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When You Train Employees, Do You Also Boost Retention?

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Sponsored by FranklinCovey

If you’re involved in hiring or managing people, no one needs to tell you that competition for top talent is incredibly fierce. And keeping teams engaged and motivated is getting more difficult all the time. That’s why it pays to be especially thoughtful and strategic about how you train employees.

This isn’t just my opinion. It’s the conclusion of organizations like SHRM, which found that employees are 76% more likely to stay onboard when their organization has a dedicated process to support workforce learning and growth. Similarly, Deloitte estimates that retention is 30-50% higher among companies with a strong learning culture.

But this begs the question — exactly how can you build and sustain a learning environment that engages people so they want to stay onboard and advance your agenda? That’s the topic we’re exploring today with a brilliant business leader who is also a recognized expert in learning and development…

Meet Our Guest:  Paul Walker

I’m honored to welcome Paul Walker, President and CEO at FranklinCovey! As the company’s chief strategist and operational leader, Paul is committed to transforming organizations and enabling greatness. He actually started his career at FranklinCovey 22 years ago, and has grown and adapted along with the company. So clearly, he knows first-hand how learning and development can help retain top talent. Please join us as we explore this topic:

Connecting Learning With Retention
Welcome, Paul! Let’s dive right in. How is training tied to workforce retention?

Our work with clients and research from others tell us that training is integral to retention for several reasons:

  1. When you train employees, they feel valued because you’re investing in them. And the more valued people feel, the more likely they are to stay.
  2. It helps people perform better. We all want to do our best work everyday. If we need skills to do that, and our employer is helping us acquire those capabilities, it not only helps us do better today, but may also prepare us for something exciting in the future. Again, we feel valued.

How to Train Employees Effectively
What do people really want from work-related training?

There are probably more factors, but over and over again we see employees focusing on these things:

  1. Is it easy for me to access, so I can get the most out of it?
  2. How well does it fit into the flow of my daily work life?
  3. How relevant is it now, and will it prepare me for where I want to be in the future?
  4. Is it useful? Does it actually help me perform better?
How Can You Train Employees for Retention? Join us for a live #WorkTrends Twitter Chat - Wednesday, March 29th - 1:30-2:00pm ET. Follow @TalentCulture on Twitter for questions - and add the #WorkTrends hashtag to your tweets so others can see your comments and interact with you!

JOIN US ON TWITTER!

Choose Learning Metrics That Matter

Retention is important, but what other KPIs should we consider?

When we want to train employees, we need to be sure we’re not just advocating for retention or other objectives that may feel a bit soft to people who make budgetary and strategic decisions. These leaders don’t necessarily see how learning supports what they want to accomplish.

Instead, we need to focus on how learning improves the quality of the team’s results. That’s crucial to the organization’s performance.

We need to talk in the language Deloitte used in its research that says:

  • 92% of companies with more intentional, sophisticated learning develop more novel products and processes,
  • 56% are often first-to-market with products and services,
  • 52% are measurably more productive, and
  • 17% are more profitable.

Make It a Leadership Priority to Train Employees

Absolutely. There’s value here, and our KPIs should reflect that…

I would also say the best organizations have figured out how to ignite a passion for employee learning in their leaders. In other words, people development is a key leadership expectation, and leaders want to be involved in helping their people grow and develop. It’s not just the responsibility of HR or L&D…

For more insights from Paul about how to train employees for retention, listen to this full podcast episode. And be sure to subscribe to the #WorkTrends Podcast on Apple Podcasts or Stitcher.

In addition, we invite you to join our live Twitter chat about this topic on Wednesday, March 29th from 1:30-2:00pm ET. Follow us at @TalentCulture for questions and be sure to add the #WorkTrends hashtag to your tweets, so others in the community can easily find your comments and interact with you!

Also, to continue this conversation on social media anytime, follow our #WorkTrends hashtag on Twitter, LinkedIn, and Instagram.

