Summary
- • The global corporate learning market is expected to reach $31 billion by 2027.
- • 77% of organizations offer online learning opportunities to their employees.
- • 59% of employees prefer to learn at their own pace.
- • The average employee spends 32 hours per year on training.
- • Companies that offer comprehensive training programs have 218% higher revenue per employee.
- • 94% of employees say they would stay at a company longer if it invested in their learning and development.
- • 56% of HR professionals say that training programs are essential for talent retention.
- • 72% of organizations believe that e-learning helps to increase their competitive edge.
- • 48% of organizations report that their learning and development budget has increased in the past year.
- • 68% of employees prefer to learn at work.
- • Employees are 12% more productive when they receive proper training.
- • 80% of executives believe that their employees need better digital skills.
- • By 2023, 60% of organizations will have learning analytics to measure the impact of learning programs.
- • On average, companies spend $1,296 per employee on training and development.
- • 68% of employees believe that training and development is the company's most important policy.
In a world where knowledge is power, the Learning And Development industry is on the rise like never before, with the global corporate learning market poised to hit a staggering $31 billion by 2027. With 77% of organizations offering online learning opportunities, its clear that the way we learn is evolving. From employees embracing the flexibility of self-paced learning to companies reaping the rewards of comprehensive training programs with 218% higher revenue per employee, the statistics speak for themselves. Dive into this blog post to uncover why investing in learning and development could be the key to unlocking success and retention in the modern workplace.
Employee Preferences
- 59% of employees prefer to learn at their own pace.
- 68% of employees prefer to learn at work.
- 68% of employees believe that training and development is the company's most important policy.
- 40% of employees report that they are not getting the development opportunities they desire.
- 75% of employees are more likely to watch a video than read documents, emails, or web articles.
- 84% of employees think it's extremely important to receive training in their jobs.
- 72% of employees do not have career development or learning opportunities that meet their needs.
- 44% of employees say they would like to have a more customizable learning experience.
- 54% of employees want to learn new skills but don't have the time to do so.
- 73% of organizations say that learning and development is a top priority for employee engagement.
- 42% of employees believe that they would learn more if their organizations offered better technology.
- 76% of employees believe that opportunities for career growth are one of the most important aspects of company culture.
- 80% of employees say that they would be more productive if they received better training from their employer.
- 52% of employees believe that informal learning is more important than formal training.
- 66% of employees believe they're not reaching their full potential due to lack of development opportunities.
- 80% of employees say they would be more engaged with their job if they had access to more professional development opportunities.
- 77% of employees believe that companies that offer learning and development programs are more attractive to potential employees.
- 68% of employees prefer to learn at work, rather than outside of work.
- 58% of employees say they prefer to learn at home, rather than in the workplace.
- 71% of employees say they would be more likely to work at a company if it offered professional development opportunities.
- 61% of employees say that professional development opportunities are critical to their job satisfaction.
- 62% of organizations offer opportunities for growth and development to all employees, not just senior level staff.
- 76% of employees believe that opportunities for learning and development impact their career choices.
- 79% of employees believe that career development opportunities are crucial to their experience with a company.
Interpretation
In a world where employees are craving growth and development like never before, the statistics speak volumes: from the 59% who want to learn at their own pace to the 84% who deem training essential, it's clear that companies cannot afford to ignore the thirst for knowledge within their ranks. Yet, the gap between aspiration and reality is evident, with 40% feeling they lack desired opportunities and 72% yearning for tailored learning paths. As technology changes the way we consume information, with 75% favoring videos over text, the onus is on organizations to adapt and provide accessible, engaging learning experiences. After all, in a landscape where career growth is paramount, the companies that prioritize employee development will not only attract but also retain top talent, setting the stage for success in a competitive market.
Employee Retention
- 94% of employees say they would stay at a company longer if it invested in their learning and development.
- 56% of HR professionals say that training programs are essential for talent retention.
- 90% of employees believe that learning and development is important in their decision to stay with an employer.
- 85% of employees are more likely to stay with an employer who offers career development opportunities.
- 34% of employees say they would leave their current job for better training and development opportunities.
- 57% of organizations say learning and development is a key factor in their employee retention strategy.
- 59% of employees say opportunities for growth and development are important in their decision to stay with a company.
- 67% of employees say they would change jobs if they felt there wasn't enough opportunity for training and development.
- 66% of employees say that learning and development opportunities are important in their decision to stay with a company.
- Companies that provide employees with development opportunities have a 34% higher retention rate.
- 68% of employees say that training and development directly influences their decision to stay with a company.
- 45% of employees say they would leave their current job for a company that invests in employee learning and development.
- Companies that offer career development opportunities are 45% more likely to be an employer of choice.
