The next time you head into budget season, review your company’s investments and see how much you’re putting toward employee training and development. It may not be enough.
More companies are finding out that offering the opportunity for growth and advancement through learning opportunities boosts employee retention. It also sweetens the deal for recruits. But that’s just a portion of the return on investment you can experience by investing in employee development.
Employee Development Keeps Retention and Engagement High
A 2021 Monster survey Monster reported 45% of employees would be more likely to stay at their current jobs if they were offered more training. A separate study by ClearCompany found that 94% of employees surveyed would be more likely to stay longer at a company that made a serious investment in employee development.
But funding employee growth programs does more than help you keep employees. It keeps them engaged. Team members who are given a higher frequency and a greater diversity of training opportunities have more job satisfaction, company loyalty, and motivation to innovate, which in turn makes the whole company stronger.
Employees Given Ample Development Opportunities are More Productive
A 2019 report that appeared in The International Journal of Business and Management Research found that 90% of employees either agreed or strongly agreed that training and development programs improved their performance on the job. And the relationship between growth and productivity isn’t just a matter of opinion. A Gallup study found that organizations that foster the development of employee strengths improve employee performance between 8% and 18%.
Companies That Invest in Employee Development Are More Profitable
This is where the idea of funding learning and development as a critical investment really gains traction. Research by Zippia indicates that companies with comprehensive training programs experience 24% higher profit margins than companies with a lesser commitment to learning. And the Association for Talent Development has found that companies with fully realized employee growth programs have 218% higher income per employee than companies without formalized training.
The CS Companies Offers the Resources Your Company Needs
We are staffing, recruiting and HR specialists. You know where your organization excels and what it takes to make your business successful. At the CS Companies, we know how to identify talent, create a flexible workforce and deliver customizable Human Resources solutions. Contact us today to learn more about what we offer.
