Combatting the Skills Gap with a Culture of Learning
While the national unemployment rate is at a 10-year low, headline after headline warns college grads and employers alike of the “skills gap” plaguing most industries. In fact, according to McKinsey & Co., nearly 40% of American employers struggle to find candidates with the skills they need and almost 60% cite lack of preparation, even for entry-level jobs. To combat this, many companies are responding by creating their own learning opportunities, which will in turn prepare staff – and the organization as a whole – for the labor market of tomorrow. But it’s not only about skills, it’s also about creating a culture of growth and training to aid in retention and engagement for the workforce as a whole.
Nearly 40% of American employers struggle to find candidates with the skills they need.
Investing in people
A better prepared workforce brings with it many other advantages. While obvious benefits include increased efficiency, productivity, and profit, a long-term competitive advantage for industries that are flattening due to technology leveling is also at stake. For companies in these industries, many aspects of business are virtually the same from vendor to vendor, leaving only people and experience as the main avenues of differentiation amongst competitors.
In addition to becoming more efficient and productive, employees are also more engaged in an environment of learning. According to LinkedIn’s 2018 Workplace Learning Report, 94% of employees said they would stay at a company longer if it invested in their career development. While many companies struggle to find good talent in the skills gap age, others are doing everything they can to keep the talent they already have – and implementing a culture of learning and growth is an obvious step to do so.
94% of employees said they would stay at a company longer if it invested in their career development.
Ownership pays dividends
The cycle continues one step further: When companies invest in their employees’ career development, they’re showing that they not only care about that person and their future, they’re also handing them the keys to their own success. That sense of ownership for both employees and leaders takes things full circle, continuing to boost morale and engagement, and in turn, efficiency, productivity, and profit.
At IntelliGenesis, we wholeheartedly believe in this kind of full circle learning. From in-house training to outside certifications and courses, we believe that the key to success lies in our investment in our people. And our people’s investment in yours.