Fight a tight labor market with more training
A new college graduate immediately went to work for a global marketing data firm. It was a great first job, and the graduate beat out candidates from more prestigious universities. Anyone could easily see why competition was fierce for the job. The salary was generous for an entry-level position. Further, the perks were what one would expect from a company that takes its employees’ contentment seriously in a tight labor market: unlimited vacation, opportunities to telecommute, gym memberships, and more.
Two years later and just after the company gave their protégé a significant raise, the young marketing associate moved to another company for a similar position.
Where did the company go wrong?
Perhaps it didn’t. But in a tight labor market—when unemployment remains low and wages creep up—employers must do more to retain their best employees. It takes more to accomplish that than higher salaries, taco Tuesdays, wasabi Wednesdays, and ping pong tables in every open space. What’s missing for many employees is a perceived opportunity for advancement. And advancement requires training.
Inc. reports on a new Harris Poll survey commissioned by CareerBuilder. The survey revealed just under one-third of respondents believe they have adequate chances for advancing their careers with their current employer. Put another way, two of every three workers see their jobs as dead ends. Only thirty-seven percent of those surveyed say they are happy with the level of training opportunities they receive. Seventy-four percent—or nearly three of every four workers—say they want learning opportunities outside of work hours.
These are troubling statistics for organizations that think they are doing everything they can to retain their best workers. Most companies, if the survey results are accurate, are not doing enough. It proves the value, particularly in a tight labor market, of a solid, well-organized training program. Any company that isn’t investing in its training department now, will see the results in lost talent later.
For their part, training professionals must always prove their value to upper management. That means more than offering a variety of convenient opportunities to their constituents. They must also be able to show results via comprehensive data sets such as attendance histories, testing, and delivery methods.
Part of a solid training program is a friction-free, robust registration management system which includes myriad flexible reporting options. If you’re interested in learning more, contact Learning Stream at your convenience.