About three-quarters of employees don't plan to stay at their current jobs for more than five years. For employers, such statistics mean substantial expenses. The cost of turnover can be up to 33% of the employee's annual salary.
One of the reasons why top-notch talent leaves a job is the lack of growth and development opportunities. That means an efficient way to increase retention is to invest in employees' professional development. Such development doesn't just involve educating staff about their current duties; it helps them grow professionally and prepare for a better position.
Development as Growth
Professional development is an integral part of success for many employees. However, some of them view it as a medium to move on to a better workplace. By offering development opportunities within the company, an employer keeps workers in place while improving their skills.
When employees see a chance to grow and develop within a company, they are less likely to look for new opportunities elsewhere.
Offering employees education options shows your respect for their potential. In fact, the lack of respect is another top reason why people leave their jobs.
In 2020, more than 40% of L&D professionals plan to launch a reskilling program to help employees learn new skills for a different job function. Instead of simply talking about their ability to do better, you provide valuable tools to achieve goals and move employees toward their dream jobs.
By offering learning opportunities and providing valuable feedback, you create a positive work environment and give employees compelling reasons to stay. Nurturing internal talent is much more efficient than looking for new employees elsewhere. In fact, internal candidates cost 50% less to hire.
Development as a Benefit
More than 90% of learners say that they see the career benefits of learning. Meanwhile, 54% of employees would spend more time learning if they received specific recommendations.
Employees see development opportunities as a unique benefit. It works toward helping them make a decision about staying with the company.
When employers foster the culture of learning, they tie employees who look for development opportunities to their workplace.
It's psychologically easier to stay with the company than to search for a new job. The more benefits and incentives you offer, the more likely your talent is to stay.
By leaving an L&D-focused employer, a worker loses an opportunity to grow and develop professionally and receive learning recommendations. This makes talent more hesitant to look for work opportunities outside the company.
Development as Belonging
One of the reasons why employees leave their jobs is feeling disengaged. According to Gallup, engaged workers are 59% less likely to quit. Offering professional development opportunities keeps workers engaged and shows your appreciation for their skills and achievements.
When you offer development opportunities, you build a positive reputation as an employer who cares about the workforce. You show your respect for the existing employees and the intention to promote them internally. This gives the staff a sense of belonging.
By nurturing development, you aren't just retaining better employees, you are turning them into employer brand ambassadors. A company that offers L&D opportunities is likely to become an attractive spot for new talent.
When you give employees a chance to develop within a company, they feel well treated as individuals. By investing in learning, you are showing that you trust your workforce's potential to become better. All of this makes employees feel safe, valued and appreciated.
A feeling of well-being, which comes with a sense of belonging and appreciation, keeps employees from considering other job opportunities, even if they offer higher salaries.
Development as Fulfillment
Top-notch talent is always on the lookout for development opportunities. Many employers are ready to pay for training courses with upskilling in mind. However, only a few offer something beyond certification for job advancement.
Professional development helps employees perform better at work while development in other areas keeps them happy beyond the workplace. Such professional and personal fulfillment can go a long way toward keeping talent in the company.
Employers who focus on helping the workforce achieve personal goals outside the workplace show their trust and appreciation for people as unique individuals. This works toward making employees happy with their professional accomplishments while pushing them to achieve more at the workplace and beyond.
Development Means Retention
The key to successful employee retention is fostering the desire to improve without leaving the current workplace. By providing learning and development opportunities, you can help workers hone their skills while experiencing full professional and personal fulfillment.
Companies that invest in professional development have a 37% higher productivity rate and a 21% income increase per employee.
When you spend money on workforce professional development, you are investing in the prosperity of your company. You don't just take the employees to the next level but also improve the workplace environment and increase retention rates.
