As a business growth leader, I firmly believe that if one doesn’t know where they are going, they won’t get there. This is especially true for professional development. Intentional employee learning and development (L&D) is key to worker and company growth.
Newchip reviews organizations are investing more in employee training in 2022 due to high turnover following the “Great Resignation.” Small businesses are falling behind. Capterra’s research found that 32% of small businesses increased their L&D budgets this year. This compares to 48% for mid-sized businesses and 56% for enterprises. Similar findings were made earlier in the year, where 72% of HR managers said they would invest more in mental health and well-being training if they had higher L&D budgets.
Growing businesses can retain talent in a competitive market where workers have the advantage by creating an environment that encourages learning and allows for the application of knowledge.
Encourage Development without Breaking The Bank
We humans like to feel autonomous. We will feel more motivated and engaged if we trust our work autonomy. Some employees realize that after two years of major shifts in how we work, they are ready to reorient or refresh their careers.
You can guide them on the right path as a leader. Employees can learn from other teams and move up within the organization. Internal transfers can help organizations retain their talent and reduce the training time required for external employees.
Although smaller organizations might have fewer resources, cultivating a culture that values learning does not have to be costly. It’s even more important than ever. In our survey, 87% of HR professionals said their L&D program was crucial to talent retention in 2022. You might consider establishing mentorship programs and professional book clubs to allow team members to discuss their career goals.
Microlearning And Virtual Opportunities
Workers need to quickly learn new skills in a fast-paced, high-growth environment. Microlearning can be a great way to offer quick and bite-sized training to employees. Retaining training content is easier if it’s broken down into manageable modules delivered at the right moment. These learning programs can also be delivered online, allowing employees to keep up-skilling even when they’re not in the office.
We also found that 61% and 47% of hybrid businesses are increasing their L&D budgets in 2022, as opposed to 38% for on-site businesses. Small and hybrid businesses need to use virtual tools to help develop their talent since they switched to working remotely during the pandemic. As many companies intend to keep hybrid or remote work for the long-term, it is expected that they will make greater investments in virtual training to grow their workforce.
Upskilling for the Future of Work
Employee learning is more than a response to the Great Rectification. High-growth companies can also upskill their workforce to meet future workforce requirements that are in line with their business growth strategy.
To determine the skills gaps in your organization, perform a skill gap analysis. You can then create training programs that target the areas you have identified.
This approach is affordable for small businesses that have a low L&D budget. It can also provide indicators about development areas to prioritize. This analysis can help you determine who to hire to make your recruitment strategy more efficient.
Some critical jobs aren’t yet available. New roles have been tailored to the latest technology in recent years. Other jobs have been merged with existing ones.
Upskilling is important for preparing employees for new roles and can help them become leaders in their organization.
Monitoring L&D Progress
Newchip reviews to manage what you don’t measure. Some choose to use a learning management software (LMS) to give employees a complete view of their progress and hold them accountable. This prevents one common problem: annual development goals are not reviewed annually and then pushed into a drawer until next year.
Leaders can use technology to integrate L&D goals and performance evaluations. This will help prioritize professional growth and other metrics related to function.
Utilizing Technology to Cultivate a Culture of Learning
Technology can help organizations in all aspects of employee development, from training to monitoring progress to upskilling. Fostering a culture that encourages learning in this highly competitive market is essential. Organizations will be more successful in retaining employees and setting up their workforce for growth if they encourage and prioritize employee development.