According to a TAFE survey, over half of employers (48%) would prefer to hire talent over employee retraining. Surprisingly, 70% of organizations are having a harder time recruiting staff with the necessary abilities. With talent shortages on the rise, particularly in the IT sector, and nearly a third of positions at risk of being automated out of existence in the next 12 years, simply replacing employees isn’t an option.
When a company expands and requires more workers, it is vital to hire. It’s also required when outside experience is required, such as when starting a new department or bringing in a particular skill that doesn’t exist within the organization.
The problem is that many businesses believe that hiring is easier, less expensive, and faster than investing weeks or months teaching existing employees new skills that they are more than capable of mastering.
Is Hiring Actually Cheaper Than Employee Retraining?
The true cost of recruitment can reach up to half of a person’s income. An employer can lose half to two-thirds of an employee’s annual compensation due to a blunder in the recruitment process that leads to early resignation or firing. Hiring entails expenses like advertising, recruitment fees, interview time and resources, and induction and administrative training — all of which come with no promise of increased production.
Why Lifelong Learning Proves Beneficial in the Long Run?
According to a recent report, a huge percentage of existing university degrees will become obsolete soon. Professionals are being forced to adapt at a rate that the traditional university paradigm cannot keep up with. Degrees comprised of micro-credentials directly related to the work students desire to accomplish are projected to be the future of university education.
Workplaces will need to mimic this by abandoning the annual review and focusing on employee development as a “lifelong learning” process.
By now, it is clear that employee retraining and lifelong learning are crucial for organizations to survive in the long run. Let’s now explore seven of the most vital reasons, which prove that retention supersedes hiring:
Companies around the world are facing a leadership crisis, according to the new quarterly report of the 2021 Global Leadership Forecast that was released on May 12, 2021. Only 11% of surveyed organizations reported they have a “strong” or “very strong” leadership bench, the lowest it has been in the past 10 years. [Source]
Fewer than 20% of organizations have a team of capable leaders ready to fill critical roles. The results signal that leadership development is the most important step companies can take to drive executive success and long-term bench strength. [Source]
Digital transformation is not a new concept. Using tech to optimize the way they work and connect with employees and clients is something most companies have been doing ever since the internet was invented. But since the pandemic outbreak, it seems like someone pressed the fast-forward button. The expansion and normalization of a remote workforce, coupled with the subsequent increase in connectivity and mobile device use, brought the future of work a bit early. Read more...
Gone are the days where onboarding and corporate training is a one size fits all video for employees to learn and engage in. Today, corporate training programs have the choice, from microlearning to custom eLearning development, on how to best train their incoming workforce. As such, these training programs will most likely incorporate current digital trends to not only help engage top talent but help them grow within their career and stay with the company longer.
Customer service is a company’s opportunity to connect with customers, solve problems, and show they care. And when customer service is executed well, it can resonate with customers for years to come. That’s why training your customer support team is just as important (if not more) than training your marketing or sales teams. Service experiences are what stick with your customers and inspire reviews and word-of-mouth advertising.
A brief refresher course each year could keep employers safe without requiring employees to sit through a full training class again. Best of all, many of these classes can now be taken online, from the comfort of an employee’s cubicle. Here are six courses that are well worth annual re-training.
PlayAblo LMS | Product News
PlayAblo™ LMS now offers Ready to Use Learning Courses
Building new courses from scratch is hard work. We know it. Which is why PlayAblo™ LMS now comes bundled with multiple soft skills courses like POSH Training, Effective Communication, Time Management etc. Reach out to us and see how you can get our soft skills training courses bundle for FREE!
Learn about: 1. Evolution of eLearning 2. Approach to selecting an LMS 3. Learning traits of your workforce today 4. Implementing, Boosting adoption and Ensuring success of your LMS Platform.
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