There may be one simple trick that will reduce your talent spend and improve your employee performance. While there is no magic bullet, there are things you can do without breaking the bank. This secret formula is developing and promoting your employees. So let’s look at why and how you can make this happen in your business.
The Importance of Employee Development
According to the LinkedIn 2021 Workplace Learning Report, 94% of employees would choose to stay with their current job if their employer invested in career development. What’s more, employees surveyed by Deloitte in 2020 showed that the key factor is trust in leadership. 62% of employees who weren’t interested in leaving had confidence in their company’s leadership, while 26% of employees considering a new position cited distrust in leadership as a significant factor.
But career development isn’t only to benefit the employees. With a looming talent shortage, and the effects of The Great Resignation, attention to employee retention will be critical for businesses throughout 2022. Skills gaps occur not only for advanced technology such as data analytics, AI and machine learning, or blockchain but also for soft skills that drive success.
Employee Engagement by The Numbers
In such a time of heavy turmoil in the workplace, it’s essential to keep an eye on employee engagement. A Gallup poll of over 100,000 business units provides some interesting data about the current state of employees in the U.S. and worldwide.
- 36% of U.S. employees feel engaged in their workplace
- 15% of employees are feeling disengaged
- 74% of disengaged workers are seeking new opportunities
- 72% of white-collar workers are still working from home
Most remote employees want to stay remote, even if it’s safe to go back. Four in 10 white-collar workers prefer a remote workplace model.
Avoiding The Great Resignation in 2022
Whether companies can avoid the fallout from The Great Resignation altogether remains to be seen, but some critical factors are at play. Investing in employees is not just about their salary and benefits packages, though that plays a crucial part. Opportunities for advancement and a feeling of employer loyalty breed employee loyalty, and long-term career satisfaction.
What’s the key to reducing talent spending and increasing engagement. Ensuring your employees don’t burn out and helping them see a future in your company.
Use AI to Reduce Talent Cost and Boost Employee Satisfaction
Censia is an AI-powered talent solution that can assist your company with internal mobility matching. Our software designs an ideal candidate model and analyzes the talent in your company ready to move into that role. In Censia, you receive a ranked shortlist of your internal talent to help you plan your upskilling strategy. We give companies 6X greater effectiveness with internal promotions through talent intelligence. Talk to Censia to learn more today.
Upskilling and Reskilling to reduce talent spend
With only 36% of current workers fully engaged with their careers, there is much room for improvement. Increased career development can play an important role. Currently, 59% of learning and development leaders believe that upskilling and reskilling is a top priority. And 76% of Generation Z believe that continued learning is the key to their career advancement.
Some experts believe that we can take lessons from the Great Recession and implement ways to encourage employees to have ownership over their training and development.
However it’s done on an individual level, companies will benefit from upskilling and reskilling, not just because of employee satisfaction but also to close the skills gap. Internal mobility helps across the board by encouraging employees to take ownership of their careers, improving retention, saving money on hiring and onboarding new employees, and increasing efficiency and productivity through improved performance.
