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Companies Respond To The Great Resignation With Higher L&D Budgets, Survey Finds

HR Tech Outlook | Tuesday, March 01, 2022

Fremont, CA: Most companies, it's safe to assume, have adapted to the post-pandemic world according to their unique way. Despite the hurdles, L&D teams have been at the forefront of adopting innovative ways to handle remote onboarding and training programs, increasing virtual worker productivity, and discovering new ways to help a hybrid workplace.

TalentLMS, an Epignosis-backed learning management system, and also the Society for Human Resource Management have released a report on the condition of learning and development (L&D). Two years into the outbreak and with the Great Resignation under full swing, two polls of HR leaders and staff in the United States indicate how firms are managing the workforce shortage and skills shortages, as well as the training hurdles employees experience.

According to the report, 67 percent of HR managers expect to increase their L&D spending in 2022. In addition, 46 percent already have thorough training for new graduates joining the workforce, and 42 percent give the training to help re-enter recently retired personnel.

"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 survey also reveals the growing importance of mental health and well-being mentoring in the post-pandemic environment. For example, if organizations had a larger L&D budget, 72percent of HR managers would invest in mental health and well-being training, and 77percent of HR managers focus primarily on life skills within the next 12 months.

While employees are satisfied with their businesses' learning and development (75 percent), the results of the employee poll shed light on the existing gap in today's business environment.

"These statistics prove how critical it is for today's leaders to focus on talent development. The growth of our businesses depends on pushing people beyond their boundaries," says Jeanne Morris, Vice President of Education at SHRM.

 

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