The current pandemic has forced companies both big and small to re-evaluate their workforce, to ensure that they possess the necessary skills to overcome the new business challenges being faced.
More and more companies are facing a decision to either replace sections of their existing workforce or retain the talent they have and give them the opportunity to reskill, with the ambition that these employees can then be redeployed in entirely new roles within the company.
"By 2030, up to 40% of all workers in developed countries worldwide might have to move into new jobs or at least upgrade their skills significantly. McKinsey also estimates that replacing a worker can cost 20-30% of an annual salary on average, while retraining an existing employee costs less than 10% of annual pay."
(McKinsey & Co 08/06/21)
'Upskill, Reskill, Adapt and Improve'
- Earn employee respect, loyalty and increase morale - employees can see that they are not disposable and that they are valued. This can contribute to a positive working culture and employee wellbeing
- Retain your talent by supporting their growth in career
- Save costs - severance costs and the cost of recruitment
- Retain staff who hold valuable knowledge of the way the company operates which would take time to build in new employees
- Employees retain a high level of motivation and desire to contribute to the company's future success