The era of the gold watch retirement is long gone. Today’s workers have increasingly shorter tenures, particularly in this economy, where low unemployment and plentiful opportunities make it easy to job hop. Retaining employees in this environment can be tough. Pay and benefits only go so far. Sprinkle in some corporate social responsibility, fun perks, and a rewarding atmosphere and you’ll start to gain traction. Increasingly, however, one theme is emerging as a key component of employee retention: professional development.
In this era of fast-paced innovation, continuous learning is an absolute must when it comes to ensuring that employees are up-to-date on the latest technologies and able to perform at their best. Training and development is key not only to establishing and maintaining a competitive advantage, but to enhancing employee performance, engagement, and retention.
According to Gallup, workers who receive limited opportunities for development are more likely to leave their job. When employees see their employer is willing to make an investment in them, however, they view that investment as a reward for their contributions and recognition of their potential. This helps foster an emotional attachment to the job and the company. It also makes it far more likely that employee will stick around and explore further opportunities within the organization, rather than outside. And when a recruiter comes calling, they will be in a better position to say, “No, thanks. I’ve got everything I need right here.” Professional development also carries a certain status. Highly-motivated employees – and so-called “high potentials” – thrive on being invited to participate in training and development. That value increases exponentially when the training is aligned to established professional goals.
Creating a robust training and development program fosters a strong learning culture throughout the organization. Such opportunities also help to bridge departmental silos and organizational tenures, enabling employees to develop relationships and engage in cross-organizational conversations.
Keeping employees active and engaged is key to retaining them and having them perform at high levels. While compensation, benefits, and culture are important, training and development is increasingly being recognized as an important element as well. At Chartwell Agency, we offer an array of training and development opportunities focused on improving communication, customer service, management, leadership, and more.