Recently, employees’ priorities and desires have shifted—especially as a result of the pandemic.
Many individuals previously valued high-end office amenities and compensation above all else. Now, however, the list of desires has changed dramatically. (That’s not to say that brag-worthy offices and compensation don’t matter!)
There is one element that employers can leverage to improve employee retention: enter learning and development (L&D). Let’s continue this conversation on how to leverage learning and development to improve employee retention.
What is Learning and Development?
Learning and development (L&D) is an HR function defined as “a systematic process to enhance an employee’s skills, knowledge, and competency, resulting in better performance in a work setting.”
In Human Resource Management, Back to Basics by Filip Lievens, it’s written that the goal of L&D is “to develop or change the behavior of individuals or groups for the better, sharing knowledge and insights that enable them to do their work better, or cultivate attitudes that help them perform better.”
So, what does this look like in real life? L&D can look like a variety of things depending on the business making the investment. For example:
- One-on-one coaching
- Seminars and/or workshops
- Continued education
- And more!
What Are the Benefits of Learning and Development?
There are various benefits—for both employees and employers—when it comes to implementing an effective L&D strategy for your business. Some of the benefits include:
- Increased productivity
- Reduced workplace risk
- Increased job satisfaction
- And of course, increased retention (which in turn leads to financial savings!)
How Learning and Development Improves Employee Retention
Increased employee retention is one of the best benefits of a successful learning and development strategy. In fact, according to a LinkedIn study, “94% of employees would stay at a company for longer if the business was investing in their career development.” Wow, that’s a statistic that can’t be ignored!
Moreover, L&D is something that you can’t ignore—especially given the Great Resignation that we’re observing now. The job market is HOT, and research shows that 86% of professionals would change jobs if a new company offered more opportunities for professional development.
PS: Employers who are fearful of the Great Resignation… Check out one of our latest articles on how to prevent the Great Resignation in your business.
How Can You Make Learning and Development Possible for Your Business?
We know, all of this L&D talk sounds great… But how can you make L&D possible for YOUR business? Below, we’ve listed three tips for getting started.
Incorporate Learning and Development Right Off The Bat
Many employers make the mistake of not implementing learning and development for new hires until they’re “comfortable” in their roles. Professional development, however, should be accessible from the get-go. This will ensure L&D has a more profound impact on an employee’s experience.
Build Learning and Development into Everyone’s Schedules
We know, everyone is busy! Whether it’s monthly or quarterly, it’s important to set aside a designated time for L&D on everyone’s calendars.
Make Learning and Development Accessible
Contrary to popular belief, L&D doesn’t have to break the bank. In fact, it’s often cheaper than many of the other perks you might offer your employees. That being said, learning and development opportunities should be spread across the board—and not just available to key employees and executives.
In fact, coaching has been named one of the most requested employee benefits, and the results are a win-win for both employee and employer. The bottom line? All of your employees are worth the investment of L&D!
Interested in learning more? Read on to see how learning and development can transform your company culture.