In an employer-competitive job market, attracting and retaining top talent is a pressing issue across industries. Which avenues should leaders explore to provide the kind of environment today’s employees are looking for? One proven method is fostering an environment that embraces learning and development.
Paying lip service to learning and development is easy — who doesn’t think educating and improving yourself is a plus? Forming an environment where these initiatives are allowed to thrive, however, takes some intentional planning.
We’ll examine three areas in which organizations wondering about the benefits of raising the level of professional development in their talent management efforts can hope to reap significant rewards.
Talent attraction and retention
According to LinkedIn’s 2021 Talent Report for North America, 50% of HR and recruiting-focused professionals said recruiting and retention is the culture area getting the most focus in their organization, and it makes sense! Beyond the normal benefits of perks and compensation, opportunities for professional development are attractive lures aiding in the recruitment of top talent.
As of September, the U.S. Department of Labor reported an unemployment rate of 4.8%, yet according to a survey by LinkedIn, employees in many industries aren’t rushing back to work, posing a unique challenge for business leaders as they look to staff these open positions. When that same report examined recruiting trends for 2021, it found internal mobility of employees has increased by nearly 20% since last year, and it’s projected that “recruiting will hire less, build and borrow more.”
This means professional development efforts, coupled with programs encouraging internal mobility, will help current employees get the training and education they need to close the skills gap and fill these positions.
Make no mistake, learning and development is a key factor in dealing with a labor crunch.
Strengthening employee engagement
Employee engagement remains a pivotal ingredient in multiple aspects of a successful business, including productivity, morale and even the bottom line. U.S. businesses appear to be warming up to this fact, with 38% of companies now actively focused on employee engagement, per a 2021 Gallup report.
When an organization understands what members of its workforce value most, it can help build those needs and foster engagement for continued success. Engagement means more than just having a nice place to work — it translates into quantifiable benefits for which every organization should strive.
In the same Gallup report, companies in the top quartile for employee engagement outperformed their competitors in a number of categories, including:
- 20% higher productivity
- 41% lower absenteeism
- 59% lower turnover
It’s hard to argue against results like that.
Accelerating performance
The advantages of an engaged workforce are clear, but is it possible to improve on those advantages? And if it is possible, who’s going to lead the charge?
According to a Deloitte survey, 73% of employees felt that of all the possible stakeholders, the organization is the entity primarily responsible for workforce development. By extension, this means that if performance is to be improved, it’s up to the leadership of these forward-thinking organizations to make it happen.
And how can they do that? You guessed it: by building a culture that embraces learning and development, especially one committed to the training and growth of future leaders.
Where does your organization stand in regard to learning and development initiatives? To learn more about how to approach these efforts in your workplace, watch our on-demand webinar or download our guide, 4 Steps to Developing a Scalable Learning Strategy for Your Business.
DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.