In a fast-evolving industry like technology, where new tools and roles emerge more often than iPhone releases, upskilling is critical to stay employable. But learning and development is not just beneficial for employees. It is critical for business success, too. 

Here are five ways that learning and development (L&D) programs drive candidate attraction, retention and business growth. 

In this article: 

Five benefits of a robust learning and development program

• 1. You become a talent magnet
• 2. You create a sense of belonging and inclusion
• 3. You’ll improve engagement and retention
• 4. Business growth booms!
• 5. An upskilled, future-ready workforce is your competitive edge

5 benefits of a robust learning and development program 

Most people genuinely want to grow, whether that be learning more skills or taking on more responsibilities. And when an employer invests in that appetite for growth? 

Magic happens. 

Here are five benefits of a robust L&D program that are good (nay, great!) for business.

1. You become a tech talent magnet

If your opportunities are struggling to stand out in the Australian tech talent marketplace, you might be missing this one crucial ingredient. 

Training and development opportunities are in high demand for our top technology talent. Respondents in our 2024 Tech Talent Outlook ranked the most important benefits their ideal employer should provide, including: 

career progression opportunities (46.86%) 

good training and development (24.85%) 

interesting job content (24.14%) 

The lust for career growth is higher for Gen Z employees (63.79%) than Gen Y (56.56%) and Gen X (40.45%).

2. You create a sense of belonging and inclusion

We’re working in the most multi-generational, diverse and dispersed workplace ever. Providing dynamic, personalised learning initiatives will ensure that training and development is valuable and accessible for everyone (wherever they may be in their life, career and world!). 

When you consider the advantages for underrepresented groups in STEM, learning and development initiatives like mentorship can help to strengthen the pipeline of talent and provide access to opportunities and resources that might not otherwise exist. 

3. You improve employee engagement and retention

Learning and development initiatives have become an important retention strategy, especially for industries suffering skills shortages. LinkedIn’s 2024 Workplace Learning Report finds that 90% of organisations are concerned about employee retention, and providing learning opportunities is the number one retention strategy. 

Companies that rate highly on employee training see 53% lower attrition, while employees at companies that offer internal mobility stay almost two times longer. It’s too good to ignore! 

A robust training program can also increase employee engagement, with seven in ten people saying that learning improves their sense of connection to the organisation, and eight in ten people saying that learning ​​adds purpose to their work. 

Mentorship may just be the superpower you’re looking for, here. Not only is it cost-effective (other than time invested, the initiative is free), but in leveraging the expertise of your employee network (both mentors and tech-savvy mentees), you’ll increase confidence, connection, and a sense of fulfillment and job satisfaction.

4. Business growth booms! 

Innovation thrives when people are full of fresh ideas, creativity, and the skill and ability to bring it to life. It doesn’t take a rocket scientist to see that an engaged, fulfilled, highly developed workforce doing their best work is going to bring in the big bucks for their employer. 

Through this lens, growth becomes an advantageous cycle; investing in the growth of your people spurs company growth too.

5. A future-ready workforce is your competitive edge 

Learning used to only focus on improving productivity with rigid set-and-forget corporate training. But these days, learning is more focused on the individual and their career goals. 

A continuous learning environment helps your team keep their fingers on the pulse of their profession, upskilling as needed and staying on top of emerging trends (like the four in five employees who want to learn how to use AI in their role). It ensures that as your company adapts and evolves with its external environment, you have a skilled, competitive workforce capable of leading you through the change. 

L&D programs create thriving workplaces 

Investing in learning and development is not just an investment in your employees, it’s an investment in the future success of your organisation. By prioritising robust, personalised L&D initiatives, companies can create a supportive work environment where employees thrive, driving higher attraction and retention, continuous growth and success for all. 

Want to know what else tech talent want from employers?

Download our 2024 Tech Talent Outlook report.