The Great Resignation may have morphed into the Great Discernment. Potential employees are looking at potential employers—even (and maybe especially) Fortune 500 companies—with a critical eye. They want to know what makes devoting their time and talent to a specific organization beneficial to them above and beyond a paycheck. And, spoiler alert, Friday Pizza Parties won’t cut it anymore.
If you want to attract and retain talented people, one of the ways to do it is to provide employee development and training programs. Not only do these programs offer opportunities for staff to improve their skills, but also for employers to enhance employee productivity and improve company culture. They can also boost the company’s bottom line. According to a 2020 Work Institute study, voluntary employee turnover costs U.S businesses more than $630 billion annually. The 2021 study does not see any decrease in that number.
Employee training and development encompass two distinct programs. Training programs teach specific skills to new or newly promoted employees. Employee development provides programs to strengthen work performance through coaching, training sessions, and leadership mentoring.
Creating these programs can help with a variety of issues such as:
- Enhancing employee performance. Onboarding, training existing employees about their new responsibilities and keeping employees abreast of industry and technology changes all contribute to creating a positive work experience. Good training programs can also address performance review issues before dissatisfaction with an employee’s work product escalates.
- Boosting employee productivity. Employee productivity can be an indicator of a training’s effectiveness. They can aid in improving task management, pinpoint the knowledge and skills they want their employees to have, and keep pace with changing technologies by providing employees with training and development programs.
- Reducing employee turnover. The Work Institute study indicates that lack of training was the fastest-growing category of reasons for voluntary turnover — up 117% since 2013.
Think about upping your employee training and development programs. In the long run, they solve more problems than pizza on Friday.
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Work Institute Study, 2020 and Mid-Year 2021
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