Throughout our initiative ‘Disruption is the new constant’, we spoke about a range of strategies and initiatives that leaders need to adapt to new-age work and workplace. While our strategies like SUS mapping and feasibility study shed light on processes for optimizing workplaces and operations, our discussions on change management, employee engagement, etc focussed on people and the workplace experience. While our initiatives on Digital Twins focused on technology, our posts on ESG focused on making workplaces sustainable.
All of these initiatives had one thing in common making work and workplaces resilient and future-ready; ready for the changing workforce and technology. But one small question still remains unanswered- What strategy will work to make the workforce ready for the changing market and business needs?
Upskilling! Yes, creating a work environment that encourages upskilling, learning, and development of the workforce not only makes the employees a better fit for the industry, but also increases the scope of talent addition to the organizations.
Moreover, just working to get paid and sustaining life is not the only focus of the current workforce. People today work for a lifestyle and not for a need, they work to attain many larger aspirations in life.
Fat Paychecks Are Not The Only Retainers!
The pay package does make a pivotal difference in retaining employees, true! But that is not the only thing. The current workforce tends to look beyond the pay package. The purpose of the role has a huge influence on retaining top talent. Thus, helping employees to learn, grow and feel more purposeful in the organization is a very good move.
About 94% of employees have agreed to the fact that they would stay in an organization longer if it invested in their learning and growth.
Employees Today Seek Purpose At Work.
Research suggests that 74% of the workforce today are aware of their career aspirations, and that is a good thing! If one is just paid to do a task and one does a task solely to get paid, then that is a mere partnership and not a relationship. Today, employers and employees are looking forward to building a relationship–workplace communities with shared goals and passions.
Approaching work with this purposeful and passionate outlook will lead to the development of a proactive work culture where people work to grow and not just to sustain.
But, hold on that’s not all, and the road ahead is not so easy. While learning and growth are crucial owing to the above aspects, there is also an alarming aspect that needs immediate attention- skill gaps!
The Growing Skill Gaps
According to the Workplace Learning Report by LinkedIn, the short shelf life or relevance of skills in these evolving times, an influx of new technology, and the tightening workforce market, are widening the skill gaps in the industry. Businesses are trying to hire top talent and beat the attrition levels. Thus, it is better if business leaders realize that nurturing and retaining talent is much more cost-effective than hiring a new one.
Moreover, as per an article by Kaltura, training employees have led to an increase in profitability by 14%-29%. Therefore, imagine the impact of undertrained employees on the business and customer experience.
To move ahead it is important to win in the market and to win in the market it is important to be aligned with the ever-evolving knowledge and skillsets. Thus, thinking of innovative learning and development strategies to reinforce the skills and leadership is the ultimate strategy that businesses need.