Employee attrition is a big-ticket item. It’s estimated that losing an employee can cost a company 33% of the employee’s salary, so it’s clear we have a thorny issue. The potential solution? It’s not in the distant horizon but right here, within your workforce.

By reskilling employees with transferable skills, your business can navigate the rapidly changing economy. Also, by providing employees with opportunities to acquire transferable skills, organizations can address the root causes of high turnover rates and foster a culture of continuous learning and growth.

By investing in their employees’ development, organizations can create a workforce that is agile, engaged and committed — a workforce that propels them toward sustainable success in an ever-changing business landscape.

Unpacking Transferable Skills

What do we mean by transferable skills? Simply put, these abilities are valuable across a spectrum of jobs and sectors. Skills like collaboration, problem-solving, leadership and communication are universal and can transform your workforce into a powerhouse of flexibility and resilience. Let’s take a closer look at why this matters.

The work landscape is undergoing seismic shifts. From automation to artificial intelligence, advancements in technology are drastically transforming the way work is done. As jobs morph and new ones come to life, certain skills become obsolete. However, transferable skills have a longer shelf life.

Transferable skills are abilities that can be used in different jobs. They make employees feel good about themselves and help them contribute meaningfully.

Equipping employees with transferable skills is like giving them an all-access pass to the future of work. This agility not only enhances their own career trajectories but also strengthens your business’s retention strategy.

Building a Reskilling Strategy: Tips for Success

Reskilling — teaching employees new skills that can help them transition into different roles within the same organization — is a forward-thinking response to these shifts. Despite 87% of executives acknowledging that they were either experiencing skills gaps or anticipating them within a few years, less than one-half had a clear strategy to tackle this.

As a learning leader, you have the opportunity to spearhead a reskilling strategy that will arm employees with transferable skills, making them invaluable assets in an ever-evolving workspace.

First and foremost, upskilling and reskilling enhance employee productivity and efficiency. Also, by providing employees with new skills and knowledge — for example, offering scholarships or partial payments for secondary education — employers can encourage employees to pursue a business technology degree or a cybersecurity certificate.

Such action leads to improved performance and increased output. This, in turn, can contribute to higher customer satisfaction and business success.

To organize upskilling and reskilling initiatives effectively, companies can follow a few key steps.

1. Pinpoint the skills: Begin by determining which transferable skills are most critical to your organization. This could include digital proficiency, creative problem-solving, or efficient project management. Industry reports and job descriptions can provide valuable data to inform your decisions.
2. Evaluate the current skill set: Employ surveys and skills assessments to understand the existing skill landscape within your organization. This analysis can reveal gaps that need to be addressed in your reskilling initiatives.
3. Provide learning opportunities: Ensure your employees have the required skills through carefully designed training initiatives. Consider offering scholarships or partial payments for secondary education. This way you can encourage employees to pursue a business technology degree.
4. Cultivate a learning culture: Promote a culture of perpetual learning. Foster an environment where employees are motivated to take charge of their professional growth and recognize those who proactively learn new skills.
5. Monitor and fine-tune: Regularly assess the efficacy of your reskilling strategy and make necessary adjustments based on feedback and results. This keeps your initiatives relevant and impactful.

Wrapping Up

To effectively tackle employee retention, it is essential to have employee-centered programs in place. Skills gaps and a lack of growth opportunities are common challenges faced by organizations. Employees often feel unmotivated and disengaged when they perceive their skills becoming obsolete or when there is a wealth of opportunities for career progression.

While the evolving economy poses challenges, it’s also uncovering new opportunities. A focus on reskilling and transferable skills can mold your workforce to be resilient and adaptable to change.

A resilient workforce means more than just organizational success. It signifies a team of employees who are engaged, confident and who envision a promising future with your company. This is the secret sauce for retention.

Moreover, fostering a culture of continuous learning and growth through reskilling initiatives not only addresses employee retention but also positions organizations to thrive amidst rapid technological advancements and industry disruptions.

It’s your turn to make a move. Evaluate your organization, recognize the potential for reskilling, and pave the way for a workforce built for the future. The gains — reduced turnover, improved engagement and a fortified bottom line — make it a worthwhile endeavor.