Skill Development Is Your Talent Retention Secret Weapon

By Claude J. Werder, Sr. VP and Principal Analyst, Brandon Hall Group

The two greatest challenges facing corporate Learning functions in 2023, Brandon Hall Group™ research shows, are upskilling employees at the speed of business and the inability to measure it effectively.

Unfortunately, the two go hand-in-hand. How do you know if you are developing skills to make your workforce future-ready if you can’t prove workers can apply new skills on the job?

That’s why Schoox, a Brandon Hall Group™ Smartchoice® Preferred Provider, has solutions specifically designed to upskill and reskill employees and measure the results. Schoox can help improve the business impact of employers’ skills development. That’s important because only 10% of organizations believe their Learning function supports demonstration of skill proficiency to a high or very high extent, our research shows.

The benefits of effectively developing new skills — both for new hires and current employees — go far beyond improving their performance and preparing them for new challenges. Skill development attacks two other critical challenges that people function wrestle with: talent retention and engagement.

By making your workforce future-ready, you improve the odds your talent will stick around long enough for you to reap the benefits of having improved their skills. Here are just a few examples of the impact:

• Sense of belonging. When employees can improve their skills and their career opportunities, trust and appreciation for the employer — beyond the paycheck — increases. Your talent is more likely to stay, which makes it easier for you to build a pipeline of skilled workers.
• Job satisfaction. When employees feel supported in enhancing their skills, they’re more engaged and satisfied with their jobs. This leads to higher levels of commitment and discretionary effort, which often leads to greater loyalty, which leads to lower turnover.
• Increased employee productivity and innovation. Skill development improves your employees’ ability to perform effectively and efficiently. Skilled workers are often more confident, innovative and adaptable, enabling them to tackle complex challenges.
• Talent attraction. Organizations that prioritize skill development — and can prove their commitment and success — are more likely to attract the best talent.
• Employee agility. Industries are constantly evolving, driven by technological advancements, market shifts and changing customer preferences. Effective skill development programs help your talent stay current with trends and improve capabilities in alignment with emerging demands.
• Succession planning. As experienced employees retire or move on, you can increase the chances for a smooth transition in key roles by having employees prepared for higher-level roles. Most organizations struggle with their talent pipeline and succession planning — which has gained importance in the wake of The Great Resignation — helps maintain business continuity and minimizes the disruption caused by talent gaps.

Discover how Schoox brings learning and development together.