Why should employers invest more in Learning & Development?

In this article, Senior HR Consultant, Claire McGuinness discusses both the benefits and challenges of Learning & Development.

Although the pandemic is now behind us, many people have reconsidered their current careers. Research shows that 69% of UK workers are ready to move jobs.  Reasons include the demand for remote working, more job flexibility, and higher salaries.  However, as many as 42% of career changers feel disengaged and simply want to try something new. This is where training can step in. By offering better and more varied training, employers can re-engage workers who might start looking elsewhere.

Investing in L&D will no doubt help employers to:

• Attract, recruit, and retain the best talent.  Research shows that millennials value lifelong learning and upskilling more than previous generations. Therefore, as millennials make up around 50% of the UK workforce, employers must address the increasing demand to attract and keep their best workers.
• Build high-performing teams. High-performing teams are goal-focused, have a plan of action, and share open communication. However, training is an essential component of success. To be successful, teams must learn fast and upskill frequently. External training keeps business models updated with new and relevant material, helping them thrive in a competitive market.
• Save money. Onboarding can be expensive and time-consuming. Therefore, employers should seek to retain existing staff.  Providing existing employees with new, updated, or advanced skills saves on recruitment and onboarding expenses.
• Create a stronger workforce. Onboarding takes valuable time and resources but investing in existing employees is a simple, cost-efficient alternative. Moreover, high-quality staff training increases staff retention. Employees who might start looking for new jobs elsewhere could be encouraged to extend or take a new role within the same company.

The challenges of Learning & Development

We know Learning & Development is critical, but employers can face problems with investment in this area. As a result, L&D can be a neglected part of HR and something that is easy to push down the agenda. Surveys highlighted that investment wasn’t the only Learning & Development challenge. Mentoring and job shadowing are seen as the most effective ways for employee advancement with fewer opportunities for in-person traditional mentoring and ‘learning by osmosis’.

Employers could also benefit by adapting Learning & Development to hybrid models. This can offer previously inaccessible benefits, such as linking mentors and mentees from around the world. Therefore, implementing a hybrid Learning & Development programme can help to make mentoring more convenient, flexible and accessible to employees. This allows for mentoring partnerships that might otherwise be geographically impossible.

With the cost of living increasing higher than wages are rising, employees are looking to upskill themselves in order to gain their next promotion. Therefore, employers will need significant investment in Learning & Development functions to ensure learners have the development opportunities to make their careers fulfilling.

HPC offer a variety of Learning & Development modules that can be made bespoke to your business needs. Or, if you need further advice or guidance on how to best implement your L&D platform, get in contact with our team of experts.

T: 0330 107 1037

E: contact@hpc.uk.com

Twitter: @HPC_HRServices