Welcome to the latest edition of our newsletter and I hope you all had a great summer.
Coming up this month we are going to be looking at how investing in training your staff can play a vital part in staff retention.
Finally, some key dates for your diaries.
Effective Learning & Development – the impact on employee retention
It should go without saying that investing in your employees personal and professional development, whether that be through coaching, soft skill development, mentoring or certified training courses is a sure-fire way to increase employee engagement and loyalty.
No matter their level of experience, the position they hold within the business, their tenure and so on, training and continuing professional development helps ensure that employees are proficient and possess up to date skills for their profession, which is especially relevant given the current skill shortages the UK market is facing.
LinkedIn have recently published their 2023 Workplace Learning Report which shows that “Progress towards career goals is the No. 1 motivation for employees to learn”. Couple this with the fact that their report also shows that 93% of organisations are concerned about employee retention and that the No. 1 way organisations are working to improve retention is by “providing learning opportunities” clearly demonstrates the importance of investing in your employees ongoing learning and development.
The report also states that ‘people who aren’t learning will leave’ and that ‘3 of their top 5 factors that drive people to pursue new jobs reflect their desire to stretch, grow and develop new skills’. Their report shows that top 5 factors when considering a new job are:
Other interesting statistics from their report include:
By encouraging open and honest conversations with your employees to understand what their career goals are, identifying what training they need and supporting them through this journey, with a structured and well thought out L&D strategy you will be one step closer to building an engaged, motivated and skilled workforce. By creating a culture of continuous improvement you are demonstrating to your employees their value within the company and are invested in supporting them achieving their career goals. Not only that, but L&D goes a long way to attracting new talent into the business, with a clearly defined career path.
In summary, if you’re looking to improve morale, job satisfaction, productivity, performance and improve staff turnover, then having a well thought out learning and development strategy that empowers your workforce should be a top priority.
Here at Hayes HR, we are well placed to create a L&D strategy, implement structured training, coaching and retention strategies, so please don’t hesitate to get in touch.
KEY DATES FOR DIARY:
Month of October - Black History Month
10th October – World Mental Health Day
20th October – Wear it Pink day, in support of Breast Cancer Now
I recently completed a 5k run with some of the team at Damhurst & Co, in support of Insurance United Against Dementia. We set a target of £500 and so far we have managed to raise £505.
Well done to everyone who took part in raising money for this incredible cause.
If you would still like to donate, please follow the link.
I look forward to hearing from you soon.
Linkedin.com, 2023 Workplace Learning Report, online, available at https://learning.linkedin.com/content/dam/me/learning/en-us/pdfs/workplace-learning-report/LinkedIn-Learning_Workplace-Learning-Report-2023-EN.pdf (last accessed 22/09/2023).