Benefits of a Well-Designed Employee Development Program
Education Envy: Side Effects Can Include TurnoverSingle-digit unemployment has put everyone in the hot seat. It's an employees' market out there, and people are weighing their options. And it's not just the disgruntled you need to worry about. A recent study of job satisfaction shows that even happy employees are at risk. The universal sore spot: development. "Workers feel quite disappointed with their job's professional development aspects," wrote the authors of the recently released Conference Board study.
While more than half of the 1,500 surveyed employees said they're happy with their jobs, a much smaller number expressed contentment with professional development, ranking such opportunities near the bottom of nearly two dozen employer attributes. That's a problem since study-after-study shows skill attainment high on employees' lists. In today's tight labor market, Conference Board researchers call it "a warning signal for any organization looking to attract and retain talent." In other words education envy can cause side effects -- namely turnover. "To attract and retain the most productive employees in today's labor market," wrote The Conference Board, "companies must make a bigger commitment to addressing the factors within their control that entails addressing the job components with which employees are least satisfied, including job training."
Employee Development Programs in the SpotlightClearly employers are paying attention, hence the rise in tuition headlines. And the uptick isn't just in new programs. Many of the newly publicized offerings are expansions -- employers who have sweetened the development pot by increasing reimbursement amounts, in many cases funding employees' education at 100%. So is it working? If headlines alone are a measure -- yes. But there's more. And employers who are stepping up are indeed giving themselves a steep advantage. Just look at some of the employee comments on a LinkedIn post about one company's generous tuition program.
"My absolute favorite benefit."
"Much love for this company."
"Good work on encouraging education to employees."
"Love that my company invests in your future!"
Learn About Bright Horizons Benefits for Your Organization
May 15, 2020