Interpretation
In a world where career paths are no longer just paved with gold stars and coffee runs, but rather with the promise of continuous learning and development, employees have spoken loud and clear: invest in our growth, or we'll leave you in the dust. With statistics showing that nearly all employees see the value in upskilling, and over half of HR professionals recognizing the essential link between training programs and talent retention, it's clear that the old adage "knowledge is power" has been revamped to "knowledge is loyalty." So, to all the companies out there clinging to outdated training manuals and stagnant career paths, beware: your employees are sharpening their skills, and they won't hesitate to wield them elsewhere if you don't offer the fertile ground for growth they seek.
Learning Culture
- Organizations that prioritize learning are 17% more likely to be market leaders.
- 71% of organizations believe that personalized learning is a top priority.
- Organizations with a strong learning culture are 68% more likely to have a competitive edge in the market.
- Organizations that prioritize learning are 37% more likely to be considered high-performing.
- Organizations with a strong learning culture are 40% more likely to be a top-performing company.
Interpretation
In a world where knowledge is power, these statistics paint a clear picture of the invaluable role learning and development play in shaping the success of organizations. From the allure of market leadership to the quest for personalized growth, it's evident that those who embrace continuous learning are the ones who reign supreme in the fiercely competitive business landscape. So, if you ever doubted the power of a strong learning culture, think again - it might just be the secret ingredient to staying ahead and standing out in a sea of mediocrity.
Market Size
- The global corporate learning market is expected to reach $31 billion by 2027.
- The global e-learning market is expected to reach $336.98 billion by 2026.
- By 2024, the global corporate e-learning market is expected to grow at a CAGR of 8.8%.
Interpretation
The numbers paint a picture of a world where the thirst for knowledge is as insatiable as a teenager's craving for TikTok videos. With the corporate learning market set to bloom like a well-nurtured bonsai tree, and the e-learning sector poised to burst into a financial confetti shower, it's clear that education is not just power, but also a wallet-fattener. So, buckle up, folks - the CAGR is about to take us on a wild ride through the digital corridors of knowledge commerce, where the only limit is the size of our screens and our willingness to click "Enroll Now."
Training Effectiveness
- 77% of organizations offer online learning opportunities to their employees.
- The average employee spends 32 hours per year on training.
- Companies that offer comprehensive training programs have 218% higher revenue per employee.
- 72% of organizations believe that e-learning helps to increase their competitive edge.
- 48% of organizations report that their learning and development budget has increased in the past year.
- Employees are 12% more productive when they receive proper training.
- 80% of executives believe that their employees need better digital skills.
- By 2023, 60% of organizations will have learning analytics to measure the impact of learning programs.
- On average, companies spend $1,296 per employee on training and development.
- Organizations with a strong learning culture are 92% more likely to innovate.
- 71% of organizations say their leaders are not ready to lead their organizations in the future.
- Companies with a strong learning culture are 52% more productive.
- 95% of organizations report that they would invest more in employee training if they could measure the ROI.
- Companies that invest in employee training enjoy a 24% higher profit margin than those who don't.
- Organizations that offer comprehensive training programs have a 24% higher profit margin.
- Organizations that prioritize learning and development are four times more likely to be deemed ready for the future.
- Employees are 15% more likely to feel engaged at work if they receive training and development opportunities.
- Organizations that invest in employee training see a 14% increase in employee engagement.
- On average, employees receive only 12 minutes of training per week.
- 63% of organizations are behind in digital transformation because they lack the right skills.
- 31% of organizations believe their current learning and development programs are ineffective.
- The average return on investment for companies that invest in learning and development is about $4.53 for every $1 spent.
- Organizations that invest in learning and development have 31% higher productivity.
- Companies that offer comprehensive training programs have a 24% higher profit margin than those that spend less on training.
- 46% of companies leverage AI in their learning and development programs.
- 26% of HR professionals believe that lack of leadership development is a major obstacle to achieving business objectives.
- Companies that offer comprehensive training programs have 218% higher revenue per employee than those that don't.
- Companies that offer e-learning and on-the-job coaching have a 50% higher productivity rate.
- 83% of HR professionals believe that incorporating gamification in learning and development programs can improve engagement.
- 85% of companies say that on-the-job learning and coaching are essential to their recruiting and onboarding process.
- 49% of L&D professionals believe that online learning is the most effective way to develop employees.
- Companies that offer comprehensive training programs have a 24% higher profit margin.
- Companies that invest in employee training see a 24% higher profit margin.
- Companies that offer e-learning opportunities see a 34% increase in employee performance.
- 57% of organizations have a formal training program for leadership development.
Interpretation
In the ever-evolving landscape of learning and development, the numbers tell a compelling story that cannot be ignored. From the significant impact of comprehensive training programs on revenue and profit margins to the undeniable boost in productivity and innovation seen in organizations with a strong learning culture, it is clear that investing in employee development is not just a luxury but a strategic imperative. As the digital age continues to unfold, embracing online learning, digital skills enhancement, and learning analytics will be crucial for businesses aiming to stay ahead of the curve. So, let's take a moment to appreciate the power of knowledge and training, for in the competitive arena of business, those who invest wisely in their people are destined to reap the rewards of success.
