5 key learning and development facts and statistics

Learning and development (L&D) is a vital element of today’s corporate workplace ensuring that employees have the required skills and knowledge to perform their role.

However, it is more than just teaching them about the basic requirements of their job.

L&D encompasses the wider process of supporting employees through personal and professional developments which enable them to increase their work-based skills, including technological understanding or leadership abilities, and also to increase and refine their personal skills, such as, understanding bias or gaining cultural awareness.

Organizations which encourage and foster a rich learning environment for their employees find that their teams are more productive, loyal and engaged.

Professional learning and development also ensures organizations stay competitive and can adapt to the ever-changing business landscape.

Below you’ll find 5 key L&D facts and statistics which highlight why it is so essential…

1. Impact on employee retention
   Fact: Employees who receive adequate learning and development opportunities are more likely to stay with their current employer.
   Statistic: According to LinkedIn’s 2021 Workplace Learning Report, 94% of employees would stay at a company longer if it invested in their career development.
   
2. Importance of soft skills
   Fact: Soft skills like communication, teamwork, and problem-solving are increasingly valued by employers.
   Statistic: In a survey by the World Economic Forum, the “Future of Jobs” report in 2020 identified that 85% of respondents would look to “retrain existing employees” in order to ensure they had the relevant skills for future health of the business.
   
3. Digital skills gap
   Fact: There is a growing digital skills gap in the job market as technology continues to advance.
   Statistic: According to Forbes, “76% of workers do not feel prepared for working in a digital-first world”. This finding is taken from the 2022 Global Digital Skills Index. The study surveyed over 23,000 workers, ages 18 to 65, in 19 countries over the last two months of 2021.
   
4. Learning and development investment
   Fact: Companies are investing more than ever before in learning and development.
   Statistic: The average per-employee spending on learning and development worldwide increased steadily between 2008 and 2019, however fell slightly in 2020. This figure increased again in 2021, reaching almost 1,300 U.S. dollars per worker.
   
5. Learning and development trends
   Fact: learning and development trends have seen a significant shift in recent years.
   Statistic: According to Statista, “in 2022, learning and development professionals considered leadership and management to be the most important aspect of workplace training. Between 2021 and 2022, two new areas of focus deemed to be important were introduced into the survey in diversity, equity, and inclusion, and digital upskilling/digital transformation”.
   

These facts and statistics highlight the importance of professional learning and development for both individuals and organizations in today’s rapidly changing work environment.

Investing in your employee’s skills development can lead to higher employee retention, improved competitiveness, and better business performance overall.

If you would like to find out how Creative Word Training can help advance the learning and development schedule for your organization, contact us now.