A Team empowered with learning and development practice boosts employee retention. 93% of employees say they will stay for a longer period in a company when the company invests in their career and development.
Learning and development is one of the prime objectives of employee retention. However, there are several other advantages that learning and development offer to a company. Training of staff helps make employees more productive. Companies that spend at least $1,500 per staff yearly report earning twenty-four per cent more profit than those with smaller learning and development (L&D) budgets.
Learning and development help companies gain and retain top skills, and boost productivity, and learning and development help companies earn more profit.
What are Learning and Development?
Learning and Development are referred to as training and development that helps the organization achieve better results. The prime objective of Learning and Development is to align employee objectives and performance with that of the company. Companies responsible for learning & development within an organization must recognize skill gaps among staff and teams and then develop and convey training to bridge those gaps.
Learning and development teams are usually led by the learning and development manager. They are completely responsible for developing and implementing an organization’s learning strategy. Now, let’s dive deeper into the importance of learning and development in the organizations.
Why are Learning And Development so important?
Employee Demand Opportunities to learn
Eighty-seven per cent of staff say that learning and development in the workplace are vital while fifty-nine per cent of staff say that learning and growing is very important for them when deciding whether to apply for a job. Modern day employees are smart and they value the importance of learning and growing through their career. They always prefer to be a leader in their field rather than being just a common employee. If the companies need to compete for top talent, they will need to be able to provide a commitment to a staff’s development.
Hiring Seems to be more expensive than retention
Losing productive employees is not a good thing. According to a report, 1 in 4 employees will leave their job and nearly 77% of that revenue could be prevented by employers. Most of the employees say that they will work longer with a company that invests in their development. Investing in learning and development helps companies retain their employees. It not only improves productivity but also boosts employee confidence in themselves and trust in their employees.
Training Boosts Company’s Bottomline
Staff are the greatest assets of any company. Learning and development help focus on filling in knowledge gaps and upskilling staff by focusing on the strengths of their staff and thus increase profit. Providing employees with the ability to do their job better is a smart decision. Training staff is the greatest method to empower them to succeed and thus improve the company’s bottom line.
Untrained Staff may put you at risk
Learning and development offer risk mitigation through compliance training programmes and workplace safety training. Companies have an accountability to make sure their staff work in a safe and welcoming environment.
Effective ethics training helps staff work productively and minimize the risks of proceedings for failing to comply with industry standards in safety and workplace behavior.
Companies should now start mapping out the skill gaps and think about how they help employees become more productive and accordingly create a basic training program. If you are looking out for an online learning platform to start training your employees, consider using Muvi’s eLearning platform. It provides live streaming and Video on demand education solutions for companies and publishers. It includes a virtual classroom, live lecture recording, live events and webinars, and many more. Make training easily accessible by creating and uploading courses online. Get your free trial today and explore how it can help you boost employee retention.