Employees Say This Is Key to Retaining Talent
One of the biggest reasons employees leave is believing their current organization fails to recognize their value.
By Marie Leech
Whether you’re struggling to keep or attract new talent at a time when quit rates continue to hover near all-time highs, a new survey shows offering regular professional development opportunities could help retain employees.
This is especially true among women, people of color, and Millennials, the survey, conducted by The Conference Board, reveals.
According to the survey, 61 percent of women said they would leave their job if they didn’t receive development opportunities vs. 55 percent of men. The disparities are even more striking among women of color: 71 percent of Black women said they would leave without professional development opportunities, while 70 percent of Hispanic and Asian women said the same. Millennials were 66 percent more likely to leave a job with no professional development opportunities vs. just 47 percent of Baby Boomers.
“These survey results reveal that, in the midst of a talent shortage, providing and promoting opportunities for career and skills development can be a critical way to attract candidates,” said Rebecca Ray, executive vice president of human capital for The Conference Board. “In order to retain and grow the diversity of thought and experience within your organization, it is critical to ensure that all employees have access to rich professional development opportunities.”
According to a recent study by Gartner, the pace of employee turnover is forecast to be 50-75 percent higher than companies have experienced previously and the issue is further compounded by it taking 18 percent longer to fill roles than pre-pandemic. One of the biggest reasons employees leave, according to that study, is believing their current organization fails to recognize their value.
If career paths were made more visible to them and employees felt invested in, they would feel like they could pursue their next career move without changing companies, the study found.
The Conference Board survey found that a whopping 96 percent of respondents found professional development opportunities to be important or very important, but people of color — particularly, women of color — report a greater lack of access to these opportunities and resources. Overall, 58 percent of workers said they are likely to leave their company if they don’t receive professional development opportunities.
“Employees have made clear their desire to keep learning and growing both within and beyond their current roles,” said Jennifer Burnett, principal of human capital for The Conference Board. “It is in the best interest of employers to provide all employees across their business with learning and development opportunities related to business priorities and overall personal growth, whether it’s ensuring there are appropriate resources for front-line workers or highlighting the importance of empathy for managers in a hybrid world of work. Creating a culture of learning will not only help your employees flourish but will help your company stay ahead of the rapidly changing business environment.”