There are a few ways to differentiate a great workplace from a good one. One of the easiest ways to tell is when an organization invests in their employee development. With a proper employee development initiative, employees feel more valued, they have a clearer career progression and best of all, they are more likely to stay longer.
Here are some statistics to convince you about the power of employee development in 2022 and beyond.
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One of the most important aspects of employee development is the training. Here are some important statistics that can help you:
If you already invested heavily in your employee development, you stand to lose a lot when an employee leaves you. Depending on your industry and the position, replacing a trained employee costs anywhere from 33% to 213% of their annual salary.
There is a large variety of methods you can use for training. Providing online, e-learning opportunities (such as courses, webinars, eBooks, etc.) increases your retention rate by as much as 60%. This is most likely because employees can review the materials in their own time.
According to one study, 59% of surveyed employees state that they learned the skills they need to do their job while on the job. In other words, they had no formal training in place.
Only about one third of employees are satisfied with the training they get that is immediately tied to their everyday work.
One in three employees states that the training process in their company is outdated.
For every employee to take the position of a leader, their skills need to be nurtured.
A company should not only aim to develop their employees’ skills to become better at their roles, but also to see them become leaders in their departments and within the company.
Millennials now make up the majority of the active workforce and this will continue to be the case in the upcoming years. They are a generation that wants to be trained in their future leadership roles.
According to one research, only 42% of all critical roles for the company can be filled internally. In other words, very few companies plan ahead and promote internally and when the time comes, they are forced to look outside the company instead.
There is a pretty big discrepancy between what companies want and what they actually do. While many companies agree that it’s important to promote leadership, very few act on it.
When leaders go through training, they want it to be structured and given through assignments. Moreover, the training should be delivered externally.
For people who are already in leadership positions, it’s more preferable to have their training delivered in person rather than online or through courses.
Before investing heavily into employee development initiatives, it’s worth knowing what employees think about development in the workplace. The good news is that the feedback is overwhelmingly positive.
One of the best ways to increase your employee satisfaction and engagement is to offer them chances for development at all times. Moreover, this will have a significant impact on your turnover rate.
Want to find out why your employees are leaving you? There’s a good chance that you’re not giving them enough opportunities to hone their skills.
Formal training such as courses can make a world of difference for educating your employees. However, the majority of employees prefer learning through electronic materials that allow them to set their own pace.
One of the best ways to provide effective learning and development opportunities for your employees is to make sure they have them at their job. External sources are fine but learning on the job is what makes a difference.
If you’re looking to stay competitive, it’s best to start investing in employee development initiatives now and show the world that this is a major part of your employer branding strategy.
Onboarding is one of the key elements of great employee development. The first few weeks and months are crucial for retention and proper engagement. Here are some findings related to onboarding.
Learning should be fun, especially for new hires who need to absorb new information. This includes going through a series of processes that are neither fun nor geared towards learning. For better employee development, simplify your onboarding process with an onboarding tool like Zavvy's.
The verdict is out - the vast majority of companies have poor onboarding. Since your employees are most likely to leave during those first few weeks and months, investing time and money in proper onboarding can pay dividends later on. Give your employees ample opportunities to learn (in)formally and from their managers to improve your onboarding and decrease turnover rates.
One of the best ways to learn is together with a mentor or a buddy. If you want to maximize the efficiency of your employee development during the onboarding stage, assign your new hires with a mentor or a buddy that can work directly with them.
According to one research, those companies that have a formal onboarding training program have a lower likelihood to lose more than 60% of their employees in the upcoming four years. In layman’s terms, make your onboarding training structured and you’ll set your employees for success – retaining them in the years to come.
Investing a little bit more time and resources, in the beginning, provides a great return later on. Making the onboarding process more structured and higher quality will ensure better retention rates even three years down the line.
Retaining good employees is the aim of every organization. Besides offering them the right kind of salary and benefits, having a proper employee development initiative in place will have a great impact on your employee retention as well.
According to one research, if an employee feels like they are making progress within the company, the chances that they will stay with you increase significantly.
When employees can’t find development opportunities within their own organizations, they are forced to look externally. To retain your top talent (and especially the groups which are likely to leave), make sure to have a formal employee development program.
Look at the big picture instead of thinking small. Those companies that invest in their employees’ careers are much more likely to retain those people over a longer time period. One research states that over 70% of employees would leave their current job to work for a company that wants to invest in their long-term career.
It comes as no surprise that the more engaged your employees are, the less likely they are to leave your company. According to one research, engaged employees are 87% less likely to leave their current company.
Here’s a slightly different angle: you need to develop your managers’ skills as much as you need to work on your employees’ skill sets. If your executive management is lacking the right skills, everyone lower in the chain of command will suffer and they will be more likely to leave.
Employee development is more important than ever before. As the numbers show us, its importance is only increasing throughout the years and the current workforce demands their employers to provide them with enough opportunities to improve their skills.
With “the great resignation” now fully in motion, showing yourself as an organization that values their employees, start investing in employee development as soon as today.
And if you are looking for one platform that makes it easy to onboard, engage and develop your employees, our experts would love to hear from you!
Sources:
30 Troubling Employee Retention Statistics
39 Statistics that Prove the Value of Employee Training
49 Impressive Employee Training Statistics
10 Employee Onboarding Statistics you Need to Know in 2022
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