A workforce or group of employees who have no desire to acquire new skills or are not given any opportunity to invest in their further learning and growth is likely to become stagnant sooner or later. It is a significant risk for companies and organizations to have a stagnant team as their workforce in this era of cutthroat competition and fast-paced technologies.
The need to acquire new skills
According to the latest Monster Job Index, more than 80% of working professionals feel that their current employers do not provide them with learning opportunities, and more than 50% think they do not have the required skills to perform their jobs competently. For most of them, earning a masters in materials science and engineering is still a distant dream.
Companies, firms, and organizations need to focus on their workers and how to provide them with more knowledge and training if they genuinely want to succeed and stay competitive in a global economy. Moreover, the World Economic Forum forecasts that the majority of the core skills will likely change every year, and it will become necessary for employees to upgrade their skill sets.
Both employees and organizations can benefit if workers are provided opportunities for further learning and development. Companies can develop a culture of growth through continuous learning and boost employee engagement, improve performance, and reduce turnover.
Here are some pros of offering more knowledge to employees:
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A culture of continuous learning
Investing in employee training to upgrade their knowledge and skills is likely to develop and foster an environment of learning and an intellectually stimulating atmosphere within the organization. Access to the right educational resources and professional development opportunities encourages employees to acquire new skills and enhances job satisfaction.
What statistics say – McKinsey & Company 2020 report stated that almost 40% of all employees in developed countries are likely to move into new occupations to upgrade their skill sets.
Lower turnover and associated costs
When a company makes efforts to invest in the training and education of its workers, it only enhances employee engagement and satisfaction. With new skill sets dwindling, employees feel ready and confident to take on new challenges. The company gets a more committed and skilled team of workers who feel engaged and motivated in their roles. With a greater sense of personal and professional growth, it is likely that the employees will stay in the company and are more likely to stay with the organization.
What statistics say – 2019 Workforce Learning Report finds that more than 90% of the employees commented that they would stay with e company if it invested in helping them learn and grow.
Enhance overall performance and productivity
With a highly skilled and trained team, it is apparent that the company can improve its performance and productivity levels. When workers get trained to acquire new skills and stay updated with industry trends, they become more familiar with technological advancements and deal with changing customer needs. As a result, they feel confident about adapting to changes and making informed decisions, thus resulting in improved performance. When employees carry or develop a diverse range of knowledge, they can bring unique depths to problem-solving and decision-making processes.
What statistics say – According to Gallup, continuous training results in a 10% increase in committed employees, contributing to 23% increase in profits.
Gain a competitive advantage
When any firm or company provides more knowledge to employees, it only positions them well in the rapidly evolving business landscape today and helps them gain a competitive advantage. Organizations with a highly skilled workforce can become more agile and responsive to market dynamics. Thus, they can stay ahead of the curve and position themselves well to tackle challenges effectively, take on new opportunities, and outperform competitors.
What statistics say – According to modern workplace report by Starmind, Fortune 500 companies lose just under $32 billion a year, simply by failing to share knowledge.
Enhanced career development:
Knowledge is a powerful tool for career advancement. By providing employees with more knowledge, you help them develop new skills and competencies, making them more marketable and better positioned for future growth within the organization.
What statistics say – According to Zippia, 45% of workers would stay at a company longer if it invested in their learning and development
In conclusion, offering more knowledge to employees brings numerous advantages for both individuals and organizations. It fosters a culture of continuous learning, enhances employee engagement and satisfaction, improves performance and productivity, and creates a competitive edge. By investing in employee knowledge and skills development, organizations can unlock the full potential of their workforce and position themselves for long-term success in an ever-changing business landscape.