Dive Insight:

Beyond formal training programs, the top performing companies also emphasize on-the-job coaching, according to McKinsey. “Ongoing coaching and continuous feedback are key to helping employees resolve challenges and adapt the way they work as needed,” the report observed.

Employers get the best results from managers who stay engaged and give feedback in the moment, always with an eye toward goals and by encouraging employees to achieve more than they thought possible, the report explained. But many managers, especially those who have been newly promoted, lack the training to do this, experts consistently point out.

Because of this, employers should invest in coaching for managers as well, particularly if they are relying on managers to shepherd employees and company initiatives through a potential recession, various sources have said.

To equip its managers with the proper leadership skills, one company started a training program focused entirely on inclusive management. If managers are to become a positive force for change, they need practical tools and guidance that deals with real-life issues, a company spokesperson previously told HR Dive.

A culture of learning and development is also a critical retention tool, according to an MIT Technology Review report from September. For companies that have started “labor hoarding” in response to an unprecedented talent market and looming recession, a culture of learning and development may be one way to keep workers on board, other reports have suggested.

Employees are looking for the next great work opportunity, even if their employers don’t know it, Udemy’s 2023 Workplace Learning Trends report, released in late 2022, indicated. They’re brushing up on customer management and nonverbal and business management skills, among others, according to the report.

But creating the means for trusted employees who already know the business’s practices to grow and add new skills can directly address this, the McKinsey report suggested: The companies with the performance edge also had moderate rates of attrition, it found.

Read the full report here