Skills, in the current IT ecosystem, are valuable commodities for any organisation, and it is no surprise that upskilling today has become a crucial tool to address the challenges related to employee retention.
- While the IT sector witnessed an employee turnover rate of ~14% in 2018, it is estimated that only 40% of companies have undertaken any initiatives that can improve retention.
- Moreover, it has recently come out that losing an employee can cost an organisation up to $25,000, and the figure increases when you start considering more variables.
- It is in response to this, the World Economic Forum recently stated that managing skills in the digital age require organizations to harness technology that enables them to deploy a data-driven approach to lifelong learning and smarter upskilling.
So, what does this all mean?
Upskilling today has become more of a tool where businesses engage and successfully retain their valuable employee while moving them to the next level.
Organisations that facilitates or supports upskilling opportunities for their employees stand a better chance to cope with the short-lived technological advancements which force organisations to upgrade their infrastructure and their workforce at short intervals.
It is necessary for both the organisation and its workforce, to go above and beyond by facilitating upskilling via training programs that can be tailor-made to establish a healthy learning ecosystem.
Upskilling with an effective learning ecosystem
Personalized learning and development plans
When it comes to devising an upskilling strategy, the business should start understanding each employee’s role instead of treating them as a group. This helps them redefine the significance of learning resources and the path to be used for a particular employee.
Business can leverage an intelligent learning platform to help them to predict such results and automate resource recommendations based on previous performances and goals assigned to employees.
For instance, if an employee not performing well in the assessments gets a recommendation to watch a video that explains the particular concept.
The platform also identifies the most engaging resource type (e-books, webinars, offline videos, assessments) consumed by each learner and aligns the future recommendation based on them.