Regardless of whether you’re calling it the Great Resignation, the Great Reshuffle, Quiet Quitting or something else entirely, the gradual workforce shift underway is putting a spotlight on something employers have long known: Providing workers with job and career development opportunities is critical to employee satisfaction and, as a result, employee retention.
Organizations are responding by putting significant funding toward learning and development (L&D). Training Magazine data shows average training budgets in 2021 ranged from $341,505 for small companies to $17.5 million for large companies. What’s more, one-third (32%) of companies surveyed by the publication said they increased their training budget that year (up 9% from the year before), compared to 21% who lowered their investment (down from 26% who said they reduced their budgets in 2020).
