Employee development and continuing education opportunities are becoming increasingly important in today’s job market. Millennials are now the largest generation in the workforce. They are not solely pursuing job satisfaction — they are pursuing personal-professional development. There are numerous benefits that come with employees pursuing continuing education. These benefits are not only for employees, but also employers.
Read, ‘5 Interview Questions for Millennials & Gen Z.’
3 Continuing Education Benefits for Employees
- Learn New Skills: By pursuing a continuing education program, employees are able to grow their skill set that may not be advanced otherwise. This allows employees to become more valuable to their employer and become more proficient at their current position.
- Increased Chance of Promotion/Bonus: It is common for organizations to offer incentives for employees that have completed a continuing education program. These incentives may come in the form of a promotion, salary increase or one-time bonus.
- Personal Satisfaction: The majority of the workforce do not want to be in the same job, completing the same tasks, for years at a time. It is vital that employees pursue development opportunities to satisfy their personal needs and eliminate boredom.
3 Continuing Education Benefits for Employers
- Creating a Highly Skilled Workforce: Employees who are committed to learning can bring new ideas and creativity to the workplace. These employees are more likely to stay at an organization who will help them stay competitive with their peers.
- Improve Productivity and Proficiency: Workers who pursue educational opportunities contribute to the bottom-line by increasing their productivity and proficiency. These opportunities can bring knowledge of positive changes, including innovative changes and process improvements.
- Employee Retention: Companies that invest in continuing education and professional development programs for their employees typically maintain a higher retention rate. Because 33% of employees cite boredom and the need for challenges as the top reason for leaving their organization, it’s vital that businesses incentivize employee growth and development in order to retain top talent.
Society Insurance is Here to Protect Your Business
It is critical for businesses to stay up-to-date on workforce trends and future projections. Having a well-trained and educated workforce can help businesses not only increase profitability, but keep a happy and satisfied workforce—saving both time and money in the long term.
Read our HR blog series for additional tips on employee recruitment, retention, professional development and more. Or contact a local Society agent today for more information on insurance coverage options that could suit your needs.