The Strategic Need for Employee Training and Education – Source: www.databreachtoday.com

Professional Certifications & Continuous Training
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Training & Security Leadership

Why the Benefits Far Outweigh the Risks

Brandy Harris

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August 21, 2024    

In today’s job market, providing employees with opportunities for education and development is not just a perk. It’s a strategic necessity. Gen Z is entering the workforce now, ranging in ages up to 21, and the oldest millennials turn 45 this year. These generations are a large portion of the workforce and increasingly, they are insisting on having employer-provided education and development opportunities. Some employers hesitate to invest in these programs out of concern that trained employees will leave for greener pastures, but these fears may be overstated. The benefits to investing in employee education far outweigh the risks.

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The Growing Demand for Employer-Funded Education

Recent surveys underscore the increasing importance of employer-provided training and education opportunities. A 2024 study by InStride says that over 80% of U.S. workers under age 45 prioritize employer-funded education programs and view them as essential to advancing their careers and avoiding the burden of student debt. While younger workers lead this trend, the expectation for learning and development opportunities has expanded across all age groups in the workforce.

The Consequences of Ignoring Employee Development

Failing to provide training and education opportunities can lead to significant challenges, such as:

• Higher turnover rates: Studies show that 94% of workers are more likely to stay with a company that invests in their career development. Without these opportunities, employees may feel undervalued and seek growth elsewhere, leading to costly turnover.
• Difficulty attracting talent: In a competitive job market, companies that offer robust training and development programs have a distinct advantage. Employers who ignore this trend may struggle to attract top talent, particularly among younger generations who view education as a critical factor in their career choices.
• Widening skill gaps: The skills required for most jobs are rapidly evolving. By not investing in employee education, companies risk falling behind as their workforce’s skills become outdated. This can have a negative impact on productivity, innovation and competitiveness.
• Reduced employee engagement: Employees who do not see opportunities for growth and development are more likely to become disengaged. Statistics show that more than 90% of workers say effective training has a positively impact on their job engagement. Not providing development opportunities can lead to a less motivated and less productive workforce.

Addressing the Fear of Employee Departure

The fear that employees will leave after receiving training is a valid concern, but it is often exaggerated. In reality, providing development opportunities can increase loyalty and retention. To mitigate the risk, however, some companies use retention agreements, in which employees commit to staying for a certain period after completing a training program. This approach helps protect the company’s investment in their employees’ education.

The company also should clearly communicate the career advancement opportunities that come with training. This will encourage employees to stay. When employees see a clear path to growth within the company, they are less likely to leave after receiving training.

The Strategic Advantage

Investing in employee education is more than a retention strategy; it’s a key component of a successful business strategy. Companies that provide continuous learning opportunities not only retain their top talent but also ensure their workforce is equipped to meet the challenges of tomorrow. This, in turn, fosters a culture of innovation, engagement and loyalty, positioning the company as a leader in its industry.