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Old Skills Combined with Historical Turnover = A Failing Workforce

Old Skills Combined with Historical Turnover = A Failing Workforce

A lack of learning chances is a common reason given by departing employees. Companies should adopt a fresh strategy when they consider implementing upskilling initiatives. Here, Learn In's CEO and co-founder David Blake highlights the factors that businesses should take into account when implementing training initiatives.

 

Since the spring of 2021, a record number of workers have left their jobs each month, signalling the start of The Great Resignation. These figures are intimidating. About 37.4 million Americans are predicted to abandon their jobs in 2022 alone, according to Gartner, while 52% of workers, according to the Achievers Workforce Institute, would look for new possibilities. It's obvious that businesses need to focus on what employees need to be successful and happy.



Learning Outweighs Pay

Why are people fleeing? According to a study by Prudential, 72% of workers desire to change jobs in order to gain new skills, and 80% of employees who move employment do so because they are worried about their career advancement. Simply expressed, when they believe that this will not be a part of their path at that employment, people who want to learn are willing to leave. Although they are not the same for everyone, developing new skills and climbing the corporate ladder are strongly associated.

 

Since employee turnover is expensive and disruptive, especially at the current sweeping scale, few businesses can afford to lose 25–50% of their personnel. The idea that there could not be any alternatives in the current environment is a cause for concern for companies.

 

94% Greater Retention + 2x Skill Development

Businesses that incorporate learning and development into their daily operations are less likely to face problems. According to a Ceridian survey, 43% of workers would accept a new position in the company if they learned new abilities, even if they didn't receive a raise, and 30% of employees won't quit a company that offers growth chances.

 

The period a skill is useful, or its shelf life, is now only two years for IT skills. Data science roles are expanding faster than other roles, at a pace of 295%, which is too fast for the industry to collectively train data scientists. As a result, educational institutions can't keep up with the need for hot, in-demand roles like data scientists.

 

According to Ceridian's analysis, 77% of employees claimed they wanted additional learning opportunities, but only 40% actually received them. Furthermore, they must be the correct kinds of learning opportunities; it is not sufficient to just exclude some online courses from consideration. Ceridian argues that businesses should provide both specialised job-related skills and corporate-wide training that covers soft skills. These soft skills can help someone become a better leader or educate them how to always learn new things and adapt to the demands of their particular sectors and markets.

 

Employers and employees sometimes don't know what skills they should gain as a result of the recent change to digital workplaces and the rapid development in automation. Teaching staff members when, how, and why to use these tools for the optimal productivity and creativity advantages presents a serious challenge for digital adoption. To make learning new technologies more approachable and desirable, businesses must first identify skill shortages and then implement the appropriate rigorous skill-building programmes using a variety of techniques.




Traditional Training Methods Don't Work 

There are many products and services available to assist organisations in meeting specific needs, but how do you choose what should be covered, when training should be given, or how to structure professional development opportunities that are most beneficial to both the organisation and the workforce? Do you give your staff time throughout the workday to attend classes? You pay for classes, right? There are so many choices and questions.

 

To get started, companies should consider the following.

 

Make learning accessible and feasible while working: Every learning opportunity ought to be accessible. The conventional in-person training approach seems antiquated in light of modern technology. Upskilling and reskilling can be integrated effortlessly into a person's day, increasing productivity and lowering stress.

 

Put money toward expanding employee experience: Companies invest millions of dollars on improving the customer experience, but when it comes to staff, some may place the incorrect priorities. Money is spent on transient "perks" that make the office more inviting or the workplace more comfortable rather than providing avenues for workers to get more out of their careers. Organizations must create a new kind of employee experience that promotes skill development now that employees frequently work from home and value their time and interests.

 

The sooner you identify the capabilities your firm requires, the better: The half-life of skills is decreasing across the board, from soft skills to sales skills. Make a decision regarding the five abilities your firm requires and who those skills are based on your long-term strategic goal. It gets much simpler to modify your strategies in accordance with the outcomes the corporation needs once you focus on the "must haves."

 

Create a route map for your potential workforce: Your company must deliberately develop its talent, ideally utilising the three Cs: context, cohorts, and coordination. What is your strategy for organising and directing educational endeavours such that everybody is involved and learning takes place simultaneously? What real-world practise and practical application will be required to guarantee job readiness?

 

Pay attention to the employees: Even the best management teams occasionally fall short of expectations. Any professional development programme must be focused on the needs of the employees and be given in a way that is convenient for them if it is to be effective. Otherwise, if they want to participate at all, they might put out only a modest effort.

 

Meeting each worker's specific demands for growth: Programs should be adaptable enough to accommodate one-off personnel as well as the skill-building needs of a cohort. Every employee ought to have access to a variety of educational resources so they can continue learning without having to wait for the next "planned" group academy to start. A marketplace like this would allow skill development to be tailored to a person's work and interests while also allowing them to advance through a clearly defined programme with their peers.

 

Integrate learning into all of your activities: Learning becomes more commonplace as training programmes are integrated into business culture and employee processes. Employees feel like they can upskill and reskill in a safe, encouraging environment, which fosters healthy curiosity. In exchange, they give their time and focus.

 

Looking Forward

Companies now have a rare opportunity to develop a sort of one-stop learning centre where employees can easily go through the stages of their employment while picking up new skills along the way. Companies may now implement skill-building programmes that are customised to their strategies and develop individualised, team-learning routes. They can start on-demand skill-building programmes for certain departments and job roles, or they can provide people one-time access to boot camps and credentials. The expenditures and investments can be completely tracked and compared to company objectives. Professional development programmes have never previously been as flexible or valuable, and advancements are occurring just when they are most needed. 

 

Now is the moment to invest in personnel with rich professional development experiences if you want to stop a talent drain in the future and advance your firm. The benefits will be more than worthwhile.