In the month of July, the unemployment rate in the United States fell to three.9% and remained unchanged in the month of August. When 201,000 new jobs were added in the month of August, the labour market continued to support job searchers.
Though, with the incorporation of fresh jobs, there is a growing temptation to search other ways to grow their knowledge & skills. This, as a result, encourages employers to put their focus on the retention to avoid increasing recruitment and entry costs.
How can the employers persuade workers to remain and, at the same time, fill the growing skills gap through ensuring that their training is always up to date & relevant in an evolving market? The answer is in higher education.
Employee Up-skill entails to the act of teaching fresh skills to current employees. When technology provides the opportunities, employers try to fill vacancies with candidates with specific skills.
Employee Up-skill; By training existing workforce, businesses can fill vacancies while maintaining their current employees by offering learning opportunities. Let’s have a look at the benefits of continuing education for employers and employees.
Here is a brief guide to create a talent intelligence card:
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- It indicates the most important objectives of your organization for a period of 1 to 2 years. medium term 3-5 years; and in the long term; 5-10 years
- What skills are essential to achieve this goal?
- What is the skills gap between what you need and what you want? Here you can verify your evaluation of the qualifications, skills and aspirations of your workforce
- Perform a thorough analysis of training needs to decide what training is needed to fill this gap.
- The training areas to consider are almost certain: customer service, computer literacy, communication, quality and safety initiatives. The training should not only be directly related to the management of the company’s objectives, but also with individual performance reviews, career plans and successions to form a complete intelligence talent card that will be reviewed, improved and backed by staff developmental.
- Check it regularly as part of your development plan.
What is the purpose for me to develop my existing employees instead of hiring new employees? Also related: Benefits and importance of workplace ethics?
As we slowly emerged from the recession, employees who had so far focused on keeping their jobs began to think about what was available in the bustling labour market.
This will surely be the most touching and ambitious of its employees. Those who no longer want to lose you. It is known that the lack of professional opportunities is the main reason for voluntary departure.
Losing the best talent can cause valuable business losses and customer relationships. This can have a negative impact on work ethics, which leads to a reduction in productivity and, often, the loss of other talents. In addition, there are costs to hire and train new employees, which significantly increases operating costs and reduces profits.
Instead, investing the time and money of your employees in the future of your organization provides a number of business benefits, including:
For the employers
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Ensures Employee retention
Faced with a booming labour market, employers must do everything possible to prevent workers from climbing the business ladder, forcing businesses to recover jobs and accept thousands of hiring costs & lost productivity.
Through investing in the education and training of their employees, employers don’t only increase the value of their employees for the business, but in turn send them a message that they deserve an investment and that they have a place in the future of the company.
Each organization must ensure that it may continue to work successfully when 1 of its main employees leaves. This includes qualifying existing employees and providing training, experience and knowledge to take leadership positions when necessary. Otherwise, a company’s business activities may be threatened if a leader goes the company unexpectedly or suddenly without a qualified successor.
Get the talent
Gallup report recently; 87% of Millennial said they prioritized careers or career advancements and job opportunities, also 69 percent of non-Millennial said so. If qualifications are further integrated into the corporate culture, they naturally attract job seekers and appreciate learning fresh opportunities.
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Also, brand ambassadors in companies are most likely to recommend colleagues and friends to open positions when they are aware the company will invest in their future.
To the employees
Save the tenure
As the stigma of job loss disappears rapidly, many believe that employees need to switch jobs all 2 to 3 years to ensure continued learning and participation. However, if the employer offers many opportunities for employees to learn and grow and continue to be involved in their work, it is better to concentrate their time on the fresh opportunities they have to do the work they prefer instead of later looking for fresh opportunities & spending months or weeks in advertising, interviews and flights.
Discover fresh talents
Only a few persons can determine their entire professional career. For most people, a career is a winding and long road full of many surprising turns, with positive luck rather than negative.
This training allows the employees to gain more knowledge in new fields through which they can excel. This may result to talent, passion and, ultimately, a career that has not been found and that leads to even many more fresh opportunities.
The Future investment
Even if a worker loves their job, the future is never certain. Sectors change, the employers may be forced to reduce their size, jobs for humans are replaced by the artificial intelligence, others. The ideal way for employees to protect their future is to boost their value to their employers by sharing their expanding knowledge and skills.
If opportunities for progress arise, the employer will pay attention to their desire to assume and learn new responsibilities. For employees who leave the workforce, an increase will only increase their CV and make it most attractive for potential employers.
Take the primary step
For the employers, it is important to inform employees about the training opportunities available for them. Also it should be covered at boarding or shortly after. Note that the more the options you offer, the more the workforce will benefit. Although several could be interested in continuing education, they can choose different paths, have different interests or acquire information in different ways.
The employers should ensure that they provide incentives to those who wish to broaden their horizons; not all workers see knowledge as their gift. Introductory programs or clear paths to new opportunities towards progress will separate potential clients from those who only seek salaries.
The more employees use the employer training opportunities(Employee Up-skill), the greater their professional opportunities. Employees should inform their superiors & work with a professional development plan to identify progress, including training and learning opportunities given by organizations to help them achieve certain goals.
Although it is the employer’s responsibility to give out career opportunities & development opportunities, it is the employee’s responsibility to translate it into their career plan even while working with their manager to acquire little goals in the pursuit of greater goals. Also Read: Benefits of diversity at the workplace?
When employees and employers work together to benefit from on-the-job training, both parties benefit from an increased informed workforce, the professional opportunities provided by this knowledge and the workforce’s commitment as a result of more opportunities.