Investing in upskilling employees through tailored training programs is crucial for companies aiming to stay competitive and nimble in the market. For example, if a new coding language is more efficient to use and can easily address the needs of a company, it is important that the company creates a training program to bring their software engineers up to speed with the latest technology. Customized skills based training, which utilizes AI and expert insights, brings employees’ skills in line with current market trends and innovations. Given that 42% of C-Suite executives identify skill shortages as a barrier to organizational adaptability, closing the employee skill gap should be a top priority for businesses.
Effective training initiatives have a lot to offer both the overall business and the individual employee. Employee retention and job satisfaction are correlated with the perception of their employer’s commitment to their professional development. In fact, 76% of employees are more likely to stick with companies that offer continuous training. The benefits for businesses include having a more skilled and knowledgeable team that can drive a business’ profitability forward. In addition, reducing employee turnover can lead to a reduction in hiring and training costs for new employees. Clearly, employees’ training is the best investment a company can make.
Source: YU Global
