Building a Competitive Advantage: How to Attract Top Talent With Education Opportunities

When the so-called "Great Resignation" began during the peak of the Coronavirus pandemic, many assumed that it would be a temporary problem for the global workforce. Yet here we are, with many industries continuing to face issues with recruitment, retention, and skill gaps. In fact, according to a TechTarget article, more than 71 million people quit their jobs between April 2021 and April 2022 alone.

If you're looking to attract the right candidates to fill open positions, implementing the right talent acquisition strategies can make all the difference. One of the best strategies to focus on is offering professional development and education opportunities to your employees. In doing so, you can attract motivated candidates, enhance your organization’s culture, and maximize overall employee satisfaction.

Understanding the Modern Workforce

According to a BetterBuys survey of more than 2,000 employees, companies that offer professional development and career advancement opportunities see 34 percent higher retention rates and 15 percent higher employee engagement rates than companies that don’t offer these opportunities. This makes a lot of sense when you consider the dynamic nature of today's workforce.

More than ever, people are looking for opportunities where they aren't just going in and punching the clock. Instead, they want to feel as though they are truly making a difference, doing something they genuinely enjoy, and bettering themselves in the process.

Today's employees are more likely to be satisfied in a role where they are given plenty of opportunities to learn new things and acquire new skills. If they don't have these opportunities in one workplace, there's a good chance they'll seek employment elsewhere—it's as simple as that.

The Importance of Education Opportunities

Education and professional development opportunities lead to higher rates of employee satisfaction, improved engagement, and reduced turnover. When employees are given opportunities to focus on their career progression and acquire new skills with their current employer, they're more likely to feel valued and appreciated. This, in turn, can increase loyalty and keep top talent around.

From a recruitment standpoint, offering upskilling and reskilling opportunities is also an extremely useful talent acquisition strategy. By being able to communicate to potential job candidates that they will have opportunities to participate in continuous learning, corporate training programs, or even in-house training workshops, companies can demonstrate that they're investing in employee growth, first and foremost.

Of course, offering the right educational opportunities also demonstrates to employees (and potential employees) the value of continuous learning. When workers are regularly offered opportunities to learn new skills, build upon existing skills, and explore topics that interest them, this fosters a stronger sense of ongoing learning and continuous improvement.

Direct Benefits to the Organization

For organizations with professional development programs in place, there are many benefits to be reaped. Study after study has demonstrated that employee loyalty and job satisfaction rates are notably higher among organizations that offer professional development opportunities. In fact, one Zippia study found that 58 percent of employees surveyed considered professional development a major contributor of overall job satisfaction.

In addition to improved job satisfaction, workers given regular workplace learning opportunities tend to be more confident and engaged in their work. Likewise, the concepts and skills learned in professional development classes and workshops can bring organizational growth and innovation to the organization as well. As employees explore new ideas and sharpen their skills, they're able to apply these concepts and abilities to their work. In this sense, organizations can enjoy a high return on investment in employee education.

In addition to making an organization a more attractive place to work, offering ongoing educational opportunities boosts employee retention. When workers feel valued and know they have opportunities to explore their interests with support from their employers, they are more likely to stick around. In fact, organizations with strong learning cultures have increased retention rates of anywhere from 30 percent to 50 percent (Zippia).

Higher retention rates also mean less money spent on recruiting, onboarding, and training new employees. This can reflect positively on an organization's bottom line while keeping top talent at the organization. With the right training, many senior-level and more advanced job openings can be filled by current employees, rather than having to conduct a time-consuming and costly external hiring process.

Overcoming the Hurdles

In a perfect world, every organization would be able to offer plenty of professional development opportunities to each of its workers based on their skills, interests and long-term career goals. In reality, it isn't quite that easy. In fact, there are several challenges employers must overcome to offer the right education opportunities to their workers.

Cost is the chief concern for most employers. Sending employees off to professional development events (such as conferences and industry trade shows) can quickly get very expensive. This is especially true if attendance at the event requires registration fees, airfare, lodging, and other costly travel expenses.

The good news? Many major industry events offer discounted rates and other special savings for those who register in bulk or take advantage of "early-bird" registration, so this can be a practical way to save money. Likewise, reaching out to event coordinators directly can sometimes open other doors of opportunity to save money on these experiences.

Another option to make professional development opportunities more affordable is to explore less conventional avenues. Rather than sending a group of employees to a major industry trade show across the country, for example, you might explore digital registration options or other e-learning opportunities (such as virtual learning segments). Workplace learning opportunities like corporate training programs and in-house training workshops can be incredibly informative and engaging at a fraction of the price.

Logistical challenges can also get in the way of implementing a great professional development program at your place of employment. With so many moving parts and different parties involved, getting everyone (especially upper management) on board can be difficult. This is where it can be useful to look at case studies of similar programs and invite employee input to help shape your program.

Implementing an Educational Partnership

Employers are increasingly establishing partnerships with local colleges and universities to provide employees with professional development and educational opportunities for career progression. A partnership with universities and colleges could mean offering specific classes or certificates to current employees.

No matter what you may have in mind, an educational partnership begins with finding the right school to participate. Many schools offer group discounts on dedicated programs for your organization, with areas of study ranging from leadership and project management to communication and HR.

If you're interested in an educational partnership, the first step you should take is to find local schools that participate in this type of program. From there, consider which subjects would be most popular with your employees and see if the school's employee development programs cover any of these topics. If so, consider reaching out to a client manager to begin collaborating on a custom professional development plan for your staff.