How Important Is Training and Development in 2024?

Continuous Learning for Personal & Professional Success in 2024

Regardless of a company’s niche, a clear focus on learning and development (L&D) is extremely important. Anyone who wants to reach success and stay competitive needs to invest in continuous employee training. 

While this would’ve been a significant investment just a few years ago, the rising popularity and effectiveness of online training software have made it affordable for a business of any size.

With the ever-advancing technology and promising results of employee training efforts so far, it’s clear that 2024 will be the year of learning and development. 

Current Trends in Training and Development 

Currently, only 41% of employers offer extensive training and development opportunities for their employees. This number is, however, expected to rise in the coming years, primarily due to the advancements in e-Learning software.

It’s expected that by 2025, the global e-Learning market will have reached over $325 billion, with the main drivers of growth being an increasing need to train larger groups of employees and the ever-decreasing cost of employee training solutions.

Because of its convenience and effectiveness, mobile learning will be on the rise. Around 70% of the UK population owns a smartphone, and companies will start taking advantage of this, offering better and more personalised training opportunities.

Benefits of Training and Development for Employers 

There are more than a few reasons why you, as a business leader, need to invest in employee training. The following are just some of the main benefits of training and development. 

1. Aligned Goals

Aligning your company goals and employee career goals is crucial to achieving success, and it can be done through training and development.

When both you and your employees have a common goal, you’ll find it easier to come up with plans and strategies that will help you realize it. 

The best career assessment test can help you align your goals quite easily. Your employees can use this test to gain clear insight into their strengths and weaknesses, and they can determine their best career path. 

You can then use this information to create promotion opportunities that will help your employees realize their potential while setting your company on a path to success.

2. Increased Employee Retention Rates 

Improving your employee retention rates would have a significant impact on your bottom line. Hiring and training new employees is a time-consuming and expensive activity. So, the more you focus on employee retention, the better will be your ROI.

Over 80% of employees would leave their current jobs for better development opportunities. If you want to improve your employee retention rates, you need to offer them both training opportunities and career development opportunities. 

3. Enhanced Performance 

Unskilled and uneducated employees can never meet the performance standards set by those who are well-versed in the skills necessary for the job. 

If you want to boost performance, you need to allow your employees to learn and develop so that they can adopt the skills and techniques that will allow them to be more productive and efficient in their roles. 

4. Satisfied Customers 

Providing employee training opportunities is especially important for your customer service agents. 68% of customers say that a pleasant representative is the key to better service experiences, and 62% say that the key to a better experience is the representative’s resourcefulness and knowledge.

Training your customer service representatives and teaching them how to handle your customers better will significantly improve your customer satisfaction rates, and your return on investment will be almost immediate.

5. Improved Bottom Line 

There’s one clear result of focusing on employee training and development — increased profits. 

Offering career growth opportunities to your employees improves your employee retention rates. Skilled employees are more productive and will make fewer mistakes. Satisfied customers will stay loyal to your business. 

All this adds up to significant improvements in your bottom line. 

Benefits of Training and Development for Employees 

Of course, it’s not just the company that will benefit from focusing on employee training. The employees themselves have a lot to gain. 

So, if you’re looking for a new job, here’s why you should go to a company that offers extensive employee training opportunities. 

1. Mastering the Right Skills 

Whether you’re fresh out of college or have held a prominent position in a company for years, training opportunities will allow you to develop the right skills needed for future growth. 

Each company is different, with different goals, focuses, and daily tasks. If you want to advance and stand out, you need to develop the skills that will allow you to do so.

A company that helps you work on self-improvement and skill-development will help you realize your career goals and push you forward. 

Armed with the right knowledge and skills, you’ll be able to find better and more lucrative roles within and without your current company.

2. Finding the Right Career Path 

With the help of the best career assessment tests, you’ll have an easier time finding a path that suits your skills and interests. 

As already mentioned, these types of tests can showcase your strengths and weaknesses. This allows you to learn what areas you need to focus on to advance in your career, and what skills you can go without. 

Having said that, these types of career assessment tests can also serve as guides that might highlight career paths that you’ve never considered taking.

You can use the results of these tests to talk to your employer about potential promotion or further development opportunities.

3. Climbing Up the Ladder 

Mastering employee training courses will not only allow you to become better in your current role, but it will offer you better opportunities for climbing up the ladder within the company, which is ultimately everyone’s goal.

You will not only have the opportunity to develop the skills needed for your current role, but you’ll also be able to work on preparing for future positions.

With skills that are already developed, you’ll have an easier time adjusting to more demanding positions with more responsibilities.

4. Staying on Top of Trends 

If you’re interested in advancing your career, you need to be aware of what skills are currently needed and which ones are becoming obsolete. 

This will be especially useful in tech companies. Technology is always changing and developing, and if you cannot stay on top of the game and keep learning, you risk falling behind and losing your job.

5. Making Important Connections

The greatest benefit of taking employee training courses, whether online or offline, is that you will be able to meet other professionals in your field. 

You’ll get the chance to learn from others and work with them, which can prove to be invaluable to your career growth.

Most Common Training and Development Courses 

While most companies will offer employee training courses that teach the skills necessary for specific positions, many of them still provide more general training opportunities that will be useful regardless of your field and position. 

Therefore, the most common courses include: 

l  Soft Skills

Soft skills include interpersonal communication, leadership skills, teamwork, flexibility, problem-solving, and more. Regardless of your position, soft skills are a must. 

l  Computer Skills

Almost any administrative or office position will require you to have at least basic computer skills. 

l  Onboarding

Training new employees is a must for any company. New recruits will need to get acquainted with their daily tasks, company culture, and the most important daily processes.

l  Sexual Harassment

Sexual harassment training in the workplace should never be neglected. It’s for the benefit of all employees, managers, and supervisors to take a compliance course on sexual harassment.

In conclusion

Considering what employee training can offer to both employers and employees, it won’t be an overstatement to say that learning and development is very important. 

Developing various skills and focusing on continuous learning will prove to be fruitful to anyone. So, in 2021, employee training will be considered the most important task in many companies.

Author Bio:

Kamy Anderson is an ed-tech enthusiast with a passion for writing on emerging technologies in the areas of corporate training and education. He is an expert in learning management system & eLearning authoring tools - currently associated with ProProfs Training Maker.