Multiple factors play into an employee’s decision to leave. They don’t jive with the company culture. They don’t get along with management. They don’t feel that the job matches the description. On the short list of reasons, you’ll find a lack of career advancement opportunities.
Yes, it costs money to provide learning and development programs to employees, but it also costs money not to provide L&D. Furthermore, in the event that your organization does need to hire externally, the lack of career development opportunities will make your recruiting pitch less compelling.
Employees that move into new jobs internally are 3.5x more likely to be engaged compared to those who stay in their current jobs.
All costs and risks considered, there’s a reason why the term “upskilling” has become the latest buzzword among employee experience leaders, HR administrators, recruiters, and more. The benefits are well-documented and far-reaching:
- Lower turnover rates
- Higher employee engagement
- Increased productivity levels
- Recruiting & hiring leverage
- Stronger corporate culture
- Employee loyalty
- Less financial risk
The cost and risk associated with external hiring cannot compete with the ROI benefits of developing an IT skills training program to nurture and evolve capabilities from within. PwC agrees, offering a compelling case for upskilling employees in their 23rd Annual Global CEO Survey.
However, the question remains — is developing a curriculum and deploying an IT skills training program realistic and affordable for most organizations?
The short answer is yes.
Check out our Essential IT Skills Training Program Planner Checklist to help you maximize your investment and minimize risks.