The workforce is transforming before our eyes. Organizations worldwide are implementing hiring and training strategies to ensure employees have the right skills to perform jobs that are key to business growth.
Your organization needs an agile workforce that can quickly learn new skill sets, adapt to marketplace changes, and adjust to unforeseen shifts in business demands. Implementing a program to upskill your employees is the first step toward creating an organization that is agile enough to respond to changes in workforce dynamics.
Google, Wal-Mart, Verizon, McDonald’s, and Marriott International are just a few organizations that have invested billions in upskilling programs. These programs enable employees to learn new skills, improve existing skills, and earn a college degree so they can move into a new job role or management position.
These organizations and others can attest to the many benefits of upskilling employees. Here is what your business can expect to see once you implement an upskilling program.
Minimize the Impact of Changing Workforce Dynamics
A few years ago, unemployment was at a 50-year low, but that changed during the COVID-19 pandemic. Organizations scrambled to make adjustments that enabled employees to perform their jobs while ensuring their safety.
In the post-pandemic era, we are seeing a shift in job requirements and in-demand skills. Requirements have changed for some job roles. Other jobs have disappeared altogether. And many new roles are emerging. This has caused a talent shortage so acute that 71% of CEOs believe that a skills shortage will be their most significant business challenge in the near future.
The eSkill Talent Assessment PlatformTM enables HR and learning/development leaders to assess employees’ skill sets and determine where knowledge and skills gaps exist.
Shared Value for Businesses and Employees
Upskilling offers shared value for both employers and employees. Employees are more loyal to organizations that provide training and development opportunities. According to a recent LinkedIn survey, 94% of employees surveyed said they would stay with an organization longer if offered the chance to improve their abilities and learn new skills.
All businesses want to minimize turnover because high turnover negatively impacts staff morale and hinders productivity. According to a Gallup survey, the cost of replacing an employee can be as high as twice the employee’s annual salary. Research by industry experts shows that companies that prioritize employee training experience 53% less attrition than those that do not provide training and development opportunities.
The eSkill Talent Assessment PlatformTM allows HR and learning/development leaders to use skills assessments to identify employees who are ready for new challenges and provide them with the training they need to advance their careers.
Upskilling Employees Improves Profitability
Upskilling employees is an investment, but it saves companies money in the long run. Turnover costs are related to more than hiring and onboarding expenses. When an employee leaves, the organization also loses the person’s proprietary knowledge and experience.
Upskilling increases overall productivity and enables employees to work more efficiently. A study conducted by Capgemini Research found that “employees who are upskilled can shift their concentration to activities that contribute to business growth, which drives more output for the organization.”
Entry-level and low- and mid-skill-level positions are more likely to become obsolete or disrupted by technology. So, by focusing upskilling efforts on those job roles, businesses can significantly reduce the expenses they incur to recruit, hire, and train new talent. The employees grow with the organization, and the organization benefits when they apply their knowledge to further company growth.
The eSkill Talent Assessment PlatformTM helps HR and learning/development leaders create individualized training programs to help employees enhance existing skills and acquire new abilities.
Interested in Leveraging Skills Tests to Upskill Your Employees?
The training and employee development models organizations have been using for decades have become obsolete because they cannot keep up with today’s fast-paced hiring and training environment. The eSkill Talent Assessment PlatformTM enables you to create customized skills assessments and easily monitor staff skillsets and proficiency levels.
Would you like to see how easy it is to upskill your employees using the eSkill Talent Assessment PlatformTM? Contact us to request a demo.