If there’s one thing that employers and employees can agree on, it’s that everyone wins when employees are “upskilled,” or develop new skills to apply to their job. Employees get the continuous training they desire, and employers’ benefit from having a more skillful workforce.
Let’s take this one step further and link professional development opportunities with your recruitment strategy.
There is a lot of time and effort put into recruitment processes, the cost of advertising and testing for a number of applicants and training costs for a new employee also needs to be factored in. So, then you have options – you can either promote your existing team member or seek out a new employee. Each path has unique pros and cons so its up to you to make the choice that is most beneficial to your company.
A logical place to start in your decision-making process is figuring out what will cost you more – external hire or internal promotion? Generally speaking, it is often far less expensive to train up existing employees in certain skills rather than hiring new employees who possess the skill. This means that it’s typically more cost-effective to pluck from the talent pool you already have.
Upskilling can also improve employee engagement. Many employees, especially the younger workers, want the companies they work for to provide training and professional development opportunities.
Other things to note around training, development and upskilling are unlocking an internal pool of management potential and potential trainers. Investing in the skills of your current employees enables you to develop future managers and trainers that ensures a great culture fit and smoother transition when existing managers move on, take time off or retire.
We offer a number of professional development, training and coaching solutions to help upskill your existing employees and leaders. To learn more about this go here or give us a call.