Date posted: 16/12/2022

The secret behind retaining your talent and uplifting performance

Learning and development is a simple but often overlooked tool to drive retention and business performance.

In brief

  • Leaders worried about employee retention should communicate a professional development plan to their team before the break.
  • Research shows every $1 invested in learning and development translates to an additional $4.70 in business revenue per employee.
  • CA ANZ has specially curated learning packages for your team, available for a limited time.

With January and February often heralded as the most popular months for employees to search for a new job, leaders should start asking themselves this side of the holiday season how they can thwart this employee jump.

Employees habitually use the downtime around new year to reflect on career goals and reinvigorate their motivation. Leaders who are worried about employee attrition are best to have a game plan ready and communicated to employees now that centres on how their professional skills will be developed in the new year.

Learning linked to employee satisfaction

Investing in learning can increase the morale and confidence of employees as well as ensure your workforce is set up with the right skills for the future.

This comes at a time where employers face a sustained talent shortage, with our 2022 member remuneration survey finding that 68% of members under 29 years value learning and development as an important factor beyond remuneration.

Christie Skillington CA

Christie Skillington CA

As a team leader and Senior Financial Accountant at QIC, Christie Skillington CA says these trends show the importance of prioritising learning as part of your strategy.

“Current talent management trends have reaffirmed QIC’s ongoing prioritisation of learning and development not only within the lens of our people and culture strategy, but also throughout our wider organisational strategy,” said Skillington.

The bottom line grows

As well as addressing your talent dilemma, focusing on learning is also just plain good business. A report from Deakin University and Deloitte this year showed every $1 invested in learning and development translates to an additional $4.70 in business revenue per employee on average.

"An ongoing commitment to learning and development provides a tangible demonstration of how a company values the engagement and growth of its people."
Christie Skillington CA, Senior Financial Accountant at QIC

Businesses also expected that the amount of training they will deliver to employees will increase by 19% on average this year compared to pre-COVID levels.

The financial benefits of investing in your team are being realised as a necessary step to ensure your business is not falling behind with the future state of work. Australia’s Digital Economy Strategy 2030 notes the country vaulted five years forward in both consumer and business digital adoption in just two months of the pandemic. This begs the question as to whether employees’ learning has kept pace.

“An ongoing commitment to learning and development provides a tangible demonstration of how a company values the engagement and growth of its people, seeks to continually improve itself as an enterprise, and invests in both the organisation and people’s short term needs and long term strategy,” said Skillington.

Where to find learning opportunities

The key is to ensure you’re equipping your finance team with skills that are future-proof and can’t be easily automated.

“As the diversity and scope of challenges and opportunities our finance teams manage continues to grow, adaptability, collaboration, data analysis, and critical thinking will continue to be priority skills for the team,” said Skillington.

Education experts at CA ANZ have specially curated packages that set your team up for 2023, focusing on these in-demand skills including communication, leadership, advisory and data analytics . Only available for a limited time, don't miss out on accessing these packages for your team.

Stay ahead of the curve

Newly curated future focused CPD packages that will equip you and your team with vital skills that cannot be automated in the future workforce. Limited time only.

Explore now

Search related topics