“The problem many organizations face today is not a shortage of people—it is a shortage of skills.”
How many people in your organization suffer from a “capability gap”? How many of your employees need added skills in order to reach their full potential? And what are you doing to bring them up to speed?
Some 70% of organizations now consider the skill shortage to be one of their top five concerns. According to a study by PwC, “63% of CEOs are concerned about the availability of key skills in their companies, and 50% say they will be increasing headcount over the next 12 months. The quality of those hires, and the speed with which their ideas and competencies are leveraged, will determine how successfully companies close the skills gap”.
Enlightened companies are making the development of their employees’ capabilities a priority: in 2013, US spending on corporate training rose 15% – the highest growth rate in seven years – to reach $70 billion, and more than $130 billion worldwide.
HR analyst Josh Bershin links this trend to economic recovery: “Corporate training is always a very good indicator of economic activity: when companies slow down they often cut training spending, and then as business grows they ramp back up to train new hires, sales people, and leaders. This is among the most discretionary of all corporate spending areas, so it is an excellent bellwether for business confidence.”
Nurture Your Most Important Assets
To state the obvious, your company is only as good as your employees. In order to maximize their contributions and help them reach their full potential, devoting serious amounts of time and money to training, integrating, motivating, and above all, keeping them, is essential.
This type of employee culture has become a competitive differentiator among companies that seek to attract the best and the brightest. “The trend is being driven by global competition for hard-to-find skills, changing demographics in the workforce, and the experiences and expectations of a new generation of workers”, asserts Oracle CEO Larry Ellison.
By developing and using your own customized, on-demand training programs, courses, and modules, and making them available to employees at every level within your organization, from the C-suite right to your rawest recruits, you can help each one realize his or her full potential. Training should become the cornerstone of your strategy for growing your own talent.
Revolutionize the Corporate Classroom
There has been explosive growth in the development of new technologies for deploying and managing online training courses and curriculums.
Whether a physical or a virtual space, today’s corporate classroom allows you to incorporate live meetings, external events, and self-paced courses into training programs that are accessible to users from anywhere, anytime, on virtually any device. And that accessibility is vital, given that nearly 18% of all training is now delivered through mobile devices in highly advanced organizations.
A well-designed training strategy will not only help your people grow to their full potential, it will assist in employee attraction and retention. Those talented millennials out there want to be sure they’re joining the right company, one where they’ll have real opportunities for growth and promotion. A rich corporate training program is a key attraction. Investment in training sends a clear message to your all of your employees—it says that you value them and will go the extra mile to keep them.