3 Forgotten Ways Upskilling Employees Can Transform Your Business
In today’s fast-paced business environment, finding and retaining top talent is a constant challenge for companies. Employee turnover can be a significant issue affecting productivity and incurring substantial costs in recruiting and training new hires. Studies have shown that 63% of employees contemplate leaving their jobs due to a lack of opportunities for career advancement. Thankfully, the solution to this problem lies very achievably within the grasp of every business owner – upskilling their current staff! In this blog, we explore the benefits of upskilling your employees and how it can lead to high retention rates, improved productivity, and overall success for your business.
The Impact of Employee Turnover
Employee turnover is a multifaceted problem that affects businesses of all sizes and industries. When valuable employees leave, enterprises face various challenges, including:
- High Recruitment Costs: Finding suitable candidates to replace departing employees can be expensive and time-consuming. From advertising the job to conducting interviews and onboarding, the recruitment cycle can drain company resources.
- Reduced Productivity: When employees leave, a gap in knowledge and expertise can take a toll on overall productivity. New hires often require time to adjust to the company culture and learn the ropes, leading to potential dips in output.
- Decreased Morale: Frequent departures can negatively impact the morale of the remaining team members, leading to a decline in overall job satisfaction.
Upskilling as the Solution
Upskilling employees, or providing training and development opportunities to current employees, is an effective strategy to address the challenges posed by employee turnover. Instead of seeking external talent, businesses can focus on nurturing and enhancing the skills of their existing workforce. Here’s why upskilling is a game-changer:
- Cost-effective: Compared to hiring new employees, upskilling your current staff is cost-effective. Investing in well-structured training programs is often found to be considerably more affordable than shouldering the extensive recruitment expenses, thus making it an inherently attractive and pragmatic choice, especially for businesses operating within the constraints of limited budgets. The average cost of hiring an employee, hovering around $4,000, encompasses a spectrum of expenditures across the recruiting, interviewing, onboarding, and training stages necessary for bringing new talent on board. This underlines the intricate and resource-intensive nature of the recruitment process.
- Improved Retention Rates: Offering employees opportunities for growth and advancement within the company creates a positive and rewarding work environment. When employees see a clear path for their career progression, they are more likely to stay committed to the organization. Additionally, this prevents employee burnout, as they are always presented with something new to learn and new tasks to perform.
- Enhanced Productivity: Well-trained employees have the latest knowledge and skills relevant to their roles. This results in increased productivity, higher-quality work, and better outcomes for the business.
The Power of Partnership: SignalCircuit and Bigger Brains
At SignalCircuit, we understand the importance of your business’s success and the role employee retention plays in achieving it. We partnered with Bigger Brains, an award-winning online training platform, to provide an unparalleled upskilling experience.
With access to 200+ courses and 4000 + video lessons, Bigger Brains offers courses on various topics, including Microsoft 365, QuickBooks, Excel, and essential business skills. Whether your employees need to fine-tune their technical expertise or develop leadership abilities, Bigger Brains has the resources to help them succeed.
The platform we provide is called BrainStation, and it allows you to create customized training courses if you can’t find a course on a specific topic. Assign these courses to your employees and track their progress effortlessly through our user-friendly website or directly within Microsoft Teams.
Employee turnover can severely affect businesses, and thankfully upskilling presents a practical and cost-effective solution. You can significantly reduce turnover rates and enhance productivity by providing your employees with opportunities to advance their skills and grow within the company. Our partnership with Bigger Brains empowers your workforce with access to various online training courses, ensuring they stay ahead in the world’s ever-evolving business landscape. Remember, investing in your employees benefits them individually and strengthens your business. So, take the first step toward a more prosperous future by embracing upskilling and reaping the rewards of a loyal and highly skilled workforce.
