Every employer dreams of the same thing: an employee who can come in, hit the ground running, and stay productive their whole tenure with little input from the organization. Then those employers wake up from that dream and are faced with reality: training and development is a necessity for nearly every employee. Markets are ever-evolving, new software, technologies, and philosophies come and go, and almost every profession has significant shifts every few years. With consulting giant McKinsey claiming that nearly 32% of all workers will need to retrain within the next 12 years, it becomes little wonder that companies are willing to invest so much (some estimates claiming nearly $90 Billion a year), into training and development.
Another major factor: attracting and retaining talent. The top-performing employees in the modern workforce are hungry for learning opportunities and offering training & development programs are now a key component of benefits packages. With unemployment reaching new lows, and remote work offering a greater movement of talented workers than ever, it becomes imperative for any workforce hunting new talent to stay competitive by offering job seekers a chance to learn and grow. It becomes essential for the retention of current workers as well, with nearly half of employees saying they would leave their current job to seek better learning opportunities.
This all makes for a scary, and potentially expensive, a reality for many businesses to grapple with. However, the demand for training is driven mostly because the benefits are obvious: better-trained employees are happier, more engaged, and more productive. With the field of training and development reaching new heights and software continuously making the boring stuff easier and automated, the modern worker is now free to focus on sharpening much needed soft skills, like creativity, communication, and innovation. Once hard to measure concepts, the most forward-thinking companies are becoming pioneers in the study of innovation itself, and employees trained well enough to handle their current role are freed to think of “the next big thing”.
So fear not the expense of training and development; rather, embrace it and reap the rewards.
$90 Billion a year spent on employee training & development
94% of employees would stay at a company longer if they offered training
51% of employees said they would leave for a job that offered better learning opportunities
Skill most needed – Creativity
87% of millennials consider training and development when evaluating job offers
72% think their coworkers need communication training
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