3 Ways Employee Development Will Help You Keep Your Best People
Employee development may not be the top priority for your company, especially in a tight labor market where hiring is more competitive than ever. However, investing in skills training and creating career paths could help you keep your most promising employees. Below are 3 ways employee development will help you keep your best people.
Increase Job Satisfaction & Employee Retention
The Bureau of Labor Statistics reports that over 3.5 million Americans quit their jobs every month. That’s about 2.3 % of the labor force. A tight labor market has encouraged workers to seek new opportunities. However, according to LinkedIn’s 2019 Workforce Learning Report, 94% of employees say they would stay at a company longer if it invested in helping them learn. This is particularly true for younger workers. LinkedIn’s research reports that over a quarter of Gen Z and Millennial workers say learning is the number one contributor to job satisfaction. Employees who are engaged and satisfied in their job are much more likely to stay with a company. By providing your best workers with the opportunity for growth, they are less likely to quit for other opportunities.
Cultivate Skills to Promote from Within
According to a SHRM survey, most employers are struggling to find and hire qualified workers due to a widespread skills gap. There is also a growing shortage of mid-level workers in the workforce largely due to a population deficit. As more Baby Boomers reach retirement age there simply aren’t enough Millennial workers to replace them. Training your existing employees and hiring from within could be a solution for closing the skills gap. This can help your company to develop mid to high-level employees while focusing recruiting efforts on entry level candidates to replace them. By offering career development and training you can help to mold the employees your company needs. This could help you keep your best employees for a much longer time.
Become a More Desirable Workplace
Millennial workers now make up the majority of the workforce. According to a Gallup poll, 59% of millennial workers consider the opportunity for career development to be an extremely important consideration when applying for a new job. In a tight labor market, attraction is key to remaining competitive with hiring. A well-staffed business contributes to employee satisfaction and will help you keep your best people. Training programs are a desirable benefit and shows that your company values employees enough to invest in growing their skills. Offering the opportunity for professional development also improves employees’ feelings of loyalty which contributes to the culture of your company. Satisfied employees and a positive company culture are invaluable tools when it comes to attracting potential candidates and retaining your best employees.
Retaining your top employees should be a priority in a tight labor market. Offering employee development as a benefit can be invaluable in increasing job satisfaction, narrowing the skills gap, and attracting new candidates to keep your business staffed appropriately. All of these contribute to your ability to keep your best employees with your company in the long run.
Bradley Staffing Group is a full-service staffing firm based in Wayne, PA. We are committed to matching A-level talent with best-in-class businesses. Our knowledgeable and well-trained staff brings a combined 70+ years of staffing experience to our clients and candidates alike. http://bradleystaffinggroup.com/bradley/contact-us/