Is Staff Upskilling Key to Retention?
- Written by Business Daily Media
Staff retention is a top priority for most businesses right now, with leaders forced to reconsider their approaches in the wake of the post-Covid Great Resignation. While some companies might be turning to flashy pay bumps and bonuses, these are rarely the best long-term solutions.
Upskilling and investing in your employees is a better way to promote long-term retention. In Australia, 67% of people expect their employer to pay for upskilling, while 39% of employees are keen to explore more professional development opportunities.
Help your team members achieve their full potential and give yourself new scope to promote existing staff. Upskilling is the way to go for a well-rounded talent strategy that gives everyone the best chance to succeed.
Reducing Costs for Your Business
Onboarding new staff can be expensive, with replacement costs far exceeding the cost of training your existing team members. Upskilling encourages your employees to stay with your organisation, reducing the expenses of turnover and providing you with a great return on investment.
Funding staff to study through a registered training organisation that offers recognition of prior learning helps keep course costs to a minimum.
Some training and professional development programs might even offer a corporate discount if you’re putting multiple staff through the same courses.
Saving Time on Study and Upskilling
Working with a registered training organisation, you can help your employees save time on professional development activities.
When you train your employees, you can help them continue to learn while on the job, and this can often mean they’ll obtain qualifications faster. This is great for retaining and supporting your staff, and it also means your business gets to reap the rewards.
Training your staff means they can put their best foot forward when it comes to helping you build your business.
Empowering Your Team for Success
Finally, staff training empowers your team, boosting motivation and keeping them connected with your organisation’s overarching mission.
By offering strong professional development opportunities, businesses increase their chances of attracting talented staff and retaining them for the long-term.
