (and the best) talent
- Plug any knowledge gaps
- Upskill your employees in a digital-first world
- Increase job satisfaction
- Provide internal growth opportunities
- Nurture the best talent
How Do You Create effective Training and Development Opportunities?
Creating the best training opportunities requires careful planning and investment. Here are some guidelines:
- Identify your training needs and goals: Every strong business initiative starts with effective planning. Decide what you want to achieve and you’ll be far more likely to see results
- Devise the right strategy to achieve these: Work on building a comprehensive learning and development strategy, with plenty of opportunities available that suit a wide range of employees
- Work with a qualified partner: Collaborating with a training provider will ensure you deliver the best training and development opportunities possible, whether in digital upskilling or management
- Achieve employee buy-in: Spread the word and get your employees invested in your training offering. Learner engagement is one of the key metrics for L&D success
Find Out More About the Impact of L&D On Engagement, Satisfaction and Retention
Employee engagement, satisfaction and retention are three of the most significant contributors to business success. To find out more about how training links them all together, you need to read our helpful guide.
We’ll talk you through how training helps your business and drives you towards success, as well as how we can help you along the way. To get your copy, click the link below.
