The number one reason people change jobs is “career growth opportunities.” Your team members want to learn and grow professionally, but aren’t always given opportunities to do so. In fact, only 4 in 10 employees strongly agree they have opportunities at work to learn and grow. This is a huge missed opportunity.
5 benefits of training and development
Investing in training and development in the workplace has many benefits, including:
- Improved performance. Training and development opportunities can help each team member improve their skills and increase their knowledge. In fact, upskilling and reskilling is the top priority for learning and development (L&D) professionals. Provide opportunities for your team members to learn the skills they need to do their jobs, and you will benefit from improved performance.
- Innovation. Eighty-five percent of the jobs that will exist in 2030 haven’t been invented yet. Training and development give your team members the opportunity to learn up-and-coming skills and technologies, so your company can innovate and remain competitive long-term.
- Higher employee engagement. Developing people’s strengths leads to 7-23 percent higher employee engagement. And higher employee engagement leads to less turnover, lower absenteeism, higher customer loyalty, higher productivity, and higher profitability.
- Higher employee retention. Ninety-three percent of workers say they would stay at a company longer if it invested in their careers. And organizations that have made a strategic investment in employee development are twice as likely to retain their employees. When the total cost of turnover is estimated at 33 percent of the employee’s base pay, this can result in significant cost savings—while allowing you to hold on to your top performers.
- Higher profitability. Increased performance, innovation, engagement, and retention all benefit your bottom line. It’s no surprise organizations that have made a strategic investment in employee development report 11 percent greater profitability.
How to measure training effectiveness
Training and development is an investment, and it’s important to measure the impact it has so you can justify the needed resources. There are different ways you can go about this:
- Team member surveys. Ask questions about your training and development program within your regular employee surveys, or run a dedicated survey. Learn which team members are participating and how often, and whether it makes a difference to satisfaction and engagement. For example, ask, “Do you feel that you have the opportunity to grow at [company]?” Does the answer differ for those who are actively participating in your L&D program, and those who aren’t?
- Manager surveys. Ask managers what they think about your training and development program. For example, whether they see a difference in employee engagement and retention, and if the program has helped them fill skill gaps within their teams.
- Quantitative data. Combine various data sources to get an objective view of training effectiveness. For example, break down which employees are most engaged in your training and development program, and which are least engaged. Compare the two groups in terms of tenure, promotion rates, satisfaction, and other areas you want to measure.
A combination of qualitative data and quantitative data can be particularly useful. Use casual conversations and survey results to understand where to focus when measuring for success. Let’s say, for instance, that a manager survey reveals that training and development appears to be making the biggest impact on employee engagement. Armed with this knowledge, you can dig in to understand more, such as the level of participation that results in higher engagement. From there, you might adjust your team member survey questions to gather more insightful information, including which programs are making the most impact.
There are many benefits to training and development in the workplace, and modern technology makes it easier than ever before. Your team members can participate in learning opportunities when and where it’s convenient for them, whether that means attending a mentoring session over video conference or completing courses via a Learning Management System. This level of accessibility means you can offer the same development opportunities to every team member, whether they’re co-located or working remotely.
Elevate your employee experience by offering training and development in the workplace. Your company—and your team can benefit tremendously.