A resignation mail isn’t a pleasant sight, especially when it comes from a proficient employee. Sadly, in 2021 many companies saw several such emails and witnessed a mass exodus of talented professionals.
According to a survey of over 30,000 workers, 40% of respondents were considering handing in their notice (source)
The high turnover due to “The Great resignation” is affecting many businesses’ health and bottom line. Several companies are feeling paralyzed due to the big quit. Replacing an employee normally cost as much as two times the current employee’s salary.
If we step into the employee’s shoes and think even they feel stuck in the same job position without any growth or career advancement.
Since employees are not getting enough opportunities to upskill and reskill in the current company, they are seeking options outside to climb the corporate ladder.
More than 50% of employees feel they can find another job in the next six months. (source)
It is challenging to meet surging customer demands post-Covid with high employee turnover.
Is it time to panic?
Or maybe you can stay calm and prevent attrition by focusing on your employee skilling needs.
57% of employees want to update their skills and 48% would consider switching jobs to do it. (source)
A well-planned skilling and development strategy is of paramount importance to keep your best talent.
Turning Great resignation into great retention with skill development
Employees are loyal and dedicated to the company that values them and invests in their skill development.
Here are some ways to boost employee retention through skill development.
Robust upskilling and reskilling program in place
Skill development has become inevitable post-Covid as many core skills are changing and new roles are evolving. Upskilling and reskilling help in keeping the employees aligned with the modern developments in the industry.
One of the eCommerce giants, Amazon’s primary focus is the skill development of its employees.
Amazon will invest over $1.2 billion to provide upskilling training programs for employees. (source)
With a well-strategized upskilling and reskilling program you can help employees enhance their current skillset and acquire new capabilities. Nowadays there are many learning solutions that can help in cultivating a culture of continuous learning in your organization. For instance, you can easily assign courses, track progress and do assessments using an LXP tool. It can help you in providing continuous upskilling and reskilling opportunities to your employees and prevent them from quitting the job.
Identifying and filling the skill gaps
The skill gaps make it difficult for an employee to meet the company’s expectations. The Covid-19 crisis had exacerbated the skill gaps.
If your workforce performance is subpar and that’s affecting the business bottom line then maybe it’s time for a skill gap analysis.
Analyzing skill gaps and taking timely actions can help in bridging the gap between current and desired skills. Besides, it also helps in developing a roadmap for making employees future-ready.
For successful skill gap analysis, it is important to identify the skills needed for each role. Using a skilling suite like disprz you can map and determine functional, leadership, mindset & digital skills for different job roles. Moreover, it even provides visibility into the skills needed in the future for the current role. This will help in creating future-focused learning programs for effortlessly filling the skill gaps.
Regular check-ins and feedback by managers
Just creating and assigning various courses to the employees won’t suffice for skill development. It is pivotal to bring managers into the flow of learning for regular assessment and feedback. The manager should keep track of the learner’s progress.
Through deep analytics, it is possible to find out if the employees are completing or avoiding the courses. If the course completion ratio is low then the learning programs might need more enhancements. For instance, a course on sales presentation might be helpful for a fresher however a sales veteran might need tips on how to follow-up and close deals after a sales presentation and so might not engage with the course. Therefore find out the root cause for low completion of the courses and design better programs.
Opt for a skill suite that not only provides 360-degree analytics but also allows you to provide skill scores. Based on the skill score you can provide feedback and timely coaching for improving the performance of the employees.
Personalizing learning for addressing unique needs
Just as all the fingers are not similar, every employee has different skilling needs. Personalized learning can be a great strategy for the skill development of every individual in your organization.
In the world of Netflix and Amazon, employees would prefer the same personalization that they experience while using these modern apps. An advanced solution like LXP can help in addressing the unique learning needs of your employees. Just like Netflix, an LXP can provide personalized recommendations based on the learner’s past behavior and interests. A personalized approach to skill development can help in increasing the adoption rate and reducing the attrition rate.
There are less chances of switching jobs when employees experience career advancement in their current organization. So focus on the growth of your employee to ensure they stay with you and provide satisfactory performance. With an all-in-one skilling suite like disprz, you can effortlessly onboard, upskill, reskill and monitor the learning progress of your employees. From role-based skill benchmarking to deep analytics, this AI-based learning solution offers a wide gamut of rich features that can help in taking your skilling and development to the next level. See a preview to experience disprz in action.