When budgets are tight, it’s tempting to cut back on staff training and development initiatives. Investing in your employees’ professional growth is crucial for retaining top talent, building a skilled workforce, and driving organisational success.
Research from LinkedIn’s Workplace Learning Report 2024 highlights the significance of ongoing learning opportunities for employees:
By aligning your team’s professional development goals with the organisation’s objectives, you can strategically build critical skillsets internally. This approach enhances job security for your staff and ensures they remain up to date with industry insights and best practices.
Training and development don’t have to be limited to formal courses or workshops. Consider alternative approaches like job shadowing, mentorship, coaching, and interdepartmental secondments. Engage your team in discussions about their growth plans, how they align with business goals, and explore creative ways to support their learning journeys.
When investing in staff development, it’s essential to consider the ROI for the business. Evaluate how the training will enhance organisational capabilities and develop strategies to support employees effectively apply their new knowledge and skills. Identify the specific training needs of your workplace and prioritise opportunities that will have the most significant impact.
Retaining skilled employees is more cost effective than constantly hiring and training new staff. By demonstrating a commitment to their professional growth, even during lean times, you foster a sense of loyalty and motivation. Employees are more likely to stay with an organisation that invests in their career progression, even if immediate promotions aren’t available.
Especially for younger generations entering the workforce, an employer that prioritises their development can be just as valuable as financial compensation when salary increases aren’t financially viable. By strategically investing in your employees’ growth, you build a skilled workforce while also cultivating a loyal and motivated team dedicated to driving organisational success. That’s a pretty good ROI.
Jo Stuart | Trainer