4.4 million people quit their jobs in February 2022, according to the Bureau of Labor Statistics, and the last day of March saw job openings at a high of 11.5 million. Because of these mass resignations and the high number of job openings, businesses across the U.S. have made drastic changes to their hiring policies to try and fill the gap.
Many organizations have begun looking into talent pools they previously overlooked or partnering with local educational institutions to recruit the talent they need. Some have even updated their benefits to attract more applicants, including adding PTO and options for daily pay. However, the most prominent challenge organizations have to face in the current labor market is the demand for upskilling.
According to the World Economic Forum, “COVID-19 has accelerated the need to implement an ambitious global upskilling agenda because it is forcing digitalization and automation at a more rapid pace.” Unfortunately, as companies make a mad dash to update technology and more and more employees are working from home, many people are left in the dust when it comes to their skillsets. And many believe it is up to the employer to help them catch up.
A recent Gallup Report by Amazon titled The American Upskilling Study demonstrated that upskilling is a recruitment and retention strategy U.S. companies cannot afford to overlook. According to the results highlighted in the report, organizations that implement continued training and skills development for their employees are more likely to attract applicants and build employee loyalty. Of the workers surveyed:
65% believe employer-provided upskilling is very important when evaluating a potential new job.
71% say job training and development increased job satisfaction.
61% say upskilling opportunities are an important reason to stay at a job.
Additionally, according to the World Economic Forum, “Wide-scale investment in upskilling has the potential to boost GDP by $6.5 trillion by 2030.”
So how do we go about implementing wide-scale upskilling within various organizations? The answer is learning management systems. These solutions help organizations create tailored courses and training modules for employees to improve their skill sets or develop new skills to fill gaps.
It’s clear that businesses providing skills training for their employees will find it easier to recruit and grow in the near future because people want to know that their employers care about their success. Learning management systems provide the means for employers to offer these educational opportunities. Additionally, companies that implement learning management systems will see increased retention by providing a way for their employees to see a future within the organization.
A Learning Management System (LMS) is a software solution that helps deliver educational courses or training programs while providing tools for tracking and documenting progress. In addition to skills training, an LMS can help ensure employees are up-to-date on relevant legislation, regulations, or policies applicable to their position or industry.
Most LMS will incorporate modules and templates for businesses to modify, and some even come with a library of pre-made courses that are ready to use. There are also options for employers to create lessons from scratch using video and other tools.
Proliant’s LMS makes it easy to buy, build, or sell courses no matter your industry or organization complexity. With Proliant’s LMS, courses can be delivered through microlearning, which involves short learning segments for effective skill-based education. Or they can be combined with other effective learning modalities like live or virtual instructor-led training, on-the-job training, exams/assessments, social or mobile learning. And courses can be connected to skills and jobs so that your employees are learning the skills they need to succeed today, or for the next step in their career.
Essential features of Proliant’s LMS include:
It’s time to assess your suite of solutions and make sure you’re considering an LMS for the future. Educating your workforce and providing updated skills will help you attract and maintain talent within your organization. In addition, a well-educated workforce ensures your business is productive, profitable, and competitive in a volatile market. So get started today by contacting Proliant to see how our LMS and other solutions can prepare your business for the future.
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