Talented people who want to advance their careers spend a lot of their free time on professional development. Many employers are just fine with this arrangement, as investing in ongoing education can be expensive. However, offering ongoing education for your employees can be extremely valuable to your business.
It’s What Employees Want
Many professionals take charge of their professional development, but they also want their employer to provide some opportunities. If you want to attract people who are constantly pushing themselves to grow and achieve, it pays to invest in company-sponsored education. These programs show employees you support their goals and helps you build a more successful team.
Education Boosts Retention
Managers and HR pros are well acquainted with the high cost of replacing an employee, but it pays to keep those costs top-of-mind. It costs nearly $5,000 to hire an entry-level employee according to the Society for Human Resources Management and it can cost up to three times a role’s salary the higher up the ladder you climb and the more specialized the position. Offering employees internal and external educational opportunities helps them see a clear path for growth with your organization, building up their sense of loyalty and boosting retention.
Education Increases Profits
Education isn’t just a cost center – it is an investment in the bottom line. According to a recent ADT report, companies that provide education and development opportunities have a 24% higher profit margin than companies that do not. Employees who have access to educational opportunities tend to be ahead of industry trends, work faster, work smarter, think more creatively, innovate more and are more engaged in their work.
Education Doesn’t Have To Be Expensive
There are many effective ways to invest in the education and development of your staff, and many are cost-effective. Consider solutions like:
- Tuition reimbursement programs: Pay for all or a portion of an employee’s pursuit of a degree. Most companies require the employee to provide up to three years of service after earning their degree, which helps improve retention, as well.
- Conference and seminar sponsorships: If a conference or seminar will help boost performance on the job, pay for some or all of it.
- Training reimbursement: If an employee finds a relevant and useful training program and wants to attend, offer to pay for it or reimburse them upon successful completion.
- Lunch and Learns: Each week, have someone on the tech team share a skill with the rest of the group over a brown bag or catered lunch. You can also bring in outside trainers a few times a year to amp up the learning.
- Company library: Purchase industry books and personal development books and allow members of the organization to check them out for free, just like a lending library.