Do Your Most Valuable Employees Have the Resources They Need to Deliver?
February 19, 2021
The digital transformation of major industries is shaking up the workforces of America. New and quickly advancing technologies provide a better way forward for businesses, but there is a drawback: our current workforces have skills that are increasingly obsolete. When new technologies are adopted in the workplace, even top-performing employees confront skill gaps that diminish their ability to deliver their usual work quality. How do you provide your most valuable employees with the resources they need to deliver? Offer an upskilling program!
Why upskilling is the solution:
Skilled labor shortage
More cost-effective
Increased retention of employees
Proven beneficial results for the company and employee
We are in the midst of the Fourth Industrial Revolution, which has transformed the skills workforces are required to have for success. Critical skills now include technological, digital, and soft skills. All of which are in short supply in the global labor market. The availability of key skills has been a top 10 extreme concern for many years and is now affecting innovation and driving up talent acquisition costs. In America, 33% of CEOs in a PwC survey reported they were extremely concerned with the availability of workers who have new key skills prompted by digital transformation in their industry [1]. And "in a recent McKinsey Global Survey, 87 percent of executives said they were experiencing skill gaps in the workforce or expected them within a few years" [2]. Upskilling current employees will close these skill gaps.
As previously mentioned, the skills gap is driving up the cost of hiring. Workers with overlapping technological, digital, and soft skills are in such high demand that their employment comes at a premium. This inflated salary is unattainable or undesirable for many businesses. The ability to avoid the higher-than-average cost to fill a position, previously filled with a much lower salary, is a hard-hitting driver for upskilling employees. Not to mention, hiring and firing costs are incredibly high compared to the cost of upskilling workforces. Forbes reports that the firing and hiring process is well worth avoiding at all costs, setting. "the cost of an entry-level position turning over at 50 percent of salary; mid-level at 125 percent of salary; and senior executive over 200 percent of salary" [3]. Based on cost analysis, upskilling is a no-brainer.
A massive benefit to upskilling is the increased retention of employees. This ties in to the cost of employee turnover. Also, high retention of employees creates a productive workforce. A workforce that is satisfied, familiar with their position, knows the tricks to get things done the right way, and has developed interpersonal relationships in the workplace creates a well-oiled machine that drives higher revenue. Retention is essential to company success, and "94% of employees would stay at a company longer if it invested in their career" [4]. Upskilling employees is an investment in your company and their career.
Based on the responses and data measured in their 2020 annual survey, PwC summarizes that organizations that have taken strides in their upskilling efforts are achieving better business outcomes, including:
A stronger corporate culture
Higher workforce productivity
Greater business growth
Improved talent acquisition and retention
Greater innovation
Reduced skills gaps and mismatches [5]
Upskilling is the answer to navigating the skilled labor shortage most cost-effectively while increasing employee retention and providing benefits to the employee and company.
How to Easily Provide Your Top Employees with the Resources Needed to Improve Performance and Drive Retention?
Providing employees with the resources they need to improve performance and drive retention is necessary for today's economy. With COVID-19 affecting the bottom line for companies worldwide, now is the time that top employees must have the tools to deliver high-quality work. Upskilling is the direction that companies are taking to pursue this goal most cost-effectively. The way to easily provide this opportunity for employees is simple- partner with an established online learning platform.
Partnering with an online learning platform that creates custom-branded learning environments and courses that meet your company's unique upskilling needs is the path to success in these trying times. A platform with a turn-key system that your company can start using now can be a substantial competitive advantage as rival companies fall behind, waiting for skilled labor and bleeding money when hiring them.
Here are key elements that upskilling platforms need to provide value to your company and employees:
Customized content is relevant to your workforce
Engaging delivery methods that keep employees actively learning
Positive user experience and high retention rates that drive employee retention
Turn-key systems capable of immediate implementation with no learning curve
Due to the combination of the digital transformation and COVID-19 fallout, it is imperative that companies are proactive in upskilling their workforce to say competitive. Mckinsey reports that "to emerge stronger from the COVID-19 crisis, companies should start reskilling their workforces now" [6]. Upskilling is the trend right now, and for good reason. It is time to partner with an online learning platform that meets the needs of your company.
Amesite Offers a Single, Easy to Use, Scalable Solution
Launch a program that provides your employees with what they need to deliver to increase revenue, drives retention of those employees, and curbs the cost of talent acquisition.
Amesite is an easy-to-use, Artificial Intelligence software company that offers customized cloud-based scalable solutions to make world-class content creation easy and seamless. We create custom platforms and content for business, university and K-12 education and upskilling.
Amesite's online learning platform is the key to upskilling your workforces. Amesite's high-tech AI-powered online learning environment is custom-branded to each specific company to meet the unique needs of the employer and their employees. We have subject matter experts who design innovative and custom content for courses that provide excellent value to your employees. A host of self-paced, highly engaging, and intuitive courses can be ready for your company in as little as 30 days.
Amesite creates outstanding learning experiences delivered on its advanced platform, providing a positive impact for employees. Using AI and advanced analytics to provide fresh content creates an important context for learning. Coupled with outstanding services, these experiences deepen professionals' interest in subjects important to their company's goals and spur creative ways to execute new practices. Amesite's unparalleled retention rate in the enterprise sector is 100%.
Let Amesite help your employees reach their full potential by upskilling today! Request a Demo!
