In today’s fast-paced workforce, strategic investment in employee learning and development is essential for businesses to remain competitive. A culture of continuous learning is a hallmark of high-performing organizations, but keeping up with changing skills needs presents challenges, even for well-established employers, as the shelf life of skills grows. New research from D2L underscores the vital role of skills development in enhancing talent retention and preparing businesses for future disruption.
Invest, upskill, excel identifies two major trends driving the need for upskilling. The first is a tight labor market, which highlights the importance of investing in skills development for both new and current employees. The second, and perhaps more widely discussed, is the rapid speed of technological change, which puts pressure on both employers and employees to keep skills relevant.
Drawing from both employer and employee perspective, this new research paper presents compelling statistics that support these key themes:
92% of learning leaders agree that effective training and development programs contribute to higher employee retention.
83% of employees recognize that ongoing skills development is crucial to their overall job performance, yet only half have completed any formal education or training outside of work in the past five years.
Recruitment and retention are top priorities for employers. D2L’s research highlights that 82% of L&D leadership rank talent acquisition and retention as their organization’s most pressing challenge.
The good news is that organizations are increasingly recognizing the value of investing in the development of their current workforce. Our findings illustrate that organizations are seeing the shift in upskilling culture, and over half of L&D leadership would invest more in developing current employees to address their HR challenges.
What’s driving this shift? The growing urgency to prepare the workforce for the integration of artificial intelligence (AI). In fact, 75% of L&D leaders feel a pressing need to equip employees for the impact of AI and automation on their work. As businesses implement AI into their operations, they want employees to leverage these tools to their fullest potential—something achievable only with comprehensive learning and development strategies.
Turning to the employee’s perspective, the message is clear: employees are looking for a clear path to advancement. A striking 83% of employees acknowledge the importance of ongoing skills development, and there is a persistent demand for development opportunities from their employers. So much so, that employers are seen as the primary source for employees seeking to develop job- or industry-specific skills. There is a strong and growing demand for employers to provide the tools and opportunities necessary to build these critical skills. By fostering an environment that prioritizes strategic learning, employers can empower employees to take ownership of their development while ensuring that the workforce is prepared for evolving challenges and opportunities in their respective industries.
To address the pressing challenges of employee upskilling, D2L offers the following key recommendations for employers:
- Foster a culture of continuous upskilling: Design strategic learning opportunities that equip employees with the skills and knowledge they need to excel in their current roles and grow into new pathways in their organizations
- Recognize that your talent strategy is your business strategy: Enhance your talent strategies by focusing on relevant and practical learning opportunities that meet employees’ aspirations for career advancement and improved earnings
- Prioritize strategic learning opportunities: Offer relevant and practical learning experiences that employees can directly apply to their work, enhancing their engagement and effectiveness
- Leverage metrics to track return on investment: Establish a robust framework for tracking and analyzing outcomes to ensure your learning initiatives deliver measurable value
Access the whitepaper here to gain access to more insights.
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