A learning and development software provides many benefits, and can help boost employee productivity and satisfaction, making it easier for companies to thrive all while saving your company money and valuable time. By providing employees with resources to further their skills, you won't only continue to assist in their development, but will begin solving issues like addressing the skills gap and finding solutions to working on the converging market. It all starts with providing your employees the resources to continue career development.
Going the Extra Mile with Education
Dedicating resources to your employees and developing their education in the field not only makes them feel valued as individuals and as employees, but it also builds their loyalty toward your company, because they feel that you have invested in them. When another opportunity presents itself, employees are far more likely to stick around because you have already shown them that you are willing to invest in their development and their long-term success. Businesses with a strong learning culture enjoy employee engagement and retention rates around 30-50% higher than those that don't (Robert Half).
Businesses with a strong learning culture enjoy employee engagement and retention rates around 30-50% higher than those that don't.
How Referrals Pay Off
When your current employees hear others seeking a job, that time you spent training them will pay off. Your employees will encourage their friends to apply at your company. They will vouch for how well you treat your employees and how much they have grown at the company professionally. If you have an employee referral program, you can have an average retention rate of 46%, compared to the 33% retention rates of organizations that only use career sites.
To encourage your employees to refer other skilled workers you can offer referral incentives such as a cash bonus, extra paid time off, or even a nice lunch with the boss. Sometimes these extra incentives will be the push that employees need to reach out to a skilled friend in the field and encourage them to apply at your company.
Closing the Skills Gap
By developing your employees, you will take a large step toward closing the skills gap. While many of the Baby Boomer generation have expertise in more of the specialized equipment, some of the Millennial generation may have skills in implementing mobile technology and bringing new and fresh ideas to job sites inefficiency and how to address job shortages and converging market issues. Closing this gap starts with bringing together these two generations in the workplace. Consider cross mentoring, which is having the Millennials teach the Baby Boomers a bit about the skills they excel at and have the Baby Boomers share their expertise in the specialized equipment that the Millennials have never touched.
Address the Converging Market
When an employee is identified as a high performer and they show interest in growing with the company, encourage skills training in another area like getting certified in a certain type of electrical work or becoming fluent in a new programming language. With training on site and additional training in the learning modules, this can be done smoothly and alongside a normal work schedule. By encouraging your employees to further their skill sets, you aren't only developing a more diverse workforce, but you are working on addressing the converging market where you need employees who can be proficient in more than one field. This will benefit both you and the employee - they will develop a new skill set and you will reap the rewards of a highly skilled employee.
A learning and development software may seem complicated from the outside, but when you boil it all down, it just streamlines the process for education and development of your company. It provides simple, streamlined solutions to many of the problems the companies face today. By using learning and development software and providing resources to your employees you won't just build a stronger, more educated workforce, but you will build a workforce that is loyal and dedicated to your company.