- On August 6, 2024
Gone are the times of the Great Resignation and employees jumping ship for the next best thing.
Now, we are faced with ‘The Big Stay’ and ‘Talent Stagnation,’ where we see more workers staying put for many reasons, including the current economy and the upcoming presidential election. Due to more competitive labor markets, employers need to be more cognizant about how they not only attract and retain talent but also retain the knowledge and experience of that talent and transfer it appropriately. Employees are now looking to and focusing on learning and growing from within, yet many employers are overlooking this opportunity.
Learning and Development (L&D) benefits are often overlooked by both employees and employers. Many employees are hungry. They want to increase their value and worth, and they can do that by being given the opportunity to learn new things. At the same time, this will benefit the organization, as it can develop programs to ensure knowledge is being transferred from tenured employees and ensure their teams are keeping up with recent trends and new technology.
The World Employment Confederation reported that 78% of employers are concerned they will not be able to train their teams fast enough to keep up with the changing trends and technology in the workplace over the next few years. Further, a study by Gartner showed that each year, the skills required for a single job increase by 10% and that over 30% of the skills needed for a job three years ago will soon be irrelevant.
How can employers prepare and help maintain a competitive and engaged workforce? Embrace and invest in an L&D program. Options can be to create one internally or utilize outside experts in this field, such as consultants and/or established Learning Management Systems (LMS). L&D programs can help organizations provide upskilling and reskilling opportunities to their teams through mentor programs, on-the-job training, external training courses, and seminars. A combination of all of these things will likely prove to be the most beneficial for most organizations.
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