Are you investing in Learning & Development? – Referment

Do you want to attract highly driven and career-focused candidates for your team? Learning and development benefits within a company are becoming increasingly popular as, not only an employee retention tool but now as a hiring technique. 

According to a 2019 survey that analysed predictions regarding L&D for 2020, 94% of employees confirm that they would stay at a company longer if they spent more time investing in their learning. On top of that 27% of Gen Z and Millennials say the number one reason they would leave their job is that they did not have the opportunity to learn and grow. A huge shift in what candidates consider to be important when finding a new role! Are you missing this investment when it comes to bringing new talent onboard?

The rise of self-investment 

Just two years ago the top benefits candidates wanted included startup culture, healthcare and ride to work schemes. These are now common-place and many companies offer these as a standard, they’re not benefits. Workers are moving away from a paycheck-to-paycheck mentality and looking to invest in themselves more, understanding that the more they put in, the more they’ll get out in the long term.

It is a change from the hiring specifications two years ago that saw other benefits weighing heavier on a candidate’s mind over learning and development. Strong-minded, younger workers, that bring with them technology skill sets and an innovative way of thinking are looking to companies they can invest their career in, not just to gain a paycheck. 

How can you demonstrate early what you can provide? Don’t be afraid to shout about it! During interviews and as early as job postings, actively promote what your company will do to develop and refine a candidate’s skills. A commitment to professional development and discussing during each stage of interviews the learning culture supported by management throughout your organisation will solidify your long-term investment in that potential employee.

It takes two to tango

The demand from workforces is evolving, but so are their expectations as they consider joining the job search. Historically talent acquisition and L&D teams have been disjointed, only communicating once the new hire has been brought on board, sometimes months past the start date. Creating a seamless approach can have a significant impact on reducing employee turnover and creates a culture of information sharing that benefits not only each professional but also, management styles. 

You are therefore building a reputation as an employer that strives to support its workforce and invests in hiring the highest quality professionals. Your employees are your brand ambassadors, so ensure you don’t use L&D as a selling point, but a genuine company-wide benefit that is rooted deep in your organisation’s approach towards success.

Digital transformation has inspired an L&D evolution

2020 so far has demonstrated the fast pace of technology we are experiencing, and our reliance on a constant digital connection now that the majority of professionals are working from home. It is causing L&D to focus more on upskilling and retraining their employees. It is a priority for businesses right now to support and retain the best talent they have while navigating covid-19 and building capabilities to maintain a consistent strategy as this pandemic moves forward.

Remote employees are going to expect remote learning and that is the key to standing ahead of your competitors. Working from home, whether it is a short-term solution or integrated into a long-term plan, means that online learning will be more important than ever before. The same level of support will be needed to match their office-based colleagues and companies that choose to ignore online learning are at risk of neglecting the important talent working from home.

Examples of L&D

No, Learning and Development doesn’t have to mean an MBA. Encouraging employees to design their own L&D plan to start with will let you get a better understanding of what they expect, whilst also giving you an insight into their career mindset too. It can be as simple as setting up a conference schedule, whereby you might fund their tickets/travel to a series of focused conferences where they can learn from and absorb information from industry experts in their field. 

It could even be supporting further certifications, especially relevant in the data, product management and technology department where there are new skills and technologies to master constantly.

At the end of the day, investing in the growth and development of future employees and integrating it as part of your long-term offering, is an approach that can attract top candidates, retain your best employees and identify future leaders within your organisation.