Despite this, many organizations are reluctant to offer advanced training opportunities to their employees. Companies fail to understand the importance of advanced training programs and the benefits they reap through investing in them. ThriveDX is trying to change this for businesses.
Whatever it may be, failing to upskill one’s employees will always hurt companies and hurt them big time. As one HR expert from the industry puts it, companies that neglect learning cultures suffer from high talent turnover, experience difficulty retaining their customers, and eventually fall behind their rivals.
Let’s look at how companies can help their cause by providing upskilling opportunities to their workforce.
Table of Contents
1. Employee Retention
No company can only afford to lose good people in today’s tight and highly competitive labor market. A high talent turnover can affect a business in multiple ways.
Costs
Recruits come with several associated costs, including costs of advertisement, training, workplace integration, and higher salaries and benefits.
Loss of Expertise and Experience
When senior employees leave an organization, they also take away their wealth of experience and expertise gained through decades of working.
The result: your competitors will benefit from the job-hopping while you will be tasked with filling the position.
However, you can quickly and drastically reduce the turnover rate by investing in continuing team member education.
2. Healthy and Productive Work Atmosphere
Investing in upskilling your employees not only increases the latter’s overall value to the organization but also boosts team member morale and fosters a positive and productive work atmosphere.
The employees feel that the company values their contribution and that they have opportunities to grow and advance their careers without needing to look for other opportunities.
