NEW YORK, July 5, 2022 /PRNewswire/ -- As talent shortages persist, a new survey reveals that professional development opportunities are one tool for retaining employees. Indeed, 58 percent say they are likely to leave their company without professional development—or continuing education and career training to help develop new skills, stay up to date on current trends, and drive career advancement. This likelihood to leave holds especially true among women, people of color, and Millennials.
But for people of color, there may be a gap in access to these opportunities. Conducted by The Conference Board, the survey reveals that more people of color report a lack of opportunities and resources for professional development than do their White counterparts.
The latest workforce survey from The Conference Board captured the thoughts of more than 1,200 individuals—predominantly professional/office workers—from May 16-31. Respondents weighed in on the importance, access, reasons, and barriers to professional development.
Overall, 58 percent of workers are likely to leave their company if they don't receive professional development opportunities. "These survey results reveal that, in the midst of a talent shortage, providing and promoting opportunities for career and skills development can be a critical way to attract candidates," said Rebecca Ray, Executive Vice President of Human Capital, The Conference Board. "In order to retain and grow the diversity of thought and experience within your organization, it is critical to ensure that all employees have access to rich professional development opportunities."
Most employees highly value the opportunity to develop work-related skills. How important is it to you to continuously develop your work-related skills?
96 percent of respondents say it is important or very important for them to continuously develop their work-related skills. More people of color say continuously developing skills is very important: Black: 87 percent Hispanic and Latino: 86 percent Asian: 78 percent White: 73 percent More women say it is very important than men: Women: 80 percent Men: 70 percent Despite the high value placed on professional development opportunities, people of color report a greater lack of access to these opportunities and resources. What barriers/challenges do you experience in developing your skills?
More people of color report a lack of opportunities and resources for professional development than do their White counterparts. Lack of resources: Black: 38 percent Hispanic and Latino: 35 percent Asian: 40 percent White: 28 percent Lack of opportunities: Black: 37 percent Hispanic and Latino: 37 percent Asian: 36 percent White: 27 percent A lack of time is the greatest barrier to developing skills overall. What barriers/challenges do you experience in developing your skills?
The biggest barrier to developing skills is a lack of time, with nearly 80 percent saying that prevents them from doing so. 31 percent said a lack of resources and 29 percent said a lack of opportunities were their greatest barriers. Time off for training and development (54 percent) and improved access to career development opportunities (54 percent) were the top two ways that employees feel their employers can support their development. Less than a quarter (22 percent) thought that an internal career center/job board for job openings and opportunities would be helpful. Are there enough opportunities for development? The C-suite and individual contributors disagree. What barriers/challenges do you experience in developing your skills?