A hashtag circulating on social media is #careercushioning. To understand what it is, you need some background about jobs today:
- Average number of jobs a person will have in their lifetime: 12
- Average tenure of an employee: 4.6 years
Succeeding in this new world of work takes #careercushioning or skill building. The job you hold today must teach you skills you can use for a job in the future. That is why potential job candidates look closely at a company’s Learning and Development (L&D) culture before making a decision to work there or not. It is also why employees who believe they are not receiving adequate L&D opportunities leave.
Young workers especially place a high currency on L&D. According to Cypher Learning’s 2024 State of Corporate L&D report, 44% of those aged 18-34 cite a lack of L&D as a reason to find a new job.
Should Employers Offer More L&D Opportunities?
Yes. Good reasons why include:
- Companies with comprehensive employee training programs have 218% higher income per employee than companies without formalized training.
- When employees receive the training they need (and want), companies are 17% more productive. (Source: Devlin Peck, 2024)
The star performer on your finance team expects continuous L&D opportunities. If you want to keep them working for you, providing them with a way to learn new skills is important. According to LinkedIn Learning’s 2024 Workplace Trends report, L&D is now employers’ top retention strategy.
How Do Workers Want L&D Delivered?
A recent Forbes survey finds workers prefer digital learning environments. Learning management systems (LMS) can keep track of completed courses. Often these systems can make course recommendations based on a desired skill set.
Employees also value company-wide training from different departments. This helps decrease siloes and encourages knowledge-sharing.
Are Executives On Board?
Yes. Deloitte’s Skill-Based Organization survey finds a majority (77%) of business executives agree their organization should play a role in teaching workers relevant skills. Digital transformation projects depend on workers’ knowledge of automation and AI.
As employees seek ways to cushion their careers with new skills, employers should take note. Talented employees are hard to find. Offering them L&D opportunities makes it more likely they will stay.