Employee turnover and retention is a key issue for businesses of all sizes, with employers eager to keep hold of their star players among obstacles such as an aging workforce, digitization, and post-COVID economic recovery.
But as the average cost per hire now stands at an estimated $4,425 according to SHRM, boosting expertise in the existing workforce could be the best - and in some cases the only - way forward for companies.
This is where building upskilling initiatives comes in.
Upskilling is defined as the process of augmenting the knowledge, competencies, and skills employees need to advance their careers. It’s also a great, cost-effective alternative to hiring new personnel.
Teaching current employees fresh skills is becoming a key priority among learning and development professionals, according to LinkedIn’s 5th annual Workplace Learning Report, and it’s not surprising after the World Economic Forum recently suggested almost half of the global workforce now needs to either expand or replace its current skills.
There are significant benefits for firms that do invest in skills learning, as those with advanced upskilling schemes report improved engagement among employees, greater innovation, better performance, and a greater ability to attract and retain talent.
Workers know they have skills gaps and are keen to fill them with the opportunities that are on their own doorsteps - and if employers fail to recognize this, they could lose out on some great talent.
But how can businesses plan and implement a successful upskilling program within their organization? The best way is to let employees lead the way, support them in their quest for knowledge, and enable them wherever possible.
Here are a few top tips:
In order to build an upskilling initiative, it’s vital to coordinate your business goals and skills gaps with the individual interests of your employees. That means knowing them well, so holding one-on-one sessions to discuss their professional passions and goals is a great place to start.
During these sessions, you may also find that workers have been quietly coveting more training but have been reluctant to ask for it, or are unsure about where exactly it might be applicable. If you find several employees suggest training in one area, this could be a key consideration for upcoming training development.