5 Trends to Drive Your 2014 Training Budget
QUOTABLE: “Top talent retention is an expensive proposition. Companies must either come up with the resources to meet up the expectations of their talented employees or be constantly in the market to replenish them.” – Forbes
- Lack of skills—especially the right skills. Skills issues are now among the top trends HR professionals are concerned about. ManpowerGroup points out that many companies can’t find the surplus talent they need because it simply isn’t out there. The solution is to hire or promote for potential skills and then develop them.
- The mass exodus of Baby Boomers. According to data from the Pew Research Center, 10,000 Baby Boomers will reach retirement age every day through 2030. Organizations have to start “growing their own” to keep ahead of what has been called an imminent brain drain. It’s not a problem you can successfully hire your way out of.
- Top talent jumping ship. The most sought-after talent looks for opportunities to continue to grow, in their careers and as people. They know some companies are committed to employee development—and others aren’t. High achievers have a choice, and they’ll go where there’s a learning culture backed up by leaders who coach, mentor and invest in their ongoing career development.
- The growing need for agility. Change, uncertainty and volatility aren’t a passing phase—they’re part of the everyday landscape of business. Yesterday’s competencies won’t cut it in the face of today’s challenges. To stay profitable and competitive, we need to develop people with the agility, adaptability and achievement drive to thrive in a complex, rapidly evolving world.
- The innovation-learning connection. Effective training can deliver a wide range of significant business results. According to Bersin Research, companies with strong learning cultures are 92% more likely to innovate. As the competitive global business environment heats up, organizations can’t afford to fall behind on either the innovation or learning curve.
Finally, and no less importantly, we know that “one and done” doesn’t work. For over 100 years, studies such as “The Forgetting Curve” have shown that people forget up to 96% of what they’ve heard and quickly go back to old habits. If you’re not investing in ongoing training, development, coaching and reinforcement, you won’t get the return you need or the results your organization requires. That’s not only bad for your budget; it’s bad for business.