There is an old Chinese proverb which roughly translates to: “Learning is like rowing upstream: Making no advance means you are dropping back.” In this modern world where today’s latest technology becomes obsolete in less than an year, continuous learning is paramount. Especially for professionals who have to apply more knowledge than physical efforts to get work done.
Businesses need customized learning solutions that can help their workforce constantly upskill and reskill themselves to stay relevant.
But it is easier said than done. There are several challenges that businesses need to overcome in order to get a competitive advantage.
Some of the challenges include:
Access to Talent
Talent shortage is a serious threat that businesses across the globe are facing. According to ManpowerGroup’s 2018 Talent Shortage Survey, 45% of employers say that they can’t find the skills they need. There are many graduates, but only a fraction of them possess the right mix of hard and soft skills necessary for employment. Most often, candidates lack the up-to-date technical knowledge required to work in a real-world scenario.
Once the right talent for a role is found, the next challenge is keeping them engaged at work. According to Gallup’s 2017 State of the American Workplace Report, at least 70% of the American workforce is disengaged.
A disengaged employee is someone who is withdrawn from his/her approach towards work, exhibits poor communication, breaks from the team routine and has an apathetic approach towards work. Lack of proper skills to execute the tasks could be one possible reason why employees disengage from active work.
- Employee Attrition
If finding talent is one challenge that businesses are facing, retaining existing ones is an even bigger challenge. There are several reasons why employees leave their current employers.
The most common reasons attributed include:
A better opportunity coupled with a pay raise
Engaging work with higher prospects of learning & personal growth
Opportunity to work with an employer who is well-recognized in respective domain
4. Obsolete Skills
The downside of employee attrition is that it leads to discontinued work. Does that mean long-serving employees are always productive? Not necessarily. Employees with a fixed mindset can do more harm than fleeting employees who stay for the short-term.
A fixed mindset is one which is not open to new learning, innovation, or reinventing the existing rules. They remain stagnant and hence slow down the business from marching forward. It also stagnates the innovation that a business must have for a steadfast growth.
How can businesses overcome these challenges and achieve a competitive advantage? A customized learning solution poses as the perfect remedy.
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