Short on Time Summary
Learning and development directly influence retention. 55% of workers think they can achieve their goals faster by changing companies. Offer ongoing reskilling and establish a learning culture to lower the costs and disruptions associated with recruitment. Viva Learning brings training into the flow of work so your people can learn when it’s convenient.
Skill development is a priority for workers
“Job hopping” is a growing trend as workers prioritise their professional development over company loyalty. People believe their skills will develop faster if they leave their current job. However, Microsoft revealed that 76% of people would prefer to stay if there were training opportunities. Average tenure at companies with a strong L&D strategy is 5 years compared to 3 years in companies without reskilling opportunities.
Filling vacancies is time-consuming and expensive. Invest in the people already working for you to retain your skilled workers and avoid creating a skills gap. Low employee turnover is essential for stability and growth.
PwC found that 77% of executives believe retention will be a key driving factor for profit growth in the next year. In a jobseeker’s market, you need to understand what employees expect from you. Continuous skills development and progression opportunities are top of their list. Employees are leveraging the labour shortage to demand more commitment to their personal growth.