School is in Session:  Training and Development can increase Job Retention and Productivity

Employers recruit individuals who have a specific skill set, experience, and ability to perform the responsibilities of a vacant position. Employees are required to work to the best of their ability to align with the performance goals of the organization using their existing skillset. As we have seen in the past two years, the required skillsets for a job are ever-changing with the changing work environment. For example, remote working required employees to have technical skills to teach, host virtual meetings, and set up an at-home office free of distraction. Employers should focus on these skill gaps to ensure their employees perform efficiently and effectively. Training and development help reengage employees and reduce your employee turnover rate. The goal for training and development is to align employee goals and performance with the organization to create career paths.

Why is Training and Development so Important?

Below are the top three reasons why training and development is important for organizations.

1. Today’s Employees Demand Opportunities to Learn
   According to a Gallup report, 59% of millennials are looking for opportunities to learn and grow in the workplace, and 50% of millennials state that advancement opportunities are extremely important to them, with 60% of millennials open to a different job opportunity even if they are currently employed. By 2025, millennials will make up 50% of the US workforce. For companies to compete for top talent, employers need to commit to an employee’s development.
   
2. Hiring is More Expensive than Employee Retention
   You cannot calculate the actual costs of employee turnover. The cost of replacing an employee is approximately one-half to two times their annual salary. According to Gallup's research, 52% of voluntarily exiting employees state that their manager, or organization as a whole, could do something to prevent them from leaving their job.  Within three months they left  left, management nor any other leadership figure spoke with them about their job satisfaction or future with the organization, leading them to believe they had no future with the organization.
   
3. Training Employees Improves your Greatest Asset
   With the right team, the level of success your organization can achieve is limitless. Your employees are the backbone of your company. Equipping employees with the ability to do their jobs better by upskilling is a smart move as it empowers them to succeed and directly benefit the organization, increasing profits.
   
   

How does One Implement Training and Development in the Organization?

The following three steps will help employers begin a training and development program for your organization.

1. Set Specific Business Goals
   Set relevant business goals for the Training and Development function. What does it aim to achieve? How will this initiative support the organization's business and revenue strategy? What parameters will measure success?  What key outcomes will businesses expect the learning function to derive? Perform a Learning Need Analysis (LNA) in your organization to configure specific goals for the training and development program. Conduct and evaluate the learning needs of employees across levels and lines of business through surveys, focus group discussions, leadership feedback, appraisal results, and job descriptions
   
   
2. Appoint Learning Ambassadors
   Hiring the right talent is crucial for the learning function. As management, you should be able to identify those employees with strong skill sets that can help develop the training and development program. This group of selected employees will act as learning ambassadors for the knowledge function, be able to consult with leadership across various businesses, inspire their colleagues to invest in progressive learning, build high-quality content and collaterals, and measure needle movement in skills acquired by learners. It is also essential to evaluate which programs can be driven internally and which ones need external intervention. Learning ambassadors can also be a steppingstone for your employees’ career path with opportunities for management and leadership positions.
   
3. Collect Resources And Collaterals
   Build a pool of appropriate learning resources such as materials, tools, assessments, program facilitators, external consultants, vendors, and industry experts. Ensure you evaluate external training providers for their content, expertise, testimonials, teaching exposure, and topics. Consider hiring an industry expert when internal expertise is limited, complexity is high, and understanding the latest market trends is required.

Implementing a training and development program is crucial for every organization. While businesses strive to meet revenue targets with the help of exceptional talent, it is only essential it invest in learning strategies that aid retention and promote progressive learning.