With so many different areas to focus on, human resources departments might be forgiven for neglecting employee learning and development. However, with the benefits of employee learning and development being so influential, it is vital every business offers learning and development opportunities. If you feel uneasy investing in learning and development or simply want to learn more about the importance of such programs, this guide is here to help.
Learning and Development Increases Employee Retention Rates
Learning and development opportunities have a big influence on employee retention rates. In fact, one study has found that 94% of employees would stay at a company for longer if the business was investing in their career development. In addition, improving employee retention rates helps businesses save money. On average, it cost five times more to hire a new employee than to keep an existing staff member.
Training Your Employees Improves Productivity Rates
Offering employees learning and development opportunities can directly impact your company’s bottom line, as trained employees are much more productive than those who do not receive training. For example, a study that was conducted by IBM has found that trained teams experience an increased productivity rate of 10%. This increase in productivity comes from the fact that employees receive the skills and knowledge they need to employ the best practices at all times.
Learning and Development has Become a Standard Expectation
Research from Gallup has found that today’s workforce has come to expect training and development opportunities as a standard. The study found that 87% of millennials report that learning and development opportunities are a very influential factor when deciding whether to accept a new job. Since millennials are set to make up 50% of the workforce by 2025, it is vital that businesses cater to the new majority by providing learning and development opportunities.
Reduced Workplace Risk
When employees are not trained to use equipment and conduct themselves, you can expect to see a rise in the number of workplace accidents. HR departments need to create a clear, comprehensive compliance training program to ensure employees understand how to remain safe in the workplace.
Improved Job Satisfaction
Findings from thinqi.com show that employees who receive learning and development opportunities report much higher job satisfaction levels than those who do not receive these opportunities. This is because learning and development programs enable employees to learn the knowledge and skills they need to excel in their position. This can help to create a more positive working culture and boost employee morale.
Enhanced Relationships with Customers
When your employees have received training, they are better equipped to interact with customers. You can provide superior customer service when your staff are able to answer all of a customer’s questions appropriately. As learning and development leads to increased job satisfaction, your customers will benefit from positive interaction with your customer service teams. As satisfied workers are happier and more engaged, this positive tone is going to get noticed by your customers.