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The importance of personal growth for your people
Our partners Learnerbly explain the importance of investing in your people and upskilling your current teams in order to improve retention.
Encouraging personal growth at work can be brilliant both for your staff and your business.
By investing in learning and development (L&D) you can attract better people, upskill your existing team and increase retention.
Your staff will gain greater job satisfaction, more career prospects, and more stable employment.
We’d love to share with you some of the main reasons you should invest in your people’s personal growth!
Retain and attract talent
According to Deloitte, companies that foster an education culture have retention and engagement rates 30-50% higher than those that don’t.
Employees are much more likely to stay at your business if you provide them with great L&D opportunities and fabulous training. And if you’re hiring, it can be a huge boost to your Employee Value Proposition (EVP).
Personal development increases your employees’ prospects and prevents stagnation. Recruitment and onboarding costs are high and you want to give your staff the best opportunity to succeed, which will naturally make them feel fulfilled and much more likely to stay with your company.
Many employees are confident about their job prospects. Two-thirds of employees working in high-tech industries think that they could find a better job within 60 days.
If these L&D opportunities are connected to the person’s everyday tasks they also boost engagement by making work more interesting and fulfilling.
For example, if someone is learning project management methodology, they could apply their new knowledge to a current or upcoming project. You could help them to assess how well they implemented the methodology and suggest improvements for next time.
Improve Employee Performance
According to Middlesex University, up to 74% of UK employees feel they are not living up to their full potential in their jobs.
This is a critical issue for businesses, as Deloitte finds that companies with a strong education culture are 52% more productive.
Employees that engage in ongoing development are more likely to learn new skills. These new skills can help them to work more efficiently and you’ll both reap the rewards!
Companies that provide this kind of ongoing training are more likely to develop new products and processes, be first to market and be more profitable and productive. The benefits are endless!
Gain an Adaptable Workforce
The pace of technological development is increasing, and people’s jobs are rapidly changing as a result.
Deloitte’s 2021 Global Human Capital Trends Report found that 72% of executives worldwide pinpointed their employees' ability to adapt and learn new skills as a priority for navigating future disruption.
There are several reasons why investing in personal development can help overcome this issue.
First, an employee who engages in L&D is more likely to know about new developments in their field.
This allows them to engage in training to meet these needs and raise awareness of the requirement with management and the L&D team.
As a result, the company is more likely to stay abreast of industry changes and even get ahead of them.
Secondly, an employee that engages with L&D is more likely to pick up new skills and knowledge quicker than an employee who doesn't.
This helps employees to feel more secure in changing work environments or an uncertain economy, and they are less likely to seek other opportunities.
Fill Internal Skills Gaps
L&D allows you to upskill employees to meet the demands of your business and to fill skills gaps.
This saves on costs by reducing the need to outsource specialist knowledge. It’s also usually cheaper to train existing employees to fill new or higher positions within your organisation than to hire new ones.
L&D also helps your business spot skills gaps you didn’t know existed.
In the section above we explained that employees who engage in personal development are more aware of the latest developments in their field.
This helps them identify emerging requirements that are not being fulfilled at your business. These requirements could include new ways of working, skills or new technology.
L&D helps to spark innovation at work by stimulating the mind and getting creativity flowing.
According to Deloitte, companies with a great learning culture are 92% more likely to develop new or unique products or processes, and 56% more likely to be first to market.
L&D also fosters lateral thinking and mental flexibility. Lateral thinkers are great at problem-solving, as they develop new ideas and spot future opportunities for innovation.
A business that invests in L&D is essentially arming employees to overcome new challenges.
Develop a Learning Culture
A great way to look at upskilling your staff is to give access to learning resources. Think of developing a culture of learning within your business.
Your team can actively learn, encourage others to learn, and share their learnings.
A learning culture needs to be nurtured by those at the top of the business. But the learning itself works best when employees lead it.
This means that it’s up to the individual to choose what, how, when, and why they learn.
Allowing people to take control of their learning in this way makes them more likely to engage, helps them absorb more information, and makes the process more enjoyable for them.
In this article, we’ve highlighted the importance of personal development for businesses and employees.
We’ve also explained how developing a learning culture is key to ensuring that your personal development efforts are effective.
Our final piece of advice is to remember that learning is a journey, not a destination.
You should review your L&D strategy regularly, and your employees should do the same with their personal development goals.