Companies respond to The Great Resignation with higher L&D budgets, survey finds
SAN FRANCISCO, March 15, 2022: Today, TalentLMS, a learning management system backed by Epignosis, and the Society for Human Resource Management (SHRM) are releasing a report about the state of learning and development (L&D).
Two years into the pandemic and with the Great Resignation in full swing, two surveys conducted among HR managers and employees in the U.S. reveal the ways companies are addressing the talent shortage and skills gaps, and the training roadblocks employees face.
According to the survey, 67% of HR managers will have an increased L&D budget in 2022. Forty-six percent already have specific training in place for new graduates who are entering the workforce and 42% offer training to support the re-entry of formerly retired employees.
“While we’re going through what’s considered the biggest talent shortage in decades, with half of companies facing a skills gap, HR managers recognize the importance of bringing different generations of workers together, and of training on both hard and soft skills,” says Christina Gialleli, Director of People Operations at Epignosis.
The report also uncovers the rising importance of mental health and well-being training for the employee experience in the post-pandemic workplace. Seventy-two percent of HR managers would invest in mental health and well-being training if they had a higher L&D budget, and 77% of HR managers are likely to focus on life skills within the next 12 months.
While employees are overall satisfied with the learning and development in their companies (75%), the findings from the employee survey shed light on the gaps that exist in today’s workforce.
According to employees:
- 55% say they need additional training to perform better in their roles
- 38% advise companies to align training with job responsibilities, 32% believe it’s important to update training content more frequently, and 32% believe training should be more social.
- One in two employees is pursuing learning opportunities on their own, outside of training at work.
“These statistics prove how critical it is for today’s leaders to focus on talent development. The growth of our businesses depend on pushing people beyond their boundaries,” says Jeanne Morris, Vice President of Education at SHRM.
The full report can be found here: The State of L&D 2022
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TalentLMS is the LMS built for training success. Designed to get a “yes” from everyone, it’s where great teams, and companies, go to grow. With an experience that’s fully customizable, easy to manage, and a joy to use, teams embrace training while feeling right at home.
Epignosis is a leading software house in learning tech and trusted by over 70,000 teams worldwide. Its portfolio includes TalentLMS, an all-in-one LMS for SMBs, TalentLibrary™, an on-demand library of ready-made courses, eFront, an enterprise learning management platform, and TalentCards, a mobile app for training the deskless workforce. The company is paving the way for the democratization of training by developing premium eLearning tools that help teams reach their full potential.
SHRM, the Society for Human Resource Management, creates better workplaces where employers and employees thrive together. As the voice of all things work, workers and the workplace, SHRM is the foremost expert, convener and thought leader on issues impacting today’s evolving workplaces. With 300,000+ HR and business executive members in 165 countries, SHRM impacts the lives of more than 115 million workers and families globally.