‘It’s Time to Lean in’: Skill Development Critical to Employee Recruitment and Retention

Although artificial intelligence (AI) and other emerging technologies dominate the headlines, people remain the lifeblood of any successful organization. And a recent study by the skills-development company Guild found that 97 percent of business leaders view attracting talent as a priority this year, with 69 percent labeling the need as urgent. A record number of baby boomers are set to leave the workforce over the next five years, and more than 8 in 10 leaders are concerned about losing institutional knowledge as workers retire.

At the same time, three-fourths of leaders are concerned about meeting the expectations of Gen Z. Although compensation and flexibility are always important, today’s prospective employees want their company to invest in them:

• Nearly 90 percent say that, when job hunting, they are looking for an employer with career advancement opportunities and ways for them to progress.
• Three-fourths would be somewhat or very likely to leave for a new role if it offered additional education or career opportunities.

Companies can differentiate themselves by providing true career mobility opportunities, the survey report said.

“One of the best investments companies can make is in their people,” said Bijal Shah, interim CEO of Guild. “Our recent research shows that 74 percent of workers would consider leaving for a new role if offered additional education or career opportunities. Not only are these kinds of incentives attractive for employees, but they also provide access to learning opportunities connected to the skilling needs of the business, keep an organization competitive and support the company’s bottom line.”

Research consistently shows that lack of access to learning and growth is among the main reasons people leave their jobs and that investing in training increases retention. Continuous learning programs should take a holistic approach, addressing the entire lifecycle of employees, from hiring to promotion and beyond.

The report recommends working from two sets of data: what’s most important to employees and what’s most important to shareholders. “Start by finding out what really matters to both of these groups through focus groups, interviews, and surveys,” it said. “The more you can target your data to show the true impact of your programs, the better.”

Pair skills with a clear articulation of career pathways. Show employees how they can grow, and give them access to project-based learning and relevant nearer-term certifications. Outline exactly what steps they need to take to get them into high-demand positions.

“The upshot? To make an impact in 2024, HR leaders should act with increased urgency and confidence to reach out to your partners across the organization, ask questions, listen, and think big,” the report concluded. “It’s time to lean in.”

From: BenefitsPRO