According to one study, 90% of employees believe employers are mainly responsible for upskilling their staff, but according to another study, 80% of employees believe that staying upskilled is their own responsibility. Regardless of which party is ultimately deemed “responsible,” upskilling employees does still seem to be necessary for most organizations.
Keep reading to learn more about why you and other organizations should consider upskilling employees.
The Average Skill Only Lasts Around 5 Years
The fourth industrial revolution is affecting the modern-day workplace and your employees, and because digital innovation is rapidly changing different industries and influencing everything, the essential skills employees acquire only last around 5 years on average. Ultimately, organizations will lose an exorbitant amount of money due to employee turnover if they don’t upskill existing staff, as they will have to continually hire new staff with the essential skills to stay in business or remain competitive.
You’ll Attract and Retain More Employees Long Term
According to a Robert Half and Enactus survey of Generation Z workers (those born between the mid-1990s to mid-2000s), a whopping 91% cited professional training as an important factor when choosing an employer. Other research indicates that over 80% of employees would quit their jobs for better development opportunities and that substantial investments in upskilling lead to higher retention and engagement rates. All of this shows that employees are beginning to expect and demand that their employers invest in their learning and development (L&D) and training.
It Will Improve Your Organization’s Bottom Line
If your organization invests in upskilling, your employees will be more engaged, more productive, more innovative and competitive, less likely to leave, and better prepared to handle challenges and deliver better customer service—all of which will enhance your organization’s bottom line. Not having to continuously hire new staff with updated skills or settle for your organization being run by those with outdated skills will also lead to a healthy bottom line, as well as enable your company to remain competitive and innovative.
If you’re considering investing more in upskilling your employees this year, keep the information above in mind, and stay tuned for tomorrow’s post, which will highlight how to upskill your employees right now.