Amid the pursuit of talent retention strategies, many leaders often ponder the fundamental needs of their workforce. While monetary compensation stands as a common consideration, it's not the sole pivotal factor. Equally essential is the provision of pertinent on-the-job training.
New research by TalentLMS and Vyond reveals that 66% of U.S. employees feel the necessity to gain new skills for success in their roles. The report also highlighted a concerning trend: if employers fail to meet the demand for training and learning opportunities, about 41% of employees intend to depart from their current jobs in the coming year.
The study also revealed significant insights into the current landscape of employee training and its impact on skill development and career progression. Presently, 68% of individuals are actively pursuing additional training independently to enhance their skill sets, with 58% leveraging social media platforms for skill cultivation.
This emphasis on skills stems from the realisation that skill longevity is decreasing, as indicated by 57% of respondents acknowledging shorter skill shelf lives than before.
In terms of sought-after training topics, leadership and management, mental health, and the utilisation of AI tools emerged as the top three non-mandatory subjects employees expressed interest in.
The study further showcased that 72% of employees attributed career progression in 2023 to the training provided by their companies. However, certain obstacles hinder effective learning experiences, such as lengthy sessions, unengaging content delivery, and limited on-demand access to training materials.
Key takeaways from the research highlighted the indispensable role of new skills in driving professional success, with 66% of employees recognising the necessity of skill development.
Interestingly, while 67% expressed a desire for training on new AI tools, the study indicated a gap in providing adequate AI-related training to employees. Additionally, 71% felt more prepared for the future of work due to the training received in 2023.
Looking ahead to 2024, the study predicted three pivotal trends:
- Firstly, personalised learning is anticipated to gain significant importance, with 80% of respondents emphasising its relevance.
- Employees also stressed the significance of non-work-related training for well-being, with 68% advocating for training that supports their overall wellness.
- Furthermore, 79% highlighted the importance of flexibility in training, emphasising the need for tailored topics and adaptable training schedules.