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Lessons from the great career reshuffle: L&D is more important than ever
Call it the “great resignation” or the “great reshuffle,” 2021 marked a pivotal, and unprecedented, time in the American workforce. Millions of American workers walked away from jobs across all industries and geographic regions. According to the Society for Human Resource Management, more than 3.95 million workers on average quit their jobs every month in 2021.
This massive exit has left L&D leaders across organizations asking “why?” And based on the research, answers vary, but at heart for the vast majority is a lack of learning and development opportunities.
A Learning Culture Fuels Employee Growth
Curious about this trend, Duarte conducted a survey last year of learning and development leaders. We discovered that while many employees reported having periodic to regular opportunities to learn at their organizations, many lacked strong learning cultures where staff had substantial opportunities for growth. In fact, in our research, only 18% of respondents rated the learning and development culture as “high” at their organization.
Note: 1% of respondents indicated “N/A I don’t know.” Results do not add up to 100 because rounding was involved in the reporting
But there is hope, as organizations are increasingly taking notice and committing to investing in L&D. We found that 76% of respondents predicted their learning and development budgets will either increase or stay the same in 2022.
Predicted 2022 L&D budget investment
Invest in Talent to Accelerate Performance
Developing a culture of learning and development is an investment, not just into individuals and their skill development, but into the organization as a whole. With organizations struggling to retain and fill roles, competition for top talent will become fiercer. According to PwC’s 2021 “Pulse Survey: Next in Work” report, companies should expect potential candidates to “negotiate hard” for “expanded benefits such as career growth and upskilling opportunities.”
As organizations leverage L&D to attract and retain workers, more opportunities become available for learning in online and hybrid formats. PwC found that at least 56% of employees prefer to work remote some to all of the time. Additionally, Duarte found that 79% of L&D professionals say the future of work will be hybrid, with 71% reporting the future of corporate training will be hybrid.
Duarte also asked L&D leaders where they plan to spend their training dollars in 2022, which offered revealing insights. When asked to select all that apply, we found many plan to invest in online training options.
Which types of training does your organization plan to invest time and money into in 2022? Select all that apply. (Other=0%)
Similarly, when asked to identify which training modality L&D planned to invest in most in 2022, there was a clear preference for online training – as evidenced by the top 3 answers to the above question. Specifically, it appears that more investments will be made in blended or hybrid training, along with live online training.
Which training methods do you predict your organization will invest in MOST in 2022?
Note: Results do not add up to 100% because rounding was involved in the reporting
With the global corporate training market “projected to reach $417.2 billion by 2027,” according to Allied Market Research, and with workers wanting training opportunities, it is critical to get training right.
This comes down to providing the right training opportunities that meet employees where they are: in a digital setting.
Yet, not every organization can invest at the same level to build L&D capabilities in house. In fact, Duarte found that 42% of organizations outsource power skills training to third-party vendors. When choosing the right training vendor, it’s essential to look for high-quality training content, skilled facilitators, and a knowledgeable and professional staff.
When choosing a training vendor, how important are the following factors? (0-10)
As organizations continue to adapt to the ever-changing world of work, it is important to elevate learning and development opportunities for employees. Adopting a high learning culture, meeting learners where they are at, and choosing the right training vendor are good first steps to improving talent attraction and retention.
