12/16/2023 0 Comments Continued learning on the jobCoaching and training employees is a great way to empower them to succeed.Ĥ. As managers, our jobs are to get the best out of every employee. Equipping employees with the ability to do their jobs better is just a smart move. With learning & development focusing on filling in knowledge gaps and upskilling employees by focusing on the strengths of their employees, companies have reported anywhere between a 14%-29% increase in profit.Īn IBM study found that well-trained teams increased their productivity by 10%. Right? Sure, they are! With the right team in place, the sky’s the limit. Training Employees Improves Your Bottom LineĮmployees are a company’s greatest asset. L&D not only boosts employee productivity, but it is incredibly important to boost employee confidence in themselves and trust in their employer.ģ. This also means that companies are helping to retain their employees by investing in learning and development. As mentioned earlier, 93% of employees say they will stay longer at a company that invests in their development. Regardless of the exact dollar value, retaining employees is more cost-effective than the costs associated with separation, recruitment, and the hit to productivity. In their 2018 Employee Retention Report, Work Institute reported that 1 in 4 employees will leave their job and nearly 77% of that turnover could be prevented by employers. It is difficult to understand the actual costs of employee turnover, but we inherently understand that losing productive employees is not a good thing. Hiring Is More Expensive Than Employee Retention In order for companies to compete for top talent, they will need to be able to offer a commitment to an employee’s development.Ģ. By 2030, 75% of the US workforce will be comprised of millennials. Why is that important? Well, by 2025 millennials will make up 50% of the US workforce. Today’s Employees Demand Opportunities To LearnĪccording to a 2016 Gallup report, 87% of millennials say learning and development in the workplace is important while 59% of millennials say having opportunities to learn and grow is extremely important when deciding whether to apply for a job. Now that we have a little bit more information on what learning and development is, let’s pivot to discuss the reasons why L&D is important for organizations today and tomorrow.ġ. ![]() Why is learning and development so important? ![]() The learning & development manager is central to ensuring that employees are able to successfully meet the challenges of their jobs and that they are properly aligned with the business goals of the company.
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