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Traditionally, a six-figure salary and 401k options were enough to attract and retain top talent. We no longer live in a traditional world—and the modern workplace has come a long way from what it used to be. While these benefits are still important to employees, they’re not prioritized like they once were. Today, employees are more focused on finding a company that has a positive, strong company culture revolved around learning and growth.
To cater to the “modern” employee and remain competitive in your respective industry, you have to focus on the development of a strong company culture that supports learning and employee growth.
Here are five more great reasons to bring this culture of learning to your organization.
1. Employees Want to Learn
Today’s employees are eager to develop their skills. According to DevelopIntelligence’s 2020 DI Developer Survey, 55 percent of those surveyed said they seek out training in order to meet current or upcoming needs or to advance their careers. Organization’s that embrace a culture of learning not only encourage learning, but have an opportunity to provide their employees with these opportunities and experiences.
Try it: Start by asking each team what they want to learn about. Perhaps they’ll be interested in attending one big conference, rather than having a series of smaller in-office seminars. The more interested your employees, the more effective the opportunity will be.
2. Employees Want to Grow
Not only do employees want to learn, they also want a chance to grow professionally and advance their careers. In a recent Gallup poll, 87 percent of millennials said development is important in a job. Learning and development go hand in hand, help employees become the successful employees they want to be.
Try it: Tie learning and promotion opportunities together. Give employees a chance to show they can take on a new position, empowering them to advance themselves both professionally and personally within the workplace.
3. Learning Reduces Turnover
Did you know that 40 percent of employees who receive poor training and limited opportunities for development will leave their job within five years? On the other hand, a Columbia University study found that that the likelihood of job turnover at an organization with rich company culture is a mere 13.9 percent. Make learning a part of that culture and you may see your turnover rate plummet to zero.
Try it: Don’t just talk the talk, walk the walk by providing training that’s actually valuable, actionable and useful for every employee. Liz Alton, contributor to ADP’s Spark blog suggests implementing a Learning Management System (LMS), developing paths for every employee, and creating learning processes, like mentorship, which is found to be more effective than seminar-style opportunities.
4. Engaged Employees Are Productive
Giving employees the opportunity to learn, develop, and grow will increase employee engagement—and engaged employees produce better results. According to Gallup’s 2017 Employee Engagement report, those companies in the highest quartile experience 17 percent higher productivity, 20 percent higher sales, and 21 percent higher profitability among many other positive metrics resulting from higher engagement levels.
Try it: Pair learning opportunities with an HR technology platform like Achievers, which allows you to keep employees engaged with recognition, milestones, and rewards. With an effective employee recognition program, you can ensure employees are being frequently recognized and rewarded by both peers and management for their achievements in learning and development.
5. Learning Fosters Innovation
Companies that emphasize continuous education and development are able to develop the talents of their employees on a regular basis. This focus on talent development is a top priority for 80 percent of top executives, according to the 2017 Workplace Learning Report.
Try it: Use Intrapreneur programs to empower employees to use their new skills to innovate within the organization. As you build your program, keep these four building blocks in mind.
Create a Culture of Learning This Year
Employees want to learn. Learning keeps employees engaged. Engaged employees are productive and happy. Creating a culture of learning benefits everyone involved, and can be brought into any business, big or small. Use these simple reasons as inspiration to help your employees become the people they want to be, while taking your business to the next level.
Take the first step towards improving your culture by accessing the eBook, “Recognition Culture: The MVP of Employee Experience.”