Professional Development Is Key to Retaining Diverse Talent

Studies show a large disparity in development opportunities for people of color, women and Millennials

AS TALENT SHORTAGES PERSIST, a recent survey reveals that professional development opportunities are one tool for retaining employees. Indeed, 58% 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 their white counterparts.

The workforce survey captured the thoughts of more than 1,200 individuals – predominantly professional/office workers – from May of this year. Respondents weighed in on the importance, access, reasons and barriers to professional development.

Key findings include:

Development opportunities are key to retaining employees – especially women, people of color and Millennials.

The survey asked: How likely are you to leave your company for another if you do not receive the development opportunities you believe you need?

• Women, people of color and Millennials are more likely to leave their organization if they don’t receive development opportunities.

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Gender: ▶ Women: 61% would leave ▶ Men: 55% ○ Race: ▶ Black: 68% ▶ Hispanic and Latino: 70% ▶ Asian: 80% ▶ White: 53% ○ Generation: ▶ Millennials: 66% ▶ ▶

Gen X: 63%

Baby Boomers: 47%

• The disparities are even more striking among women of color:

▶ Black women: 71% ▶ Hispanic women: 70% ▶ Asian women: 70% ▶

White women: 56%

• Overall, 58% 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 at 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% ▶ Hispanic and Latino: 86% ▶ Asian: 78% ▶ White: 73% • More women say it is very important than men: ▶ Women: 80% ▶ Men: 70%

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 their White counterparts.

○ Lack of resources: ▶ Black: 38% ▶ Hispanic and Latino: 35% ▶ Asian: 40% ▶ White: 28%

○ Lack of opportunities:

Employees think leadership, critical thinking and adaptability will be the most important skills for the future.

Which of the following non-technical, personal skills will be important for your future job opportunities and career success?

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Black: 37% ▶ Hispanic and Latino: 37% ▶ Asian: 36% ▶ White: 27%

Top three skills overall: ▶ Leadership: 40% ▶ Critical thinking: 36% ▶ Adaptability and agility: 35% • Bottom three skills overall: ▶ Empathy: 11% ▶ Resilience: 12% ▶ Global and cultural awareness: 15%

Women think adaptability and agility will be more important (39%) than men (30%).

“Employees have made clear their desire to keep learning and growing both within and beyond their current roles,” said Jennifer Burnett, principal of human capital at The Conference Board.

“It is in the best interest of employers to provide all employees across their business with learning and development opportunities related to business priorities and overall personal growth, whether it’s ensuring there are appropriate resources for frontline workers or highlighting the importance of empathy for managers in a hybrid work world. Creating a culture of learning will not only help your employees flourish but will help your company stay ahead of the rapidly changing business environment.”