Three Ways to Retain Talents Through L&D

The Great Resignation has left many companies facing difficulties in recruiting and even more difficulties in retaining people. Some companies hope to retain talent by raising pay, promoting internally, and offering flexible work hours and location options. Erica Keswin, an expert in workplace strategy, points out that another lever leaders can use is learning and development (L&D).

Professional development has a significant impact on talent attraction and retention. According to a survey by The Execu|Search Group, 86 percent of professionals say they would change jobs if a new company offered more opportunities for professional development. In addition, offering L&D to employees has many benefits for the company itself, including increased employee engagement, productivity, bottom line, etc.

Erica Keswin proposed three ways to prioritize L&D in organizations.

1) Learn early and often.

Companies should provide L&D for employees as early as possible and integrate L&D into the onboarding process so that employees feel their development is connected to the company journey. At the same time, companies should provide regular learning opportunities. For example, LinkedIn has an "investment day" ("InDay") every month on various themes such as giving back, relationships, learning, wellness and recreation, where employees can spend one day a month investing in their personal development. New employees can also quickly connect and resonate with the company through such events once they are onboarded. According to 2018 LinkedIn Workplace Learning Report, "94% of employees would stay with a company longer if it invested in their professional development."

2) Make learning a ritual.

Rituals can help employees gain a sense of belonging, stay engaged, and build a connection to their goals, which in turn drives higher performance. Setting up monthly themed events like LinkedIn is one way to do this. After the outbreak of COVID-19, many companies adopted a hybrid work model, and it may be difficult to gather employees for learning and development at dedicated times. Therefore, some companies tried to connect employees in the virtual workplace through the web. For example, Udemy, an online learning company, has a ritual called "Drop Everything and Learn" ("DEAL" for short). Every month, on a Wednesday at 3 p.m., all employees drop what they're doing and take an online course that they want to learn - either about a professional skill or about a hobby. This ritual helps employees recognize that it's part of the job to learn and helps the organization build a learning culture.

3) Assigning coaches to employees at all levels.

Coaching is a common method used in training. Companies often have one-on-one coaches for executives to provide immediate, specific feedback and guidance. However, more and more companies are now extending coaching services to lower-level employees, as leaders realize that coaching can take employee career development to the next level and also has a positive impact on employee engagement, retention and business performance. For example, Betterment, a financial consulting firm, offers coaching six times a year for directors and above, and three times a year for employees below that level. According to Susan Justus, director of talent development, "Employees seek out coaching when they are trying to get a promotion, want to know how to defend themselves in meetings, or are struggling to manage team members." There are also many HR service suppliers now offering coaching services that can cover the entire organization through data-driven, artificial intelligence and other technologies.

To conclude, companies should attach importance to on-the-job personal and professional development, provide effective L&D services for employees, make them feel more belonging and engaged with the company, and improve talent retention.