As an employer, it’s natural to want to attract the best talent to work in your organisation. After all, your people are key to the success of your business.
However, attracting top talent and retaining it is something that many organisations – particularly those lacking in-house HR resource – struggle with; often putting great energy into recruitment while doing little to prevent existing talent from leaving.
In the immediate aftermath of the global Covid-19 pandemic time away from the office gave employees the space to reflect and reset, causing many to reconsider their career and fueling a period of mass resignations that saw top talent jump ship.
This only intensifies as you move up the ladder, with higher management positions and senior leadership roles among the most difficult to fill.
Creating value within your company
One way of preventing top talent from leaving your business is by investing in learning and development initiatives that seek to up-skill employees or move them into managerial positions.
With almost half of workers citing a lack of progression as the reason they looked for new role, a robust learning and development plan can offer your business an advantage when it comes to retaining its top performing talent.
The best way to get this going is to consult with an HR company experienced in running management training programmes. They can work with your in-house HR team or people leaders to put together a custom development plan that’s suited to the size, scale, and needs of your organisation.
Investing in learning and development for your employees can result in numerous benefits for your business, including:
1. A more engaged workforce
Equipping your employees with the tools they need to develop and progress in your company and their career sends a clear message that your business cares about its people.
Employees traditionally seek out a new role when they feel unappreciated or as though there’s no longer room to grow at their current place of work. A focus on development and up-skilling can build a culture where employees feel valued, seen, and appreciated. This can give them the reassurance they need to stay with the company, leading to higher levels of engagement, satisfaction, and overall wellbeing.
2. Greater talent acquisition and retention
A strong learning and development culture can also help you to attract and retain top talent, giving you an advantage over your competitors and leading to lower levels of staff turnover. This can lead positive reviews for your business on sites such as Glassdoor, making it an organisation that top talent have on their radar and proactively seek to work at.
3. A loyalty to your business
Businesses that treat their staff well are also popular in the eyes of the consumer. People want to support a company that has a strong set of values and goes the extra mile to look after their employees. This can help to positively boost your profile and improve brand loyalty.
In addition, your employees are also more likely to stay loyal to your business and become better brand ambassadors for your company.
4. A return on your investment
Developing your team’s skills also delivers you a return on investment. As your employees develop their knowledge their performance should improve and they will become even more valuable members of the team.
In many industries, not least, marketing, IT and financial services, staying up-to-date with the latest legislation and best practices is essential to remaining relevant and compliant. By up-skilling your team, you’re able to better serve your customers and develop young talent within your business into tomorrow’s leaders.
5. Fewer skills gaps in your organisation
Finally, learning and development offers a means to prevent skills gaps in your organisation at a time when talent retention is critical. Losing employees whose skills are in short supply, or whose knowledge is irreplaceable, can leave your business under resourced and put additional pressure on remaining members of your team.
Outsourcing to an HR consultancy to inform your development and learning culture not only gives you the benefit of expertise and objectivity, it can also help you to prevent talent losses that your business can’t afford to lose.