9 Strategic Learning Moves to Prepare for the Future of Work

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In HR circles, we talk a lot about employee development. Often, we focus on its role in improving workforce engagement and retention. But strategic learning is about much more than that.

No question, when employees have an opportunity to add new work skills to their portfolio, they become more motivated and involved in their professional growth. It may well spark a desire to stick around, earn a certificate, and aim for further advancement.

Research certainly supports this assumption. For instance, 76% of employees are more likely to stay with a company that offers continuous training, according to a recent survey by TalentLMS and The Society for Human Resource Management. But these days, we need to recognize the power of learning and development as a strategic business move.

The Value of Strategic Learning

Certainly, employees need the right knowledge and skills to perform well in their current roles. But are you preparing them for tomorrow? Strategic learning looks ahead and introduces new practices, approaches, technologies, and solutions that will drive business success, going forward.

The future of work is unquestionably complex. It will be transformed by automation and furthered by machine learning and AI. If people don’t have the means to evolve and expand their capabilities, we’ll all be held back as the workplace enters uncharted territory.

More Than Just New Skills

Effective learning and development is not just about helping employees acquire new skills. It’s also about embracing learning as a strategic imperative. Over the years, I’ve discussed the importance of this perspective with numerous experts. In particular, one previous conversation stands out.

In 2020, I invited Dickens Aubourg to join me for a #WorkTrends podcast interview. Dickens is a learning and development expert who, at the time, was Director of Client Learning at Paycom:

9 Ways to Elevate Your Learning Agenda

In this interview, we explored Dickens’ perspective on strategic learning — and the 9 points we covered still resonate:

1. Treat employee training as a key business strategy that integrates retraining, reskilling, and upskilling. Ultimately, the goal should be to gain and sustain a competitive advantage through workforce readiness, competence and innovation.

2. In most organizations, learning and development isn’t sufficiently supported. Nor is it defined correctly. Learning isn’t an isolated act of class attendance or content consumption. It’s actually part of the daily employee experience. A mix of ongoing formal and informal learning is essential for effective professional development and performance support — including opportunities for social and collaborative learning.

3. We need to value informal learning for bringing context and relevance to work. It’s a way to improve connection and collaboration within teams and across the workforce, in general.

4. Quantifying and recognizing both formal and informal learning creates experiences that help leaders drive meaningful business impact and results.

5. The shift to remote and hybrid work enables organizations to more easily develop people from within. This is critical in modern work environments.

6. HR products and platforms that focus on learning will be an increasingly important component of the HR tech ecosystem. We won’t be separating learning from other people functions, nor should we.

7. It’s important to remember that, while training is not the only form of learning, it is central to employee development. Training on new tools and processes can be woven into an overall learning program that offers other development opportunities, giving employees a sense of growth and accomplishment, as well as the potential to reach new horizons.

8. Leaders will benefit from a better understanding of upskilling. The best way to do that? Start upskilling high-level managers and others in leadership positions. Ask them to identify gaps in their capabilities and offer pathways for professional growth. Targeting only lower-level employees for upskilling isn’t fair, and it’s actually short-sighted.

9. Continuous learning breeds a more nimble, agile workforce, which is what the new world of work requires. Organizations are constantly incorporating new technology and tools. We saw it during the pandemic, but it’s accelerating now. Individuals and teams must keep pace. A culture of learning supports this.

Top Takeaway: Strategic Learning is About Optimism

Employers can no longer afford to hold back on training, development, educational resources, and a commitment to workforce learning. Not only does strategic learning contribute to HR goals, but it also is essential in helping organizations achieve key business objectives. So, for individuals and employers, alike, this means learning is an act of optimism.

I’ve witnessed this firsthand recently at partner companies that are turning to new approaches and processes for growth and improvement. And as a result, they’re thriving.

So here’s the lesson: Tapping into everyone’s potential for growth is not just wishful thinking. It’s an opportunity to strengthen the employee experience and improve performance, while advancing your business agenda. The sum total? We all win.