Five Surprising Facts About Employee Development That You Should Know

One of the primary reasons employees join a new firm or begin a job search is a desire for employee training and development possibilities. 

And, good news (!!), there are lots of advantages to investing in employee development through training. While the battle for attracting and retaining top talent remains tough, professional growth has become more crucial. As part of an effective performance management plan, it is critical to give employees chances for learning and growth.

Here are some statistics that back it up (spoiler alert: we found more than five!).

If a company invests in employees’ careers, 94% said they would stay at the company longer. 

– Harvard Business Review

This is one of the most staggering employee training and development figures. It is self-evident that professional development leads to increased retention. It stands to reason that employees who believe their development is being prioritised are more interested in their work and more likely to stay with their employers.

Employee retention is a major issue in talent management now and in the future. Employers would be advised to increase their investment in training and development. Here’s further evidence of the importance of professional development in employee retention:

• Professional development initiatives increase employee engagement by 15% (business.com).
• Organisations that provide employee development opportunities have a 34% greater retention rate (ClearCo.).
• Professional development is important to 58% of employees (62% of Millennials and GenX) because it leads to job satisfaction, which is a major element in retention (access perks).

Employees that seek training, coaching, and mentoring are typically strong achievers and engaged. These employees seek to learn new skills and become more valued and adaptable. If you have employees that are eager to develop, this is a good indicator for your organisation’s engagement, performance, and retention.

74% of professsionals believe they aren’t able to give their all since they don’t have enough chances to advance their careers.

– Bulletin

Learning, development, and training are all excellent methods for assisting every employee in reaching their full potential. The issue is usually that they are not provided with the necessary tools or opportunities. This employee development statistic demonstrates that employees are keen to improve existing abilities and learn new ones.

The vast majority of employees desire to learn. It is your responsibility to give them the opportunity to do so. If you don’t, you might see them defect to a firm that does.

• Only 29% of organisations have a defined plan for staff learning and development (BetterUp).
• Career growth prospects encouraged 34% of individuals to leave their previous position (Lorman).
• Professional development and progress are very essential to 87% of millennials (G2).
• 76% of employees are looking for ways to advance their careers (Leftronic).

Simply said, employees perceive training and development as an investment in them. Prove to your staff that their development is important by providing possibilities for advancement in order to retain ambitious, high-performing, and growth-seeking employees.

Leadership development programmes boost participants’ learning abilities by 25% and their productivity by 20%.

– Whatfix

Employees at the entry-level are not the only people in your organisation that require training and professional development. Managers, department heads, and executives can continue to improve and broaden their knowledge throughout their careers. An effective performance management strategy includes manager training. It develops new leaders and helps existing leaders become better leaders within your organisation.

Furthermore, individuals who are now leaders as well as those who desire to be leaders are eager to receive leadership training. Unfortunately, managers are not always able to obtain the training they require.

• 60% of millennials seek leadership development (Lorman). 
• 41% of managers in charge of three to five staff have had no training at all. 59% of managers in charge of one to two staff agree.

With so many people in the workforce engaged in both leadership and learning, there are bound to be future leaders whose abilities have yet to be fully realised. Existing leaders require more assistance in order to be effective leaders who can contribute to the growth of their teams.

91% of professionals express a desire for customised training.

– Lorman

Employers are looking for new methods to recruit top talent, close the skills gap, and offer employees a reason to stay – and employee development is one of them. Companies, however, must do more than simply provide their staff with training sessions. As these data on employee training and development demonstrate, organisations must provide more effective training and development opportunities.

What is the secret to successfully bridging the gap and offering learning opportunities for your employees? Find out what approaches they prefer for training and development and put them into action. Using learning and development tactics that work for your staff increases the likelihood of those strategies’ success.

• 54% of employees would devote more time to employee development if they were provided specific course recommendations to assist them to achieve their professional objectives (Whatfix).
• A well-planned staff training programme would increase employee engagement by 93%.
• 85% of employees want to be able to choose their own training periods and have complete control over their training schedule (Lorman).

Organisations with annual training budgets of $1,500 or more outperform those with smaller budgets by 24%.

– Kaltura

Companies that invest in their people outperform their competitors. That means that career development and training are not only beneficial to your staff, but also beneficial to your organisation. Offering learning, development, and training is advantageous in business for a variety of different reasons. The organisation gains knowledgeable, capable staff. Employees are also more likely to be loyal to a company that invests in them.

Several significant organisations are increasing their expenditure in training and upskilling. That indicates that many organisations are realising the value of staff development. Furthermore, organisations are emphasising the importance of career development and making it a top priority.

• Reskilling current employees to fill skill gaps is a high priority for 64% of L&D professionals (BetterUp).

These staff development data illustrate that there is a considerable desire for growth, upskilling, and ongoing training. Employees are more engaged in organisations that prioritise professional development, and it is a valuable tool for recruiting and retaining employees.

Global Lubricants Talent Survey

What does professional development and upskilling look like in the lubricants industry? In March, we launched our second edition of the global lubricants talent survey to discover the current state of the lubricants’ workplace. 

By taking 2 minutes to complete the questions, you will have exclusive access to the key personnel trends that shape the lubricant’s workplace today.

To participate, follow the link: https://forms.gle/XAkZZE2i2cZQJiur7

The survey closes on Thursday 27th April and by getting involved you will support yourself and your industry peers by giving a clear picture of what personnel need in the sector.