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Member Benefit

The Critical Importance of Development in the Workplace

Published Fri Oct 20 2023

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Humans are inherently driven to grow and change throughout their lives, which is why professional development and training opportunities in the workplace are so critical. A 2022 survey by the Conference Board found that 58 percent of employees would consider leaving their company if they didn’t have access to professional development and training. Additionally, MetLife’s 2023 Employee Benefit Trends Study revealed that 35 percent of employees ranked learning and development as a top-three element in the employee experience. Providing quality professional development and training benefits both employees and organizations. It fosters loyalty, productivity, and engagement and makes employees feel cared for by their employers. Intrinsic motivators, like growth opportunities, are more crucial for employees’ sense of well-being than extrinsic factors like compensation and work-life balance. Millennial employees, in particular, place a high value on learning and development opportunities, with over half considering them a “must-have” benefit. Interestingly, remote and hybrid workers tend to be more satisfied with their professional development opportunities than on-site employees. To improve professional development and training, employers are encouraged to think beyond technical or “hard” skills. Soft skills like networking, feedback acceptance, coaching, and team motivation are equally important. Employers should also embrace interactive and ongoing learning models, such as cohort programs and mentorship initiatives.

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