Effects of the Great Resignation are still being felt across the global workforce. Quiet quitting is becoming more and more common, and employee turnover is out of control. But above all else, companies report growing skills gaps as their greatest barrier to business transformation.
Any company that fails to take proactive measures addressing the skills gap will face significant losses. Organizations struggling to close the skills gap face lower employee retention and customer satisfaction, increased business and security risks, and decreased revenue and profits.
Recently, LatitudeLearning’s President and CEO Jeff Walter joined Brandon Hall Group in a roundtable webinar that explored how companies can leverage training to help close the skills gap.
Three different methods for leveraging training emerged from this discussion: reskilling and upskilling employees, retaining existing talent, and attracting talent with training opportunities.
Here’s a quick overview of the main discussion points.
Reskilling Employees
Emerging technologies such as artificial intelligence offer exciting new pathways for companies to expand and increase their revenue. However, applying new technology to business functions requires employees to be skilled in those new areas.
Failing to train employees in new technologies has held businesses back in the past. In the 1990s, the most successful companies were the ones who trained their employees to use the Internet. Those who didn’t stay current with developing technology were left on the outside looking in.
The landscape of technology is constantly changing, and companies need to keep their employees’ training up to date. It does require investment, but without it, your skills gap will only grow larger.
The goal of reskilling is to move employees into a new role, where their job function is more valuable to the company. As reskilling is planned, employers need to think about how their business can equip new technology, what role needs to be created for that technology, and what training will be required to equip a current employee for that new role.
If you don’t offer training and reskilling opportunities to your employees, then they’ll leave for a place that will.
Retaining Employees
Retaining talent is another key part of closing the skills gap. With people switching jobs so rapidly, it’s harder than ever to hold onto your employees. When employees leave for other jobs, it can be hard to find people with the same amount of skills.
Younger workers and people entering the workforce have shown that they want three things from their relationship with their employers. Providing them with these things will help you to retain your talent.
First, they want to know how they’re doing. Prompt and consistent feedback is extremely important for young workers. They want affirmation that they’re doing the right things. Are they meeting expectations?
Second, give them a clear idea of what they need to do to progress. Give them a clear picture of what skills you expect them to gain, and provide them with the training they need to get there.
Finally, ask them where they want to go. What do they strive to be in their role? If they want to go from a specialist to a department director in five years, give them a plan to help them achieve that.
All three of these pieces are driven by skills-based training. If your training strategy is strong, then you’ll be able to not only hold onto your organization’s talent, but grow it.
Attracting Talent
Companies can also use training to attract talent in their industry. With prospective employees, consider these questions:
- How do your current skill sets apply to the jobs my organization has available?
- How can you help my organization fill the gaps my organization has?
- How can I train and onboard you to fill the gaps I have in my workforce?
If prospective employees have been participating in your industry’s training prior to joining your company, verify their competency before hiring them. If they’re well-trained, it will save you the expenses that come from employee turnover, and it can streamline their progression up the career ladder.
Get all the details on each of these methods to close the skills gap — watch the on-demand video of the webinar now.
