Employee education is the key to preventing costly skills gaps

Employees are eager to learn new skills to advance their careers and they’re relying on their employers to help them get there.

Sixty-eight percent of employees say that learning and development is the most important employee benefit, according to ClearCompany, a talent management platform. However, just 38% of employees feel their employer has been helping them learn new skills during COVID, according to research by IBM.

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Employers should be investing in innovative tools and programs that provide training and support, in order to close the skills gap and prevent career stagnation. Employers spent $82.5 billion in 2020 on learning and development, according to an industry report by Training magazine. More than a third of employers plan to increase their budget toward these programs in 2021, according to LinkedIn.

“You cannot have a productive, engaged workforce without exceptional training that goes way beyond onboarding, customer service and regulatory compliance,” says Lucy Suros, president of Articulate, a virtual learning platform. “Training improves the ways people relate to themselves and each other and grow as human beings, even as they tackle their core job responsibilities.”

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The majority of employees say it’s difficult to find a good job or advance at their current position because of a lack of learning and development opportunities, according to Strada Education Network, an advocacy group focused on education and employment. With record layoffs brought on by the pandemic, employees feel cautious about bringing up their weaknesses and asking for the training they need, says Andrew Hanson, director of research and insights for Strada.

“There’s a widespread feeling of, ‘I’m stuck. I don’t know how to get a good job. I don’t know how to advance my career,’” Hanson says. "There’s this general anxiety about not being able to move up and advance.”

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Providing employees with consistent training and education is a lucrative investment for organizations: employees are more productive and less likely to feel disengaged, which can cost employers $350 billion per year in expenses related to low productivity and turnover, according to Gallup. Ninety-four percent of employees say they would stay with their employer if they offered training, according to LinkedIn.

“Investing in employee training is an essential part of strengthening culture, attracting and retaining employees and quickly adapting to the changing world of work,” Suros says. “Employers will need to become a positive force in their employees’ overall life experience if they want to remain competitive in the hiring market.”

Articulate offers a variety of resources for employees through their training platform, Rise. The company recently partnered with Next Big Idea Club, a book subscription service, to offer 18 free courses on topics including team management, productivity, happiness and sales strategies.

The program was launched to help organizations tackle COVID challenges, boost employee morale and empower employees to bring their best selves to the virtual office, Suros says.

“Employees are unengaged, uninspired and unmotivated at work. It’s clear that most organizations simply do pay enough attention to what employees need to flourish as human beings, much less enjoy their lives” she says. “There are ample opportunities for employees to learn new skills, gain new insights and satiate their thirst for knowledge.”

Employers including Microsoft, PwC, LinkedIn and Chiptole have all invested in training programs to help employees succeed. PwC launched their own platform, ProEdge, which helps employers identify the digital skills employees need to pursue.

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LinkedIn Learning has consistently updated their program offerings throughout COVID to provide soft and hard-skills training. The platform rolls out 50 new courses per week and saw a 300% increase in enrollment at the start of the pandemic, according to their data.

“The appetite for learning coupled with the fact that the needs of remote employees have shifted has created a spotlight on L&D,” says Mike Derezin, vice president of LinkedIn Learning. “By supporting learners in the moments that matter to their present and future careers, you’ll not only have happier employees, but retain them.”