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Attracting top talent to your company can be a challenge. There is a massive skills gap in America's workforce currently, and it is only getting bigger. A study done by the US Chamber of Commerce found that "74% of hiring managers agree that there is a skills gap in the current labor market, with 48% saying that candidates lack the skills needed to fill open jobs" [1]. The competition will be high for recruiting top-qualified candidates for these positions. A way to set your company apart and attract these candidates is to offer workplace education benefits.
Millennials and Gen Z make up most of the current workforce and will make up a more significant share every year. By 2030 Millennials will make up 75% of America's workforce [2]. This is good news for companies who want to attract these age groups with educational benefits. "95 percent of millennials believe learning is key to their career success" [3]. "On-the-job training...is the decisive factor for Millennials in accepting a position and remaining with a company" [4]. Millennials also "consider opportunities for personal growth as a key component of a winning company culture" [5] and "Generation Z workers now rank education over all other benefits in importance, excluding healthcare" [6].
The draw of educational benefits may have a lot to do with the fact that "53% of office workers worry their current skills will be outdated in fewer than five years" [7]. Educational benefits can soothe those worries and give your potential hires the confidence that your company is a place where they can grow and can upskill as needed to stay competitive. Almost 90% of employees surveyed said, "they would feel more secure in their jobs if their employer offered them training opportunities" [8]. And again, almost 90% reported that "they would be more willing to continue working at a company that offered upskilling and reskilling opportunities" [9]. This becomes important for businesses because keeping top talent after hiring them can be difficult when other companies are attempting to attract them. "45% of millennials said they would change their current jobs" [10] for ones that offer attractive education benefits.
The return on investment for offering educational benefits is impressive. Discover, and Cigna Corporation invested in educational benefits and saw a massive ROI. Discover's education benefits "produced an overall 144% return on investment" and "employees participating in the program received, on average, annual wage increases that were at least 41% greater than non-participating employees, while helping Discover save $10.9M" [11]. Cigna's education benefits produced "a staggering 129% increase in ROI" [12]. This ROI was produced due to the avoided recruitment and talent management, including higher rates of promotion, transfers, retention, and lower rates of absenteeism. Offering education benefits cultivates loyalty and performance, which increased retention and job satisfaction contributing to these numbers.
The increased production and revenue that upskilling employees create could significantly raise the reported ROI numbers for education benefits. This is because "companies that offer comprehensive training programs experienced 24% higher profit margin than those who spend less on training" [13]. ROI for educational benefits is high, but it may be much higher than we know.
Educational benefits are a great option to attract top talent and help the business's bottom line at the same time. Offering them to your employees and potential hires will help you attract and create a strong, loyal and competitive workforce.
How Can Your Business Easily Launch an Online Learning Platform to Attract Top Talent?
Attracting top talent is critical to setting your businesses up for success. Education benefits are a top priority to the majority of the workforce. To help attract and retain top talent your company should invest in an in-house upskilling platform. The smartest and easiest way to provide this benefit to your employees is by outsourcing it to a company that specializes in online learning platforms and content creation.
An online learning platform should include these key features:
During this competitive time in quality employee recruitment, offering the value proposition of educational benefits will help your company stand out from the crowd and pique the interest of top talent. Luckily, Amesite can help.
Amesite Offers a Single, Easy to Use, Scalable Solution
Launch an online learning program that attracts top talent, increases loyalty, reduces turnover, and improves ROI.
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 online learning platforms and content for businesses and universities.
Amesite's online learning platform is the key to providing educational benefits that your employees desire. Amesite's high-tech AI-powered online learning environment is custom-branded to each specific company to build brand loyalty and 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 an excellent user experience for employees. Using AI and advanced analytics to provide fresh content keeps learners engaged. Coupled with outstanding services, these experiences deepen professionals' interest in subjects important to their company's goals. Amesite's unparalleled retention rate in the enterprise sector is 100%.
Let Amesite help your company attract top talent and retain them today! Request a Demo!
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Resources:
[1] US Chamber of Commerce. March 14, 2020. Closing the Skills Gap. https://www.uschamber.com/series/above-the-fold/closing-the-skills-gap Accessed March 29, 2020.
[2] Forbes. Nov 27, 2019. How to Recruit, Upskill, And Advance: A Toolkit For Optimizing Employee Experience. https://www.forbes.com/sites/shamahyder/2019/11/27/forbeshow-to-recruit-upskill-and-advance-a-toolkit-for-optimizing-employee-experience/?sh=371415ba146e Accessed March 29, 2020.
[3] Achievers. May 10, 2018. 5 Reasons to Make Employee Education a Priority. https://www.achievers.com/blog/5-data-based-reasons-make-employee-education-priority/ Accessed March 29, 2020.
[4] Forbes. Nov 27, 2019. How to Recruit, Upskill, And Advance: A Toolkit For Optimizing Employee Experience. https://www.forbes.com/sites/shamahyder/2019/11/27/forbeshow-to-recruit-upskill-and-advance-a-toolkit-for-optimizing-employee-experience/?sh=371415ba146e Accessed March 29, 2020.
[5] Employee Benefit Adviser. Nov. 22, 2019. Education benefits are a critical offering to retain top talent. https://www.employeebenefitadviser.com/opinion/offering-education-benefits-retains-top-talent Accessed March 29, 2020.
[6] The Sun. June 1, 2020. Majority of US office workers worry their current skills will be outdated in less than five years. https://www.the-sun.com/news/917504/majority-us-office-workers-worry-skills-outdated/ Accessed March 29, 2020.
[7] The Sun. June 1, 2020. Majority of US office workers worry their current skills will be outdated in less than five years. https://www.the-sun.com/news/917504/majority-us-office-workers-worry-skills-outdated/ Accessed March 29, 2020.
[8] The Sun. June 1, 2020. Majority of US office workers worry their current skills will be outdated in less than five years. https://www.the-sun.com/news/917504/majority-us-office-workers-worry-skills-outdated/ Accessed March 29, 2020.
[9] The Sun. June 1, 2020. Majority of US office workers worry their current skills will be outdated in less than five years. https://www.the-sun.com/news/917504/majority-us-office-workers-worry-skills-outdated/ Accessed March 29, 2020.
[10] Talent Culture. Aug. 19, 2020. Recruit Top Talent With Tuition Assistance Programs. https://talentculture.com/recruit-top-talent-with-tuition-assistance-programs/#:~:text=In%20a%20recent%20Gallup's%20survey,basis%20of%20tuition%20reimbursement%20alone. Accessed March 29, 2020.
[11] Lumina Foundation. Nov. 30, 2016. Talent Investments Pay Off (Discover Financial Services). https://www.luminafoundation.org/resource/talent-investments-pay-off-discover-financial-services/ Accessed March 29, 2020.
[12] Talent Culture. Aug. 19, 2020. Recruit Top Talent with Tuition Assistance Programs. https://talentculture.com/recruit-top-talent-with-tuition-assistance-programs/#:~:text=In%20a%20recent%20Gallup's%20survey,basis%20of%20tuition%20reimbursement%20alone. Accessed March 29, 2020.
[13] Achievers. May 10, 2018. 5 Reasons to Make Employee Education a Priority. https://www.achievers.com/blog/5-data-based-reasons-make-employee-education-priority/ Accessed March 29, 2020.