Why staff development matters
According to Deloitte, organisations with a strong learning culture are on average 52% more productive and 17% more profitable than their competitors. Dynamic career development has never been more important to sustain organisational performance and maximise staff retention.
The landscape of learning has changed.
We live and work at a time when record numbers of employees are debating whether to quit their job and switch to a new company with stronger career prospects.
There has been a lot of noise around the Great Resignation over the past year in the US – and research suggests it’s a trend taking hold in the UK too. According to a recent survey from PwC, one fifth of British workers say they expect to leave their current job for a new employer over the next 12 months. 1 This creates a huge challenge for employers as they try to curb the risk of attrition before it puts a hole in organisational performance.
The aftermath of Brexit is another problem to contend with. Labour shortages are sweeping across almost every industry, particularly in high demand areas such as IT and finance. This has driven extreme mobility in the labour market and even higher rates of employee turnover, with almost 50% of Fintech workers planning to move jobs in 2022.
2 It’s clear that if talented staff don’t feel their career ambitions can be fulfilled with their current employer, they no longer have any trouble sourcing new opportunities elsewhere.
So, what should organisations be doing to cut the risk of losing their best people? One proven approach is to prioritise staff development and ensure employees feel there is a path for progression in their current role.
The Access Group has written a guide that will walk you through the most important challenges and insights regarding staff development, career progression and, above all, how to make the most of the talent at your disposal.
1 Source: Workforce Survey 2022, PwC
2 Source: Work Reimagined Survey, EY