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Yes, You Should Invest In Upskilling Your Changing Workforce. Here’s Why.

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Opinions expressed by entrepreneur The donors are theirs.

The next generation is reshaping the future of work with the new and changing demands of its employers. Employees adopt more fluid conditions with the businesses that employ them, often opt for more independent and flexible work, or make cross-cutting moves more often than previous generations. With all this in mind, you should expect to reduce your spending on raising skills or re-skill of your people, right? Erroneous. In fact, I would recommend just the opposite.

The world needs more skilled workers. According to Future Report of the World Economic Forum for 2020, Companies estimate that by 2024, about 40% of employees will require repetitive skills of up to six months, and 94% of business leaders say they expect employees to regularly acquire new skills at work. World Economic Forum Also estimates Because large-scale investment in skills improvement has the potential to increase GDP by $ 6.5 trillion by 2030.

But for many companies and employees, the existing and perhaps outdated vision of professional life and organizational harmony – one in which knowledge workers came to work for them and spend their entire careers in large companies – has been erased by sweeping economic and technological trends. We no longer expect companies to invest much in our professional development because we probably do not plan to be around for a long time. We know it, and they know it.

The ladder is broken – and it has benefits – but abandoning efforts to improve employee skills, whether full-time or under contract, is a short-sighted maneuver that will cost executives down the road.

Today, 80% of CEOs Rate the need for skill enhancement as their biggest business challenge so you are not alone if you are wondering if it is worth the time and money. Here are just a few reasons why improving a skill is an investment that businesses can not afford to go without.

Cultivating an ecosystem of talent and ambassador

The millennial generation employed in an orderly fashion and general jerks heard about what it used to be like: you got a job at a big company and spent many years there, if not your whole career. Companies have invested in the professional growth of their employees because they know that if employees are expected to stay around, they will recoup that investment at a higher level of productivity over the decades. Investing in education or improving skills for employees who may only be around for a short period of time may seem like a wasted resource, but brands need to think beyond the short term.

Early in my career, I landed in GE – I loved it. I heard (anecdotally) that 80% of the people left in their first five years of work there, and out of those who stayed more than five years, 80% would retire from the company at the end of their career. But here’s what’s interesting about GE: They put a huge amount of time, effort and investment into training 80% of the people who left. The market and job applicants knew that being from GE was as important as being in GE (and GE knew it too). Their training program was (and I hope it will continue to be) the gold standard, and whoever went through it was the best in the class. GE knew well before today’s basic labor market disruptions that its physical products were not the only items it sold. It also left GE’s mark on the resume, making it a great place to be from and the place the next generation of talent wanted to reach.

Lesson: You are your people. If the people who work in your office are fantastic because you invested in their development, they still create value for you in the market even after you break up – and this inevitable separation of ways is likely to occur far earlier with today’s generation of professionals than in the past. I just left the mark of my five years at GE, but I have immense respect for the time and investment they have invested in developing me, and I continue to look for GE graduates to hire as I grow my business.

Related: Why You Should Give Priority to Improving Your Workforce Skills

Shared knowledge begets more knowledge

The world of medicine has a concept: see one, do one, learn one. She talks about the expectation in the field of learning practice, practice for mastery and mastery of apprenticeship. When you work full time in a company, the career paths are usually quite simple, with the roles reflecting where you work in the hierarchy. Headlines say different things in different companies, but it is not difficult for a human resources professional to understand how much experience a potential landlord has by looking at his current and past headlines.

Self-employed workers and entrepreneurs, on the other hand, orient themselves in their professional growth and education. However, it is not surprising that most freelancers say that customers rarely offer to pay for their training. When Gather Network In a survey of whether their clients provide on-the-job training or not, 71% of respondents said no. Contractor workers are expected to come in with control and stay in place. It is unrealistic and anxious for the way skills are accumulated and reputation built (both for the contractor and for the company).

At any given moment, you as a business need to be with the most skilled people in your organization, even if some of those people leave shortly thereafter. If you expect contractor employees to come with complete control over their skills and impeccable ability to implement them in your organization, you are doing them, your colleagues and your business a disservice. If you are not interested in increasing their knowledge base, they have little motivation to increase the knowledge of those around them.

The lesson here: control is an unending and also contagious occupation. Investing time and energy in improving the skills of every single employee who comes to your door leads to this knowledge – and enthusiasm for the job.

Related: How to leverage artificial intelligence to improve employees’ skills

Think long term

Businesses should not look at someone who has just left after spending three years improving his skills as a brain drain. They should be seen as ambassadors of the brand, and their achievements attest in part to the value of the business as an employer. Instead of resenting this new model of employee, who may make transverse transitions from one company to another or prefer to work independently for multiple employers, businesses should take advantage of the rollover effect that comes with their training and coaching. The reflection obtained on your brand is invaluable (however, consider the damage that can be done to your business when you have the exit of poorly trained employees). These employees will be honest mediators – for better or worse – of your company culture as they meander through other customers.

As a manager, you’re probably thinking about the bonus of the year, the earnings of the quarter, or the open positions of the month. Speaking from experience, the companies that invest in their people are the ones who reap the greatest return. Think long term, invest in your talent and expect them to leave. But no matter where they go, their value accumulates in your balance sheet as a brand value.

Related: Why you need to ‘improve skill’ to keep up with trends

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