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Never Stop Learning – Part 2: the Importance of Continuous Learning for Organizations
In part one of this two-part series, Never Stop Learning, we looked at the advantages that IT professionals will receive through continuous learning. In part two, we’ll focus on the benefits to the organization. In case you missed part 1, click here.
A critical factor to providing upskilling to employees is to ensure your organization has the skill sets on hand that are needed to deliver business value. In their 2017 Deloitte article, Learning in the Digital Age, Bill Pelster and Jennifer Stempel state, “Virtually all CEOs (90%) believe their company is facing disruptive change driven by digital technologies, and 70 percent say their organization does not have the skills to adapt.” Imagine how much worse those statistics must be five years later (today), when there are ever-increasing demands for digital transformation.
In fact, in her 2022 eduMe blog, 7 Statistics That Highlight the Value of Continuous Learning, writer Isidora Markovic quotes from the Deloitte article that, “As companies build the organization of the future, continuous learning is critical for business success.” Isidora has sourced the seven statistics that she uses to explain “There has been extensive research carried out on the connection between successfully executed learning initiatives, satisfied employees, and favorable outcomes for employers.”
Seven Statistics that Highlight the Value of Continuous Learning
The article shows either the negative impact of a lack of training opportunities or the positive aspects of workers who have learning and development opportunities. We’re providing a brief summary of the points; please read her full article for more details and complete quotes…
- “94% of employees would stay at a company longer if it invested in their career development... The half-life of skills is decreasing; it used to be 10-15 years, now it is just five. This means in five years’ time, a new skill gained will be half as valuable as it was when it was acquired.
- 40% of employees with poor training will leave the company within the first year... On the other hand, the investment made in people through providing timely, regular learning opportunities will be returned tenfold in their productivity and output.
- 86% of employees believe it’s important for employers to provide learning opportunities... The global workforce is undergoing a generational shift – by 2025 millennials will make up 75% of it. Millennials have a different set of expectations from their employers, with 87% viewing development in a job as important, compared to just 69% of non-millennials.
- People who work for companies that invest in resources for learning are 83% more likely to feel happier in their job. Happy employees are employees who are motivated, engaged, connected with company culture, and feel as though they belong to a community. As a result, they are more loyal and productive.
- 80% of people agreed learning new skills would make them more engaged. The business benefits of having an engaged workforce are huge – from 59% less turnover to a 10% increase in customer ratings and a 20% increase in sales. All these micro benefits add up to the macro-benefit of 21% greater business profitability.
- 46% of respondents said that the number one reason they feel bored at work is due to the lack of opportunity to learn. Continuous learning staves off boredom because it puts people in a cycle of constant self-betterment. Having to expand your skill set in an ongoing way creates the challenge of always working towards something new in an attempt to reach the next goal. This sense of challenge is motivating.
- In an analysis of three million employee surveys, ‘learning and development opportunities’ were found to be the second most significant factor is determining engagement…. People must be intrinsically motivated to learn (i.e., they do it for no other reason than they want to). This is the more desirable form of motivation because it comes from within.”
The article goes on to state, that, “…currently, only 46% of employees discover learning through managers or leadership. This is a hugely wasted opportunity considering 75% are enthusiastic to take manager-assigned courses.”
Organizational Benefits to Upskilling Employees
This means organizations should have an upskilling policy as part of their business plan. Indeed provides pertinent information on how to do this in their article, Upskilling Your Employees: Practical Tips. They cite benefits that include:
- Investing in your employees helps build loyalty and increases job satisfaction.
- Your team will feel appreciated and valued, which translates to better morale and an improved company culture.
- Happier employees tend to be more productive, more innovative, and less likely to leave.
- By opting to upskill your employees, you can reduce the costs associated with recruiting, hiring, and onboarding new workers.
- You’ll retain your current workforce’s institutional knowledge, and it’s impossible to put a numerical value on this insight and experience.
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