Six Reasons You Should Care About Upskilling
#2 – Upskilling your employees improves your retention.
An April 2017 report by FSG, Investing in Entry-Level Talent: Retention Strategies that Work, highlights research linking employer-offered growth opportunities with increased employee loyalty and productivity. While such opportunities differ by company, the types of opportunities that FSG links with the most impact on retention are (1) educational assistance programs, (2) mentorships, and (3) support for career advancement. [i]
Deloitte reports similar findings from a survey of employees at companies worldwide in Talent Edge 2020: Building the Recovery Together, which notes the following:
- Opportunities for career progression — or lack thereof — are both the No. 1 retention incentive and the No. 1 driver of turnover. When asked what would keep them with their current employer, 54 percent of employees surveyed cited opportunities for promotion/advancement as the No. 1 reason, placing it above compensation, bonuses, and benefits. Conversely, 28 percent cited lack of career progress as a reason for looking for a new job, narrowly topping other important factors such as lack of compensation increases, lack of job security, and lack of trust in leadership, each at 24 percent. [ii]
- As baby boomers retire and leave the workforce, the upcoming cohorts of Generation X (born 1960s to 1980s) and millennials (born 1980s to 2000s) will make up the majority of the workforce. When it comes to ranking their top turnover triggers, 38 percent of Generation X and 30 percent of millennial employees surveyed cited lack of career progress. Acting now by investing in the careers and development of these employees could be a way to retain them later. [iii]
[i] “Investing in Entry-Level Talent Retention Strategies that Work,” Kimberly Gilsdorf, Fay Hanleybrown (2017).
[ii] “Talent Edge 2020: Building the Recovery Together,” Deloitte (2011).
[iii] “Talent Edge 2020: Building the Recovery Together,” Deloitte (2011).