We all know that when a business is struggling financially one of the first things to go out the window is funding for developing your staff. Thankfully our economy is doing fairly well and our unemployment rates are extremely low. This can be a curse and a blessing when trying to recruit and retain staff.
EANE’s Learning and Development staff have been busy working with member companies this year to help them conduct training needs assessments and developing custom training plans for their employees. Our findings mirror a national trend that employers are spending more money on professional development than they have in the past. 53% of companies surveyed by Udemy for Business said their L&D budgets increased between 2017 and 2018. In addition, they found that 54% of companies that INCREASED their L&D budget had high employee engagement.
In another study conducted by eLearning Industries they found the companies that highly invested in training say revenue increases of 21% on average; 72% improved productivity; and, 62% were better equipped to respond to changing business conditions.
Yeah, There’s a Need for Training, But Who Has Time?
We see it, and the statistics show us that our employees need and want training and development opportunities. Companies site “time” as the number one reason they’re not providing the professional growth for their employees. No doubt there’s a challenge to schedule time for your employees to be off of their production time, but that time is minimal when compared to the time it takes to recruit a replacement for the employee who leaves to work for a competitor that is offering employee development. In today’s market, employees are leaving for professional growth at other companies.
Contact the EANE Learning and Development team to start creating the plan that will help your organization be more successful.