Did you know that 94% of employees would stay at a company for longer if there was an investment in learning?
Employees want to learn new skills and develop existing ones with the help of the company that they work at. Adding learning and development opportunities is important for businesses and employees alike. But why are learning and development so important in the workplace and what are the benefits of it?
What Is Employee Development and Why Is it Important?
The terms employee development and training are often used together. Although they mean slightly different things.
Employee training is where employees embark on learning new skills or knowledge. This is usually through courses or workshops, to improve their performance.
While employee development is for long-term educational purposes. Development is where employees are encouraged to grow as individuals. This could be in terms of professional or personal growth. Employee development teaches the skills and attitudes they need to overcome future challenges.
What Are the Benefits of Training and Development?
There is a wealth of benefits when it comes to training and professional development.
One of the main benefits is that you can enjoy higher employee retention rates. Employees who receive training are more likely to feel empowered. This feeling of empowerment leads to them appreciating the company they work for.
Retaining staff also saves the company money. It’s much cheaper to keep employees than it is to hire and train new ones.
High staff retention might also help your company create new leaders. Hiring internally is a great way for businesses to be sure that they have the right candidate because they both know each other very well.
Your employees are less likely to take sick days too. Employees who are engaged with their work and enjoy it are less likely to call in sick.
Employee self-development and self-esteem increases when they receive training. Enhancing your employee’s self-esteem plays a big role in their personal lives. However, it also improves their work morale too.
Another benefit of providing training is that your employee’s productivity levels will increase. Employees who receive training are better at applying their knowledge and skills and solving problems. This leads to higher productivity levels and means that your business can avoid micro-managing.
Some businesses that offer development opportunities also find they have better profits. Due to employees increased productivity and willingness to work, your profits might go up too.
Not sure how to help your employees grow? Then have a look at this learning solutions platform that helps your employees enhance their skills and knowledge.
Invest in Learning and Development at Your Business
Follow our guide on why learning and development are important and how it can benefit your business and make sure you invest today. After all, if you want to grow your business you need to think about growing your people and their skills first.
Help your business and employees grow by checking out our other business articles.