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To overcome the pandemic and digital transformation obstacles, cultivating a loyal and capable workforce is more critical than ever. With labor shortages and skills gaps adding to the problems that companies face, a solution is needed. So, how do companies cultivate employee loyalty and performance? The answer is simple – offer consistent upskilling and career advancement opportunities to employees.
Employees have come to expect training and career development opportunities at their workplaces. Millennials are rapidly entering the workforce. In 2020 Millennials comprised 50% of America's workforce, and by 2030, they will make up 75% of the workforce [1]. This will create a competitive advantage opportunity for employers who offer the benefits that are most important to this group of workers. "Recent data on this demographic indicates that on-the-job training — even more than salary, workplace flexibility, company culture, or other organizational perks — is the decisive factor for Millennials in accepting a position and remaining with a company" [2]. Data also indicate that Millennials "consider opportunities for personal growth as a key component of a winning company culture" [3].
The companies who will come out on top understand that investment in their employees is a good business practice. This is because the loyalty built between company and employer through employer-offered training investment is a massive driver of employee retention. "94% of employees would stay at a company longer if it invested in their career" [4]. Retention is so important to businesses because it keeps top talent at your company and reduces costs. "The cost of an entry-level position turning over [is] at 50 percent of salary; mid-level at 125 percent of salary; and senior executive over 200 percent of salary" [5]. To build loyal employees, companies must invest in their career advancement.
Investing in employees with upskilling and career advancement programs not only cultivates loyalty – it also improves performance. When employees have the knowledge they need to deliver, their performance will improve, and the company will benefit from increased profits. The digital transformation of businesses is resulting in significant skill gaps. "60% of employees think their skill set will be outdated in 3-5 years" [6], and "70% of CEOs are concerned about employees' lack of essential skills and identify the issue as a threat to growth" [7]. If employees are not properly upskilled, performance will go down as they are unable to keep up with advancing technology. An investment in upskilling is an investment in your employee’s and your company's future.
How Can Your Company Easily Launch an Upskilling Platform That Cultivates Employee Loyalty and Performance?
Cultivating employee loyalty and performance are top priorities to stay competitive in business today. Top skilled labor retention relies on providing employees with resources for career advancement and upskilling to cultivate loyalty and continuously improve performance. The way to easily provide your employees with what they need is through a smart partnership.
Partnering with an online learning platform that creates custom-branded learning environments and courses that meet your company's unique upskilling needs is how your company can cultivate loyalty and performance. A platform with a turn-key system that your company can start using now can be a substantial competitive advantage in retaining and attracting skilled labor.
Here are key elements that upskilling platforms need to provide value to your company and employees:
Loyalty and performance are vital to cultivate amongst your employees to stay competitive in business. The skills gaps and labor shortages paired with the digital transformation and pandemic create an opportunity for creating a competitive advantage for your company by providing excellent benefits and resources for your employees to grow and prosper, benefiting themselves and your company. Catering to the Millennial expectation of on-the-job training and investment will separate your company from the competition.
Amesite Offers a Single, Easy to Use, Scalable Solution
Launch a program that cultivates employee loyalty, reduces position turnover, and improves performance.
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 and providing professional development and career advancement opportunities 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 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 company cultivate loyalty and performance today! Request a Demo!
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Resources:
[1] 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 Mar. 8, 2021.
[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 Mar. 8, 2021.
[3] 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 Mar. 8, 2021.
[4] LinkedIn. 2019. 2019 Workplace Learning Report. https://learning.linkedin.com/content/dam/me/business/en-us/amp/learning-solutions/images/workplace-learning-report-2019/pdf/workplace-learning-report-2019.pdf-2 Accessed Mar. 8, 2021.
[5] Forbes. Aug. 12, 2018. Companies Need To Know The Dollar Cost Of Employee Turnover. https://www.forbes.com/sites/billconerly/2018/08/12/companies-need-to-know-the-dollar-cost-of-employee-turnover/?sh=2645461fd590 Accessed Mar. 8, 2021.
[6] SHRM. May 29, 2020. Upskilling Benefits Companies and Employees. https://www.shrm.org/hr-today/news/hr-magazine/summer2020/pages/upskilling-benefits-companies-and-employees.aspx Accessed Mar. 8, 2021.
[7] SHRM. May 29, 2020. Upskilling Benefits Companies and Employees. https://www.shrm.org/hr-today/news/hr-magazine/summer2020/pages/upskilling-benefits-companies-and-employees.aspx Accessed Mar. 8, 2021.