According to workplace analyst Richard McAllister, declining participation in workplace learning programs is costing the Australian economy more than A$35 billion per year because of a lack of time due to busy work schedules.
Companies who invested in formalised training experienced a 24 percent higher profit margin than those who did not, according to the Association for Talent Development.
This lack of learning results in decreased productivity, employee engagement, and retention, which ultimately harms both businesses and employees.
To improve learning and development in the workplace, McAllister suggests five key ways: developing a plan when people are most receptive to a future state, following through by applying training and development in practice, encouraging employees to speak up and make suggestions, being disciplined in prioritizing learning and development programs, and promoting collaboration among employees.
The LinkedIn Learning Report found that 94 percent of employees would stay at a company longer if it invested in their learning and development.
Conversely, employees who feel their company doesn’t invest in their learning and development are 12 times more likely to consider leaving their job.
However, employees often hold back from extra learning because of a lack of time.
The updated 2023 Learning Report found that 93 percent of companies are concerned about employee retention and are dealing with this issue by providing learning opportunities.
McAllister believes that investing in employee learning and development is crucial for both retention and overall business performance.
When training levels increase and improve, employees become more engaged, feel better about their roles, and are more likely to stay, which can drive quality, innovation, and revenue for a business.
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