Manage HR Magazine | Tuesday, January 18, 2022
Offering employees learning and development opportunities can directly impact a company's bottom line, as trained employees are far more productive than untrained employees.
Fremont, CA: Human resources departments could be forgiven for overlooking employee learning and development with so many things to worry about. Nevertheless, because the advantages of employee learning and development are so powerful, it is critical that every business provides learning and development opportunities. If one is unsure about investing in learning and development or simply wants to learn more about the value of such programs, this guide can assist one.
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Learning and Development Improves Employee Retention Rates
Employee retention rates are heavily influenced by learning and development opportunities. According to a study, 94 percent of employees would stay with a company for a longer period of time if the company invested in their professional development. Furthermore, increasing employee retention rates helps businesses save money. It costs five times as much to hire a new employee as it does to keep an existing employee.
Training Employees Increases Productivity Rates
Offering employees learning and development opportunities can directly impact a company's bottom line, as trained employees are far more productive than untrained employees. A study conducted for instance, discovered that trained teams experience a 10 percent increase in productivity. This increase in productivity is due to employees receiving the skills and knowledge required to use best practices at all times.
Learning and Development to Become a Standard Expectation
According to research, today's workforce has come to expect training and development opportunities as a given. According to a study, 87 percent of millennials say learning and development opportunities are a big factor in deciding whether or not to take a new job. Because millennials are expected to make up half of the workforce by 2025, businesses must cater to the new majority by offering learning and development opportunities.
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