In this fast-moving era, it is hard for organisations to improve employee retention because there is a vast number of employment opportunities are available in the job market. Not like baby boomers and Gen Z, Millennials tend to shift jobs until they find a suitable job which fits their passion. Recent surveys found that 64% of the employees may leave their jobs by end of 2020, because of lack of satisfaction towards their current job role. When considering HR benefits most of the current employees are referring to training and development opportunities and it ranks among most wanted employee benefits. According to recent studies, 94% of the employees would stay with the company longer if there was an investment in learning. Therefore, learning and development can be identified as a crucial factor in positive company culture. Having a well-customised learning and development program will help organisations to showcase their commitment to the workforce. Also having a good corporate reputation regarding learning and development will help organisations to attract and retain their employees easily and they will end up having a massive and quality talent pool around them.
Most of the companies are struggling to create sustainable and effective learning and development programmes because of lack of experience and financial restrictions. But companies can always benchmark industry leaders to achieve their goals in the long run. If you are unable to think where to start and which approach to follow you can always refer to companies like Amazon, AT&T and SAS to get a broader idea. Following steps also can use a guide to implement a perfect learning and development culture within your organisation.
Provide individual skills training facilities
Provide internships
Offering learning assistance
It is more important for organisations to understand the needful of education. If the employer can provide educational benefits like course fee and membership fee reimbursement it will help them to improve employee retention. If you are aiding for employees to learn new things they will come up with new ideas and skills which can be used to improve daily work. This will directly impact on your productivity and profitability.
43% of the professionals stated that having limited career development opportunities are the primary reason for them to leave their current job. Therefore, it is a must for organisations to implement a better learning and development programme to recruit and retain their top talents.
