How Professional Development Affects Employee Retention 

With the Great Resignation still impacting workers and employers across the country, employee retention is on the minds of managers everywhere. How can companies keep employees happy? Maybe by offering better professional development opportunities. 

According to a new survey of 1,200 respondents by The Conference Board, a nonprofit research group, as many as 58 percent of employees would leave an organization that didn’t offer them professional development opportunities, and a whopping 96 percent of workers say they want to keep building their skillsets at work.

“In the midst of a talent shortage, providing and promoting opportunities for career and skills development can be a critical way to attract candidates,” said The Conference Board executive vice president of human capital, Rebecca Ray, in a press release.

Although professional development is key to workers, not all employees have regular opportunities for growth and learning. For example, the availability of resources may be split along racial lines: Some 40 percent of Asian employees, for instance, say they don’t have access to professional development resources, compared with 38 percent of Black employees, 35 percent of Hispanic employees, and 28 percent of white employees. This in spite of the fact that people of color and women are the most likely to prioritize professional development.

Employees are primarily motivated by a desire to grow personally, the survey says. But they face obstacles when trying to obtain professional development offerings, including struggling with time constraints and a dearth of resources. Many workers have even turned to free online tools for help, with 65 percent of respondents saying they’ve taken advantage of external professional development tools.

However, there appears to be a disconnect between business leaders and employees when it comes to professional development: Just 10 percent of CEOs and the C-suite consider a lack of opportunities to be a barrier for employees, compared with 40 percent of professionals/office workers.

Overall, employees are particularly interested in perks like time off to spend on development opportunities, as well as better access to resources from their employers.

“It is in the best interests of employers to provide all employees across their business with learning and development opportunities related to business priorities and overall growth,” says Jennifer Burnett, principal of human capital at The Conference Board. ”Creating a culture of learning will not only help your employees flourish, but will help your company stay ahead of the rapidly changing business environment.”

From: BenefitsPRO