When we think about work benefits, we tend to think of the essentials, like health insurance and retirement plans. We might even think of perks like unlimited paid time off (PTO), flexible work hours, free lunch, or gym memberships. But what about benefits of employee training and development?
A recent report from CNBC found that employees are hungry for training and learning that will keep them up to date with rapidly changing skills in their industries. Eighty four percent of employees who responded to a survey expect their employers to provide that learning, and two thirds of those respondents are willing to leave their current jobs if they don’t get it.
Why is workplace training an important perk?
Skills are changing fast.
Research from the The World Economic Forum (WEF) finds that the half-life of a technical skill is now two and a half years or less. The rapid evolution of technology is part of the reason for this. Think of the technological tools we were using 10 years ago — many of those tools have either changed significantly or have been replaced by new technology. The 2022 introduction of Generative AI (GenAI) only sped these changes up. According to LinkedIn, more than half its users’ jobs will be changed dramatically by AI in the next few years.
This means that some jobs will be obsolete in the next few years, and many brand-new roles will be created. Workers want to be prepared for these changes, and they expect their employers to train them.
Can traditional education help employees upskill?
In the past, higher education and tuition reimbursement programs were an important perk for employees who wanted to improve their skills. Higher education is still considered fundamental for individuals seeking formal training in certain disciplines, but for those already in the workforce, getting a college degree to upskill doesn’t make as much sense. Skills are simply changing too fast.
By the time a worker completes a new degree program, many of the technical skills they went to school to learn may already be outdated. Employers can provide the sort of on-the-job learning and reskilling for employees that will prepare them for future roles.
Which employees value training?
On-the-job training is important to employees of all ages. While generational observations can’t be applied to everyone within a given age group, different generations appear to value workforce training for different reasons:
- Boomers: Boomers aren’t done learning. The AARP found that 94% of Boomers are willing to learn new skills if their employer or a potential employer asks them to. Three quarters of Baby Boomers are interested in learning new technological skills.
- Gen X: Caught between two prominent generations within the workforce, Generation X has struggled to move into leadership roles. Boomers are retiring later, and research shows that Gen X has been promoted 20-30% slower than Millennials. Gen X workers generally value leadership development, coaching, mentoring, and other opportunities for growth.
- Millennials: Millennials have always valued learning and growth. PwC’s report on Millennials At Work found Millennials were more interested in learning and development (L&D) than in other kinds of benefits, including cash bonuses.
- Gen Z: Raised to see the breakneck pace of technological development as the norm, Generation Z knows the value of skills-based training. A strong learning program that lets them develop their skills and grow in their career will help to attract and retain them.
If you train employees, will they leave?
Traditionally, L&D programs have delivered the skills employers want their workers to have rather than the skills that employees are hungry for. Taking an employee-centric approach to learning may seem like a risk to some employers.
Employers may be concerned about their workers grabbing new skills and leaving for greener pastures. That doesn’t seem to be the case, however.
According to CNBC, more than half of employees say they want improved skills to prepare them for better roles at their current company, and more than 75% of workers said they’d stay with their company long-term if offered better development opportunities. (However, many said they would also be willing to leave for a company that offered better learning programs.)
It seems that employers and employees want the same things: to be prepared for the future. And training seems to be the way to make that happen.
