Tired of business growth being stagnant, open jobs going unfilled, and losing your top talent to your competition? The competitive landscape of finding and retaining top talent is tough for any business. Historically low unemployment rates, a large skills gap due to emerging technology, and a market with more jobs than qualified talent are wreaking havoc on businesses.
As business leaders, it’s important to create a strategy to retain talent and one that fosters company growth. Attrition can never be eliminated, but it is expensive to lose and replace tenured workers, and the bottom line; when someone leaves, they take a lot of business knowledge about your company with them. Retaining top talent and grooming them for their next position within your organization will not only foster a great company culture but also promote employment engagement and boost morale.
Upskilling is helping your team develop new or advanced skills. Providing training access to your employees allows for developing current skills into those needed to fill more advanced roles within your company. Advancements in technology, a lack of soft skills, and an increased amount of people transitioning to retirement have left many companies with a skills gap.
Why Upskilling Should be part of Every Company’s hiring and Retention Strategy
It’s human nature for people to desire belonging to a dynamic team and company; especially one that fosters individual growth and new career opportunities. In today’s market, you either become a place where people want to work, or you become a recruiting ground for your competition. Investing in your own team by offering opportunities to grow and learn breeds loyalty, shows appreciation, and boosts morale. Offering training and development within your organization can also become a great selling strategy for attracting new talent to your organization.
New Technology and Business Growth
New technology is helping drive more streamlined and efficient business processes but having a team that lacks the necessary skills has created a skills gap in many organizations. Many have taken the path of going out and hiring new talent with the needed skillset but that comes with a steep price tag. Continuously looking for new talent with the right skill set and who fits into your company culture takes time and there is a steep learning curve to get the new employee to acclimate to your individual business.
Culture and Business Growth
Establishing a culture that fosters learning and growth can lead to happier employees and better team morale. Identifying high-potential employees and developing their capabilities to move them into higher-value roles will not only reduce attrition but also drive individuals to perform at top levels. Happy employees are more productive and increase revenue.
As a leader, it’s time to ask the question of what the cost is for not staying ahead of our competition and becoming a recruiting ground for others. It is important to hire and identify highly adaptable people with a strong foundation who can be trained to take on new skills and responsibilities. Whether it’s classes, webinars, or the on-the-job training that can be implemented, it’s time to rethink the way it has always been done and start thinking of ways to start investing in your people. Upskilling is a long-term investment and takes careful planning from the top down.