In this fast-paced world, training and development has become increasingly integral to companies all over the world. In fact, Deloitte has named “learning” as the top-rated challenge among 2019 Global Human Capital Trends. Organizations all over the world are responding accordingly by rethinking how they handle training and development within their company. Deloitte has also revealed that 52% of the research participants claimed that their organizations are moderately or significantly increasing their investment in reskilling their workforce.
There is no denying that this refocusing of organizations on upskill learning is largely brought upon by the rapidly evolving technology. New technological innovations are changing not only everyone’s lifestyle – with people using new products, finding new ways to interact with businesses, communicating through new mediums, and so much more – but also the office workspace. Things such as artificial intelligence, cognitive technologies, and even robotics are starting to augment, if not completely replace, jobs as we know them right now.
If your company is not part of the 52% who are updating their training and development for their employees, here are a few reasons why you should join them:
Why Training and Development is Important
1. Attracting the right talent.
Salary isn’t the only thing people look for when it comes to choosing a job. 59% of millennial job seekers, which comprise the majority of the current workforce, listed “opportunities to learn and grow” as an extremely important factor when applying for a job. This means that people no longer only look at the job description or monetary compensation when it comes to choosing a company to work for. Applicants also consider the kind of training and development that the company provides.
These applicants are looking for jobs that could help with their career development which means that they want to work for companies that are willing to invest in them. At the end of the day, the relationship between an employee and the company they’re working for should be a mutualistic one. While the employee offers their time, effort, and skills, the company’s responsibility goes beyond paying the employee their salary. It includes providing opportunities for career growth such as training courses, mentorship programs, etc.
2. Preparing for Industry 4.0
While Industry 4.0 is vastly affecting the manufacturing industry, the technological advancements brought upon by this industrial revolution are also shaping the workplace from other industries at an unprecedented speed. Jobs are constantly evolving to the point that most employees who have been working the same job for a couple of years or more have to deal with technology that didn’t exist when they first started in the industry. According to a recent World Economic Reform report, more than half (54%) of all employees will need significant reskilling or upskilling training in just three years.
Employees are also very much aware of how fast the industries are changing. 49% of millennials believe that technology will augment their jobs while 15% fear it will replace parts, if not all, of their jobs. With the knowledge that learning curve is the new earning curve, employees also know that they need continuous training and development to prove their worth in their companies.
Providing them the L&D training they want – and most importantly, need – is essential to keeping employees assured about the impending changes brought about Industry 4.0 while maintaining the company’s competitive advantage that comes with having employees that are knowledgeable with currently relevant trends and techniques in the industry.
3. Increasing employee retention
Millennials as a generation are notoriously known for job-hopping. A common mistake among employers will be to think that employees who leave their job for no longer than two years are people with no loyalty. In fact, there is a multitude of reasons why employees consider or actually exit their current jobs. Other than being dissatisfied with their pay or financial rewards, the next top reasons people leave their jobs include not enough opportunities to advance and the lack of learning and development opportunities. The latter two reasons come hand-in-hand. Addressing these issues by providing enough training and development, not just for their current jobs but also to prepare them for advancing professionally, can prevent employees from feeling dissatisfied with their work.
According to a survey in collaboration with LinkedIn, people nowadays also rate “opportunity to learn and grow” as one of the most inspiring things about work. The same survey revealed that professionals who are considered “heavy learners”, those who spend 5 or more hours a week learning, are generally more engaged, productive, and successful than their peers. They are also more likely to be happy at work.
Turning your employees into heavy learners by providing them opportunities for training and a safe place for them to apply their learning for their development can increase their satisfaction with the work they do and prevent unwanted exits from the company.
How Companies Can Apply it To Their Company
1. Understand the fast-changing market
With technology constantly changing the workplace, employers must recognize which technological advancements would affect the industry and how it will change the way workers go about their work. Are there new technologies perhaps that can make their employees’ jobs easier? Are other companies in the industry using a new technique or are they using new equipment perhaps? What about your customers or clients? Are there new technologies that will rival your products or services? Maybe technology is changing the way your target market is reaching you even.
If any of the answers to the aforementioned questions is yes, then it’s time to consider looking for the most relevant training courses that will adequately equip your employees with the necessary pieces of knowledge and skills for the new technological advancements
2. Integrate learning in the company culture
Due to the importance of training and development or learning as a whole, the company must reevaluate how it prioritizes learning and how to integrate it within the workplace. Learning shouldn’t just be prioritized for onboarding an employee. Employee learning doesn’t stop after their onboarding. An ideal employee would continuously learn as they go about their work. Learning needs to be a part of the overall employee experience.
In fact, it’s in the company’s interest to create a learning organization. Integrating learning in the company culture will create a community that can tackle obstacles with adaptability which is essential to prevent the company from lagging behind significant industry trends.
3. Reinvent training and development in the company
For learning and development to be truly effective, it must be rethought within the company. Other than avoiding the common mistakes on how companies usually deal with training, the company must also change how it treats training. They should see training as a way of investing in employees for more effective and efficient practices which in turn leads to better output for the company.
Companies should consider redesigning the work of their employees with training. They can do these by incorporating learning courses with their daily or weekly tasks or by setting goals that will inspire employees to constantly improve.
Of course, this reinvention of training and development in the company shouldn’t only involve the HR department. The changes have to permeate throughout all the departments, especially within the employees’ direct supervisors.
SkillBean provides a free workplace training platform where companies can request a variety of skills training courses in the Philippines.
If you’re ready to reevaluate the importance of training and development in your company, book a meeting with us by sending an e-mail to [email protected] and know how you can empower your employees by personalizing learning in the workforce through technology.