In 2020, organizations spent more than $82.5 billion on corporate training programs that were aimed at increasing employee productivity and bridging organizational skill gaps. Executives assigned huge budgets towards learning & development programs with a deeply embedded belief that it will help enrich learning, increase productivity and strengthen employee satisfaction. However, less than 35% of the stakeholders were impressed with the final result, which made them doubt the outflow of money that had immeasurable ROI. Corporate training programs can bring unsatisfactory results for several reasons. But here are the three most noted reasons:

Non-alignment of corporate training programs and business outcome
Many organizations do not spend enough time in assessing how a training program could bring them one step closer to realizing their long-term business goals and outcomes. Oftentimes, training programs do not align with what the business leaders want to achieve from their teams in order to fulfill their growth objectives and vision. Business leaders along with subject matter experts need to identify and learn the skill sets that are missing within their current teams and then lay out a well-defined development plan that should ultimately match with the training strategy.

Outdated training programs for modern workforce
A huge portion of the new workforce in need of corporate training is either millennials or GenZ. They do not find the traditional training methods appealing, or even stimulating. To add to the ‘theory-fatigue’, there’s often a major lack of real-world application. Also, in today’s busy workplace, traditional training modules expect employees to give up way too much of their time. These modules can hardly be proportioned or be platform agnostic. The need of the hour is a fully customizable appropriate training approach model, a unique training experience for your company with satisfactory outcomes.

Inconsistency in training
As many training managers will let this be known, that training and simulation alone cannot fulfill the task of reskilling and upskilling. You need a feedback system to judge learning levels. Without follow-ups by managers and supervisors, even the sincerest, hardworking employees start to lose the skills they gained during training. Remember, the thumb rule in play is that it’s not about the subject of the training itself, but how it will develop and improve the productivity of different teams and employees.

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The imperative to upskilling and reskilling for an enterprise has been a buzzword for far too long. Yet, not many have made noticeable strides in their approach and strategies to attain these. Enterprises currently face the dire need to develop their workforce rather than simply hiring fresh talent from the market.

Here’s why organizations must consider and invest in transforming their workforce through upskilling/reskilling:

1. Improved performance – Most organizations train their staff during the onboarding process but often stop their training there. Regular learning and development programs aid the employees as well as the enterprise. With emerging technologies and innovative business practices, employees must be kept abreast of industry trends and skills in demand. Businesses should facilitate such learning to maintain the competency of employees and to uphold their position in the market. Upskilling/reskilling allows enterprises to enhance their workforce’s professional skills, build a knowledge base, address business requirements and boost the top line.

2. Cost efficient – Whenever an employee exits, the organization has to bear the burden of finding a suitable substitute. Replacing a permanent employee can be an expensive proposition due to the high costs associated with recruitment and training. And as the ever-growing demand for future-forward skills continues to exceed supply in a competitive market, the heavy imbalance can compel the company to hire an under-skilled resource only to train them later. Choosing to upskill or reskill employees in the first place offers a more permanent fixture, averting an undue talent search thereby saving time and money.

3. Talent retention and attraction – Employees with specialized skills often struggle to stay relevant in a technology-led workforce, which also leads to a lack of motivation. Collaborative learning and development coupled with close alignment with the business objectives boosts their spirit, provides motivation and encourages them to grow organically by staying with the firm for a longer period of time. It also strengthens brand advocacy, thus enabling organizations to attract better talent.

Today, enterprises that embrace the culture of learning and development are writing the narrative for what the future holds for them and their workforce. This helps them develop proficiency in the areas that are highly in demand at present, and will remain so in the future as well.

Upskilling | Workforce transformation | Talent retention | Learning and development