The Case for L&D and Staff Retention

In an environment of rapid job market changes and digital technology innovations faced by businesses, the need to focus on skills training for new employees and existing staff is crucial for retention. L&D as a business function cannot be underestimated as a resource for understanding the career needs of employees, ensuring that top-hires are motivated to stay long-term while also expanding their skillset.

How can this work in practice though?

The staff retention challenge for L&D

To optimise employee retention, skills and career development, the following must be understood; money is lost due to inadequate training. 

With the average cost to replace an employee being £35,000 (when factoring in recruitment and lost opportunity costs), it is vital that employees are treated as a crucial company investment and are provided opportunities to excel. Even putting aside potential legal problems that can come from poor L&D (including cybersecurity training insufficient at preventing phishing data leaks) employees are hungry to do more with their training than just basic yearly compliance courses. With that in mind, there is a growing employee consensus that additional training is needed to optimally perform their roles. 

Supplementing that, it must be understood that directly beneficial learning and development can help employees stay engaged at work. This is while also respecting their limited time and schedule commitments to focus on establishing skillsets in current roles, while making them qualified for internal career progression.  

If employees do not feel like they are developing their careers by learning new skills or being fully informed on how to efficiently work in their current role, they are more likely to leave over time, potentially wasting any training they may have already received. It should also be kept in mind that in most sectors there is a chronic skills shortage.

How to best utilise employee engagement for staff retention

With most managers knowing that L&D is critical for staff retention, it is worth exploring its proper implementation and positive impacts. For a start, transparency with skills training during the recruitment process can be a fantastic way to attract new talent to a company. Does your organisation build the training conversation into your recruitment process? The younger demographic is increasingly aware of how key work skills will be in greater demand within a matter of years, not decades. If you were to tell someone in 2019 about the rise of remote/hybrid working, every-day use of AI and a host of other digital technology surges, they would not think you were talking about a world less than five years away. 

With this in mind, engaging training needs to be efficient, manageable within an employee workday (not on top of it) and address highly demanded skills useful for work. As such, if work itself can be a resource for skill development, ongoing training if appropriate can be a fantastic way to benefit both employees and companies.

Investing in L&D to increase staff retention rates

Companies that take the time to invest in employee L&D are likely to experience higher retention rates, as sufficiently understanding how to perform job roles can make work not only more efficient but engaging and enjoyable. Once a skills gap is closed, a team is not only better equipped to perform but highly employable skillsets are learnt that can help them at all career levels within a company. When career development is actively invested in by employers, staff are not only more engaged but can see how staying longer at an organisation will actively benefit their career now and in the future.

How can Lawford Knight help with staff retention?

At Lawford Knight, we enable your employees with training content specific for their job role. With years of experience producing all types of training from compliance to leadership skills, Lawford Knight creates training that will not only help your staff to hit the ground running but actively enhance their career development. Your people, and therefore your organisation, will be better prepared to navigate daily business requirements as well as be up to date with the latest digital transformation initiatives. 

We take a consultative approach to make sure our clients never miss out on industry developments, providing you with flexible training ranging from e-learning to classroom and blended solutions. What’s more, we’re able to manage all your learning on a best-in-class LMS through our partnership with Eurekos.

Conclusion

Rather than being seen as a chore, L&D should be a key strategic differentiator for forward-thinking organisations. The notion of retention expands to employees’ willingness to stay with a company that has enhanced their career prospects with not only job experience but highly in-demand skillsets. The longer they stay and engage with new and exciting skills, the more L&D can invest in them and, ultimately, positively impact the bottom line.