The Singaporean workforce is one of the most dynamic, diverse, and skilled in the world, which is why continuous learning is top of mind for its professionals.
Professional networking site LinkedIn recently released a survey that shows more than 40% of Singaporeans have left their jobs due a to lack of Learning & Development opportunities. Look around in your office: about 2 out of your 5 colleagues are likely to do so in the near future! What does this mean for business organisations? It means a constant churn that has a negative impact on culture, processes, and the bottom line.
It has been estimated that costs of replacing an employee are far costlier than the investments that would improve retention. This should spur businesses to work with their employees to find out which skills are mutually beneficial. So why isn't this happening?
There may be a few key reasons:
Lack of Strategy
Insufficient Resources
Employee Unavailability
Let's take a closer look at each of these reasons.
1. Lack of Strategy
You don't know what you don't know, making it impossible for you to address it. Human capital remains the most important factor of business success, and by not taking the time to determine your employees' needs, you are seriously setting your business back.
2. Insufficient Resources
Learning and Development can seem daunting, especially if you are a younger business, and the resources typically go into business development activities. With the rise of digital learning solutions and e-authoring platforms available, taking the first, inexpensive step towards L&D is only a few clicks away!
3. Employee Unavailability
In the same LinkedIn survey, the main challenge for employees was finding enough time and motivation to complete learning modules. In the days of one-to-one training and lengthy onboarding, this was truly a hassle. However microlearning and self-directed L&D platforms are on the rise, making the learning journey more convenient for all!
As a business leader, you know that you need to make investments to gain significant returns. L&D technologies are on the rise and proving to be increasingly effective. It is time to talk about the Learning and Development Journey in your organisation. Reach out to us today.