Choosing to Be an Employer Of Choice in Today’s Economy
Historically, the responsibility for career development rested in the hands of individuals. Those who wanted to advance sought additional education and training independently. More recently, faced with a tight labor market, smart companies have realized that creativity and solutions-oriented thinking is necessary to meet workforce needs.
Attracting and retaining top talent has quickly become a priority for companies that are positioned for growth. It’s well understood and documented that investing in employee training programs improves performance, engagement and motivation, and it also shows employees that they are valued. Candidates are attracted to and inclined to stay in workplaces that are intentional about building a positive culture that includes growth and development opportunity.
“Adopting a culture that promotes lifelong learning is not just a good recruitment/retention strategy, it will likely impact your business’s bottom line.”
Facing ongoing skill shortages, companies that don’t address talent development risk losing a competitive edge. Maintaining a robust employee development program has become essential for businesses. New technology can quickly outpace employees’ abilities, which leaves companies vulnerable to a lack of adaptability. The pandemic is an example of how quickly businesses may need to be able to pivot and adjust to survive. Without a skilled workforce, this can quickly become an insurmountable challenge.
Adopting a culture that promotes lifelong learning is not just a good recruitment/retention strategy, it will likely impact your business’s bottom line. Aside from the impact of losing talent to competitors and the cost of turnover, consider the consequences of employees staying with your company when they have not continued to keep their skills up-to date. Whether training is essential for compliance issues, continuous improvement, improved business prospects or improving the technical skills within the organization, investing in keeping the right people and knowledge capital in your organization can prove to save money in the long run.
Beyond upskilling, the progressive practice of outskilling is being embraced by corporations like Amazon. The idea is that businesses invest in training for employees to be more competitive when they leave and pursue employment with a different organization in the future. According to this article, Amazon is providing training for thousands of its employees, knowing that many will not stay with the company long-term. It seems counterintuitive, but when you consider the concept that “a rising tide lifts all boats,” it makes sense that companies invest not only in their own workforce, but in the workforce of the region for the benefit of the entire local economy. Here’s a little more info about outskilling trends: https://www.chieflearningofficer.com/2020/05/18/the-rise-of-outskilling-a-new-lifeline-for-the-post-covid-economy/.
If you recognize the importance of training your current workforce, whether it’s aimed at becoming an employer of choice, remaining competitive or committing to corporate social responsibility, funding assistance is available to help. FCWS administers a program called Frederick Business Works that offers reimbursement of a portion of the cost of training your current employees in high-demand occupational skills. Visit our website or contact our office to learn more about funding to train your workforce.