News: How upskilling and reskilling can lead to higher employee retention

Skilling

How upskilling and reskilling can lead to higher employee retention

Are your employees feeling trapped in a career dead end? Career growth is proving to be a significant factor in getting employees to stay with you, one report suggests.
How upskilling and reskilling can lead to higher employee retention

Offering employees the opportunity to learn and develop their skills can help employers build and retain their staff, a new study says.

Of the more than 600 employees interviewed by HCM software group Paychex, 63% said they were more likely to stay with their current organisation if they were given better opportunities to learn. The result highlights the need for companies to provide robust educational and career-building programs for staff.

While some employers have been offering L&D opportunities to their employees, such programs are mostly given to full-time, in-office workers. Remote, hybrid, and part-time staff often do not have the same opportunities as their regular, office-based counterparts, according to the study.

Paychex HR Services Director Alison Stevens believes work experiences for employees have become much more varied than before. This is true even between staff serving in similar roles.

Read more: Why upskilling staff is a game-changer for business

“We’re seeing skills gaps grow as employees increasingly get to choose working arrangements that fit their lifestyles,” Stevens said.

“With employees yearning for more educational and career-building experiences, employers will need to pay attention to the differences between these groups to curate programs that keep employees engaged and stimulated regardless of their time in an office.”

Support from employers

Most of the respondents (64%) said they either agree or strongly agree that they are satisfied with the career advancement opportunities given by their employer. However, 14% of remote workers, 8% of full-time workers, and 7% of hybrid workers disagreed.

Nearly 7 out of 10 full-time workers were more likely to be satisfied with their employer’s support, while 58% of part-time workers had the same sentiment.

Read more: Businesses view coaching as an investment priority

If they were given better career advancement opportunities, 63% of respondents said they would be more inclined to stay with their current employer. When broken down by age group, there results are:

  • 74% Millennials

  • 63% Gen Xers

  • 62% Gen Zers

  • 45% Baby Boomers

The study also identified the responses based on industry. Those working in construction (76%) were most likely to agree with the above statement, followed by those in education and health services (60%), retail, trade, transportation, and utilities (59%), and leisure and hospitality (42%).

Read full story

Topics: Skilling, Employee Engagement, #Retention

Did you find this story helpful?

Author

QUICK POLL

What is your top focus area for reinventing work in the hybrid world of work?

Can we take a more holistic view of how we reward people?

READ our latest issue for a broadened perspective.