Boost your employees' confidence
Ever since the pandemic, every little move or changes made in an organization, there ought to be thoughts flashing through employees' mind - For example, is the company not doing well? Will I be the one to be removed? And so on...
Over recent years, trends such as digitisation have widened the skills gap - the distance between actual and required skills. However, the COVID-19 crisis is extending this gap, making more urgent the question of how to bridge it. With the skills gap and pandemic, it is unavoidable for employees to feel insecure with their job. Moreover we have seen many established organizations did not manage to pull through the pandemic!
There are many ways to boost employees' confidence and the most practical method is to reskill/ upskill the workers' skillsets. This often gives the employees the sense of security knowing that the company is still willing to invest in them despite going through the pandemic.
How reskilling can create economic value for employers?
Effective reskilling tends to bring a productivity uplift of about 10% in terms of work efficiency. Our current workforce, many are still lack the full suite of skills which they will require in the near future to perform their jobs efficiently thus, a reskilling/ upskilling program will be beneficial to them.
When a more advanced skillset is needed for an organization, nothing beats having already trained employees who are able to put their skills to use immediately!
Reskilling and upskilling offers powerful benefits over hiring for skills:
- Control salary costs: sought-after skills tend to attract a premium; on average, external hires are paid about 20 percent more than reskilled workers.
- Avoiding onboarding requirements: New employees require inculcation into the workplace. This process, ranging from regulatory compliance to familiarization with workplace procedures and culture, consumes time and effort, and employees’ effectiveness can be limited for a long period: on average, new hires perform at a lower level for their first two years on the job.7 By contrast, reskilling current employees avoids this issue, as they already have significant workplace knowledge and networks.
- Tapping into a new pool of diverse talent: Employers aiming to increase workforce diversity for certain roles may feel that traditional routes are not producing enough suitable candidates, and that they can increase their options by fishing in new talent pools. This could involve reskilling their own employees who are currently in other roles, or taking on promising new employees who are ready to be upskilled
- Boosting morale of existing employees: Learning precious new skills is a powerful source of motivation for employees: skills training is the number-one choice of prospective employees when choosing what makes a great employer, and (in a survey) 94% of employees say they would stay at a company longer if it invested in their career development.
In summary, it is a win-win situation for both employers and employees to adopt retraining and upskilling programs to ensure that the employees finds it fulfilling to constantly (re)learn (new) skills for them to perform tasks efficiently at work. For employers, nothing is more fulfilling to see that your employees are competitive and driven to help and to grow with the organization as one.
Check out the Training programs available: Infinite Owls e-shop