An empowered learning and development team improves employee retention. In fact, 93% of employees say they will stay longer at a company when that company invests in their career development.
Employee retention is absolutely a key HR objective, but there are many other benefits that learning & development provides that directly impacts a company’s bottom line. Training employees helps make employees more productive. Companies that spend at least $1,500 per employee annually report earning 24% more profit than those with smaller learning and development (L&D) budgets.
So, we get it. Learning and development is amazing. It helps companies gain and retain top talent, it improves productivity, and learning & development helps companies earn more profit. Before we go on then, it seems we need to understand what is learning and development and who are the key players.