Learning and development (L&D) programs consistently yield positive results for organizations of all shapes and sizes, which is why the L&D industry is currently projected to be worth $7.12 billion by 2023, at a compound annual growth rate (CAGR) of 28.2%. But if you need even more evidence proving the value of L&D programs, here are some compelling statistics to ponder.
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Forty percent of employees who don’t receive necessary job training will leave their positions within the first year. Many employees will leave an organization within their first year if they don’t receive training or development opportunities that allow them to be successful and effective at their jobs. In fact, companies whose staff are not engaged in learning are twice as likely to lose those employees before they have been at those companies for 3 years.
What’s more, 94% of employees claim that they would stay at a company longer if the company invested in their careers, and 70% of employees indicated that job-related training and development opportunities influenced their decision to stay with an employer. Essentially, L&D programs help organizations keep their employee attrition rates low and employee retention rates high.
Eighty-seven percent of Millennials say that professional development and career growth are significant to them and their workplace engagement levels. Most of your Millennial employees want L&D opportunities, and so do their other coworkers. If they don’t find these L&D opportunities at your organization, they will go elsewhere to find them.
Additionally, employees who are actively engaged in L&D programs are more actively engaged at work and, therefore, are more productive. One report revealed that 42% of organizations that indicated their employees were highly engaged with L&D also indicated that their employees were highly engaged overall. It’s also important to note that organizations with engaged employees outperform those without engaged employees by up to 202%.
Forty percent of organizations that measure the success of their L&D programs and initiatives say that they perform at a higher level than their competitors. L&D programs consistently help organizations retain more engaged and productive employees, so it makes sense that organizations with L&D programs also are more competitive in their industries and generate more profits.
The above stats reveal the value of L&D programs for organizations. However, it’s important to remember that L&D programs should still be implemented with today’s trends and best practices in mind so they are effective and successful.
For more details and information, read “Workplace Trends to Watch for in 2019,” “4 L&D Training Trends to Keep in Mind for 2019,” and “3 Tech Trends for L&D You’ll Want to Know About.”