Globally, companies are facing a shortage of talent. It is getting increasingly challenging for organizations to retain talent. There’s a marked increase in the number of workers quitting their job. As much as 40% of employees quit their job every year, compelling talent managers look for new ways to recruit and develop talent.
On average, an employee quitting a job costs a company between 50- 150% of the employee annual salary. Eventually, this could increase to 400% according to a PwC report. To curb this problem, companies can employ learning and development programs. These programs have proven effective to curb employee attrition. Industry statistics prove why L&D is instrumental in employee development:
- 87% of millennials prefer to stick to a job that gives them on-job development
- 42% millennials want to leave their job because they aren’t learning fast enough
- 36% millennials and Gen-Z say growth is a key attraction factor for them.
- 94% of employees can stay longer if the company invested in their career development
Given the above statistics, learning and development have become a crucial tool for talent managers. Additionally, as many as 94% of talent managers believe that L&D is important for their organization.
Download this LATEST FACT SHEET on 2019s Talent Development Trends and BEYOND
What’s more, talent managers are taking proactive approaches to overcome talent shortage, reduce talent attrition, and develop capability.
HR and talent management professionals are increasingly realizing the need for training of employees. Following are the areas where these professionals are emphasizing:
- Training for soft skills
- Consistently Imparting global training
- Delivering insights on internal skill gaps
- Track skill development
- Assessing skill competencies
- Understanding the impact of technology
The factsheet also mentions the challenges which prohibit L&D programs to attain full potential. Here are some challenges which obstruct companies in implementing learning and development programs.
- Resource limitation.
- Lack of support from management and other stakeholders.
- Established mindset.
- Absence of a supportive culture.
- Lack of clear direction and commitment.
- Focus on the top management level of talent only.
- Lack of administrative and learning systems.
- Failure to integrate new talent into the existing talent development framework.
- Inadequate know-how of talent development performance metrics.
An organization may face one or more of the above challenges. Across the industry, organizations are facing challenges, but also successfully deliver training programs. The fact sheet elaborates on the various challenges talent managers are coping with. Further, you can learn about implementing successful learning and development programs.
Additionally, talent managers need to develop another set of skillset. The factsheet includes areas in which talent managers can improve themselves and build successful talent development programs.
2020 will be a transformational year for recruiters and talent management. As the workforce undergoes a paradigm shift, you will need to acquire skills to keep you apace with the ongoing trends. Where you’re going, you don’t need roads but skills.
