Upskilling can help you retain good employees and fill those difficult-to-fill positions. Tom Merritt tells us all we need to know.
Upskilling is the idea that you improve the skills of your existing employees rather than just hire someone with those skills. And with current labor conditions, it's having a moment.
We've talked about it before, but there's more to say. Here are five more things to know about upskilling.
- Stopping turnover is becoming a priority. The attitude of "there's someone else who would love your job" is becoming an antique. With a labor shortage, Eightfold.AI found in a March 2021 survey that 30% of managers said their top goal is reduce turnover.
- Training is an even bigger priority. Rather than hiring from outside, companies are looking within. Eightfold's survey found a whopping 50% of managers said cross-training or upskilling employees was a top priority.
- Job-seekers want upskilling before you even hire them. An August 2021 survey by Amdocs found 90% of respondents consider upskilling programs an important feature in a possible employer. The number is 97% for the tech industry.
- Your existing employees want it, too. Amdoc found 56% of workers would like their employer to offer more training and career development. It's possible that the rest of them are just resigned to never getting it or may just look for a new job. Why do I think that? Well ...
- Half of U.S. workers would switch jobs for upskilling, according to a Gallup Amazon poll from September 2021. So, 56% want it from their employer and close to 50% would switch jobs to get it. Yes, there's overlap but it is interesting to note those numbers add up to almost 100%.
Employees want to gain new skills. Employers need them to gain new skills. So, you know what to do. May the great upskilling begin.
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