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Talent attraction and retention are today's pressing business needs. It's impossible to create more workers. Even with advances in technology, most organizations need more people than they can hire and retain.
New research from Morning Consult found, “A tight labor market has made recruitment and retention a top priority and underscored the need for investments in skills development for new and existing employees, and the rapid pace of technology-driven transformation has further increased pressure to keep workforce skills current.”
Specifically, the tight labor market has made recruitment and retention a top priority for 82% of organizations surveyed. As a result, there is an urgent need to invest in skills development for new and existing employees. The rapid pace of technology-driven transformation has further increased the pressure to keep workforce skills current.
Learning leaders agree that effective training-and-development programs contribute to higher employee retention. In fact, 92% of learning leaders believe that these programs are essential for retaining top talent. Employers also recognize the value of investing in the development of their current workforce, with 55% saying they would invest more in developing current employees.
Given this gap between skills needs and training, it begs the question of what learning leaders need to focus on to attract and retain talent in a tight labor market. To address the skills gap, organizations should:
Identify specific times during the week or month when employees can dedicate themselves to learning-and-development activities. Provide flexible training options, such as online courses, webinars and on-the-job training, to accommodate different learning preferences and schedules. Establish a culture of continuous learning by encouraging employees to actively seek out opportunities for professional growth.
When employees feel that training and development is a part of their job, they're more likely to commit time to invest in their development. When responding to emails and getting project work done is paramount, it sends the signal that training and development is not important, and thus it will not be prioritized.
Conduct regular performance evaluations to identify areas where employees need to improve their skills. Work with employees to establish specific, measurable, aspirational, relevant and time-bound (SMART) development goals. Provide resources and support—such as access to training programs, mentors and coaches as allies—to help employees achieve their goals.
When employees are surrounded by tools and resources to improve—not just as leaders, but as human beings—it has a transcendent effect on organizational culture. People feel valued, like they're becoming better versions of themselves, and they feel pride in their work.
Create a transparent and fair system for evaluating employees' progress on their development goals by rewarding and recognizing employees who demonstrate a commitment to learning and development. When there is thoughtful succession planning, organizations can provide opportunities for employees to take on new roles and responsibilities that align with their newly acquired skills. It’s a win-win for individuals and organizations.
The primary business issue of today is about people. When organizations carve out time in employees' schedules for training and development, set individual development goals to close skills gaps and promote talent based on progress made on new skills, they can develop and retain a skilled workforce that is prepared to meet the challenges of the future.
Original Article From Forbes