LIFELONG LEARNING
Top Five Reasons Why Training is Important for
Your Company and the Senior Living Industry
BY STEPHANIE ROBERT
Undoubtedly, employees are one of your company’s greatest as- sets. Investing in training and developing your employees is key to sustaining business growth and paving the way toward long-term success. This commitment makes sense when you consider the lengthy processes businesses carry out to recruit and hire qualified staff. Often, though, once the employee is hired, the emphasis shifts from professional development to other important functions. Several studies show that companies that make employee
development a priority see increased sales and profits when com- pared to others that are not committed to employee engagement. Providing dedicated training and development fosters a more efficient, competitive, and engaged workforce and is critical to your company’s short- and long-term financial performance. According to a recent LinkedIn Workforce Learning Report, a
whopping 93% of employees would stay at a company longer if the company would invest in their careers. Development is no longer an optional perk or reserved for only certain positions. It’s expected by today’s talent. Leaders are answering employees’ renewed calls for growth and purpose, and they are grappling with the urgent challenge of future-proofing their organizations. Companies that have actively interested and dedicated employees see a 41% lower absenteeism rate and a 17% higher productivity rate, according to a recent University of Louisville study. Here are the top five reasons why your company should invest in training and educating your employees:
Improve Employee Retention Rates In an age when employee turnover rates are high, it is im- portant to do everything we can to ensure that we retain quality employees. Many of today’s workers regard contin-
ual learning as a sought-after benefit. The Qualtrics 2020 Global Employee Experience Trends survey included that “opportunities for learning and development” was second-most powerful driver of engagement. And, even more powerful, “My company provides me with the opportunity for learning and development” was the No. 1 driver of “intent to stay.” Qualtrics also asked workers how well their community was
doing at each driver. Sixty percent said their company was doing well at learning and development opportunities, a gap that repre- sents a chance for companies that invest in learning to achieve a competitive advantage. Everyone at all levels enjoys practicing lifelong learning. Here
are some facts and figures to think about: • 74% of respondents to a LinkedIn Learning study said leader- ship development was the most important skill for employees to learn, followed by communication and collaboration.
• According to the Gallup State of the American Workforce re- port, 45% of millennials say “a job that accelerates their pro- fessional or career development is ‘very important’ to them,” versus 31% of GenXers and 18% of baby boomers.
10 SENIOR LIVING EXECUTIVE JULY/AUGUST 2022
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