Implementing a planned employee development program
You likely know we’re in the middle of a work revolution. Globalization, the rise of artificial intelligence, and rapidly changing consumer behavior are too costly to ignore, and all these factors play a significant role. Modern companies must fight not just to stay relevant, but to keep their edge. Knowledge workers with the right mix of technical skills are in steep demand, but others are fighting to keep their heads above water: They need to upskill or reskill to avoid being edged out by technology.
Meanwhile, a sunny outlook on jobs has created a buyer’s market for highly skilled workers. While companies zero in on top talent with the promise of cushy perks and pay, employees test the waters and dive headfirst into new opportunities. However, when you consider the cost of employee turnover — $600 billion in 2018 and $680 billion by 2020 — extravagant job offers seem counterintuitive. We might think fickle, overindulged employees are the root of the problem.
In reality, it’s often employers that struggle to help workers grow. Without a carefully planned employee development program that keeps the user top of mind, retention efforts are all for naught.
Read the full article by Margaret Rogers in Harvard Business Review.
