How a thriving learning culture can help organizations retain talent
In many organizations, employee attrition ranges from 10% to 20%, presenting a real challenge in retaining talent. Insights from BTS highlight how cultivating a culture of learning and personal development can help boost retention.
In today’s fast-paced world, retaining skilled employees is a major challenge for organizations. With an exhausted workforce and tight budgets, companies are seeing higher and higher turnovers. The traditional ways of developing talent appear to no longer be working.
In order to attract and retain great talent, businesses need a fresh approach that focuses on creating a sense of purpose and a culture of continuous development. While 83% of business leaders agree that development is important at every level, only a small fraction of companies have actually made it happen. Companies need to go beyond simply teaching new skills, to instead give employees a real reason to stay, grow, and contribute.
Personalization in learning
As the world changes and requirements at work continue to evolve, employees and teams need to continuously reskill in order to stay ahead of the curve. That is especially true as new technologies like AI spread to a wide range of industries. Despite this imperative, and despite significant investment into leadership development, many employees still feel unprepared for the future of work.
“One size doesn’t fit all when it comes to learning,” says Stephanie Peskett, senior vice president at BTS.
“Personalization enables learners to focus on areas where they need the most improvement, allowing for targeted skill-building and efficient use of time and resources. This requires a blended and modular approach to give all learners access to training and materials at the right moments to unleash their potential.”
Many learning programs are too traditional and rigid, rather than modern and flexible. Learners are more successful with programs that offer more flexibility, access to high-quality materials, and opportunities to explore and learn from others.
The future of learning will be defined by a more democratic system in which learning is highly personalized and self-directed. New technologies and tools can help empower learners to cultivate their skills and foster a stronger connection to their companies, ultimately reducing turnover in the long run.
Creating ownership of learning and rewarding curiosity
When it comes to building a successful learning strategy, it is not enough to just present a program and hope for the best. All teams in an organization, including the higher-ups, need to be able to understand the outcomes and impact of learning programs.
“Individuals must perceive and experience the rewards of investing time and energy in learning,” says Andrew Burns, vice president at BTS.
“For instance, when everyone develops their business and technology acumen, the path to digital transformation becomes smoother. Corresponding productivity gains benefit both employees and the business. The cause and effect of learning on business results must be highlighted and rewarded.”
A big part of a successful learning program is rewarding curiosity. That should include creating a safe environment where employees can think critically, debate ideas, and voice their opinions without fear of punishment.
When people feel safe to learn and apply new skills, they are more likely to try new things and propose innovative ideas. This makes them feel more connected to their work. The key is to find a balance between holding people accountable for their progress and giving them positive coaching and feedback as they learn.
Community, experiences, and content
Another important part of any learning strategy should be facilitating connections. Many employees work remotely and rely on technologies for their work, both of which make them feel disconnected from their colleagues.
In order for a learning and development strategy to be well-balanced, it needs to properly address community, experiences, and content: Community helps to connect people and build accountability; Experiences help change mindset and lead to change; and Content is the base for guiding and strengthening work habits.
“Getting this balance is critical and should be the top priority for any learning organization,” adds Peskett.
Employee surveys can serve as a great means for understanding the impact of learning portfolios. This should include taking the temperature on how the employee’s skills are developing, but also on more subjective points, like how happy they are with the learning.
“Most companies accept that training their people is essential. However, far too many leaders haven’t changed their learning and development focus in years. That’s a liability in a modern labor market where talented individuals are quick to switch jobs,” says Burns.
But there is a better way to improve retention and engagement: Invest in purpose-rich training that benefits all parties and creates a dynamic learning culture. This approach is not only great for the valuable talent that companies need to keep on board, but it also builds a more resilient and engaged workforce.
