Learning & development allowance
What are Learning & development allowances?
Learning and development allowances (L&D) are budgets allocated to employees on an individual basis as a way for them to build their professional skillset and knowledge.
L&D allowances can be used on whatever your company decides counts towards this. For example, you might give employees an annual budget of £500 which can be used for courses, mentorship programmes, online classes, or books.
It's super easy to offer employees a learning & development allowance through Ben — you can top up their allowance, approve spending & add recommendations!
Why should you offer learning & development allowances?
Learning and development budgets are a great way to nurture a company culture that centres growth and progression (in both a personal and professional way). Here's how it can benefit you and your team...
- Attract top talent — 60% of employees view career development as critical to accepting a job offer. Make your company stand out in a competitive talent market with a great L&D allowance.
- Motivated employees — Employees are often energised when they can learn something new or progress in their role.
- Improved employee retention! Did you know it's more cost-effective to train current employees than it is to hire a new one?
- Close any skill gaps. Investing in your people's skillset and learning will have a longterm positive influence on your company's performance goals.
Why offer learning & development allowances through Ben?
Ben makes offering a L&D allowance easy. You start by working with a benefits consultant to help you determine an appropriate allowance amount and any restrictions you want to implement, including only being spendable on certain retail categories.
Employees are then given a virtual or physical card that they can use towards their personal learning and development. Receipts are uploaded straight to Ben, and with our consolidated reporting you can easily track usage and balances across your team.
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