Just 17 percent of employees believe that their employers invest in skills necessary for career advancement. This gap highlights untapped potential in the global workforce. Many workers express dissatisfaction with the lack of upskilling options.
Mary Hayes is the Research Director for People & Performance, ADP Research. She said that “education alone will not fill the skills gaps.” Organisations must do their part in closing the skills gap as the world of work changes at lightning speed.
Training is a key to retention and productivity
The analysis shows that there is a link between successful organisational performance and effective skill development programmes. Nearly six times as many workers who feel their employer is preparing them for their future roles will recommend their workplace. These workers are 3.3 times as likely to be highly productive.
On-the-job-training also increases retention rates. Employees who are given training that is tailored to their future skills have twice the likelihood of remaining with their organization compared to employees who do not receive such opportunities.
There is a significant disparity in employee satisfaction levels despite the apparent benefits from robust upskilling programs. The training investment by employers is not well received by cycle workers. Only 9 percent men and 7 percent women who hold these positions are satisfied with the opportunities for upskilling.
Skills Development is a Priority
The importance of investing in initiatives to upskill workers cannot be understated. Career advancement opportunities are consistently ranked as the second most important reason for employees to remain with their employers, behind flexible scheduling.
Our research has shown that skilled workers are more loyal and productive to their employers. Nela Richardson is the chief economist at ADP. She said that only a fraction of employees are able to upskill within two years after being hired. If companies want to reap the benefits of the massive technological advancements to come, then they should invest in their employees’ skills and career development.
