A recent market study by The Josh Bersin Company – a research and advisory company focused on HR and workforce strategies – has revealed that most Learning & Development (L&D) functions are failing to create definitive career paths for employees, despite major recruitment challenges in their organisations.
The research, published in a new global report, The Definitive Guide to Learning: Growth in the Flow of Work, suggests that although corporate training has come a long way and is now more integrated within the business-as-usual, employees crave a more “stretching” experience in their working lives, and are quite likely to go elsewhere if internal career growth paths aren’t available. The study adds that such a move would also simultaneously help fill the gaps in more skilled roles that organisations are currently struggling to fill.
Key highlights from the report indicate that:
- Almost 85% of L&D departments are ill-equipped to create new career paths for employees.
- Only15% of L&D functions are far outperforming their peers, suggesting the need for how learning and upskilling can help employees grow while helping organisations build critical talent for their future needs.
- Advanced L&D teams, by contrast, are delivering a 260% increase in financial results and four-fold+ improvements in growth, innovation, and market leadership through smarter matching of strategic hiring challenges with existing employee ambitions.
- A third of the workforce in developed markets leaves their employer each year, because they can’t see a meaningful career path ahead of them if they stay.
Commenting on the research findings, Josh Bersin, Global HR Research Analyst and CEO of The Josh Bersin Company, said: “The shortages of talent that exist around the world today will only get worse in the future, and half of the battle is keeping existing employees engaged and interested. If workers can build skills that will amplify their career growth potential and find opportunities to apply those skills and grow their careers within your organisation, they will be less likely to leave in search of those opportunities outside your organisation.”
“If they could just harness the latest digital enabling tools and play a more proactive role in matching employees’ individual development and career needs with the strategic recruitment challenges of the business, L&D functions have a huge opportunity here,” added Nehal Nangia, the company’s Senior Manager for Research L&D.
Full access to the report is available here, and the executive summary here.
Author: Binu Jacob – EFS Content Lead and Comms Strategist
Photo credit: Marcos Luiz Photograph on Unsplash