A new workforce study has revealed that the majority of workers (57 percent) are getting training from “on the job” experience rather than from planned company training. Also, the same survey found that 13 percent of companies worldwide invest in talent management programs to further employees’ growth and career path. For those companies that are providing training, only 35 percent are offering career development opportunities with the most up-to-date online applications.
“…many organizations don’t consider the career development of their employees a part of that growth equation — but they should,” said Emily He, Chief Marketing Officer at Saba – the facilitator of the survey. “Not only is talent management and training an integral part of workforce development, it’s proven to be a driving factor in the long-term growth and success of an organization.”
He’s opinion is also backed up by data from a recent Deloitte study. In 2014 Deloitte published a a report that said in part, “Companies that fall into the ‘high-impact’ categories spend significantly more on training than average. So companies who invest in a total learning and development (L&D) strategy spend more per employee than those who are inconsistent. This shows that L&D spending pays off.”
All of this should be a concern for organizations that desire to continue to compete in future markets. It should be even more concerning once the needs of millennials are factored in. That green and large workforce is arriving with preconceived notions of what the employers should be providing them. One item is training.
“A growing millennial base within the workforce should also be a consideration for companies today,” said Dan Schwabel, Founder of WorkplaceTrends.com. “The survey found that a majority of the millennial generation (55 percent) are the most aggressive in seeking out development opportunities in their organization. This is a population that generally is more comfortable in learning and tracking their career development online.”
The data seems to show that planned training is smarter, produces better outcomes and costs less.