The Australian labour market is no stranger to navigating a skills short market. While the question of how to build a technical, adaptable skills pipeline fit to navigate the future of work across finance and accounting, technology, and business support existed well before COVID, the past two years have seen these issues deepen and expand to a critical point.Though the market for rampant hiring is starting to ease, the demand for specialised talent still remains. Looking externally to education and immigration are important pillars to alleviating this strain long-term, but employers still need skilled talent to support critical business issues today.In order to bridge this skills gap, employers need to look within their own talent pipeline and heavily invest in the staff they have in-house through reskilling and upskilling initiatives. In this blog, we will explore the benefits of investing in employees and how to create and implement an employee learning and development program that attracts, retains, and evolves a competitive workforce.Related:Discover more industry insights in Robert Half’s Salary Guide
As the rapid adoption of generative AI has demonstrated, the future of work is ever evolving. Top talent are constantly seeking to improve their own skill set, so investing in employee training and development creates a culture of progression that is both beneficial to attracting engaged talent and retaining them.“In some ways, a skills short market can also be linked to a failure to properly progress skills in line with evolving market needs. At the same time, we know that driving organisational transformation hinges on how a business can engage and upskill their workforce to adopt and embrace change. In my experience, a company’s learning and development program is the single biggest differentiator to achieving this. This serves a dual purpose as employees also feel that they’re equipped to do their best work, their skills are maintained at a competitive level, and they are intellectually challenged,” says Andrew Brushfield.As a Director at Robert Half Australia, overseeing the operations in Victoria, Western Australia and also China, Andrew Brushfield is a leading voice for attraction and retention strategies for businesses and has been instrumental in helping companies tackle their hiring and workplace challenges for over 20 years.Related:Why do employees stay with a company?
Investing in employee training and development can help improve employee performance. Employees can learn new skills, technologies, and processes that can help them be more productive and efficient. It can also help boost their creativity and confidence, leading to better decision-making and problem-solving.
Investing in employee training and development can improve employee engagement levels. When employees feel that their company is invested in their growth, they are more likely to be engaged with their work and the organisation. This can lead to higher levels of productivity, better teamwork, and a more positive work environment.
Investing in employee training and development shows that the company values its employees and can help position it as an employer of choice in the industry. It creates a sense of purpose and motivation among employees, which leads to greater job satisfaction and a positive reputation which can support a company's recruitment strategy through referrals or recommendations.Related: How to create a compelling employee value proposition to attract top talent
A desire for change can be a driver behind why an employee leaves a role, so offering training and intellectual stimulation can be an effective barrier to turnover by providing a sense of challenge and progression. Indeed, when employees see a clear path for advancement within the company, they are more likely to stay committed to their role and the organisation.Indeed, an independent survey from Robert Half found that 70% of employers were expanding or enhancing professional development in order to retain talent.
Investing in employee training and development is also essential for identifying future leaders. It helps identify high-potential employees and gives them the skills and knowledge they need to take on leadership roles in the future, while ensuring that the company has a strong pipeline of talent who are equipped with both the company knowledge and technical expertise necessary to fulfilling critical roles as the organisation grows.
In today’s workforce, stagnancy is the enemy of retention and performance so investing in employee training and development plays as important a role in talent management as it does in driving corporate performance.- Andrew Brushfield
Identify the skills and competencies required for the company's future success and use these to frame the key focus areas of the corporate development program.Align the program objectives with the company's strategic vision and long-term goals.
Assess the existing skills of employees to identify gaps that need to be addressed through data-driven analysis alongside qualitative feedback from managers.
Work with managers and employees to develop individualised development plans, incorporating both long-term and short-term goalsTailor individual plans to reflect both the organisation's goals and the employee's career aspirations.
Provide a range of learning options, including workshops, seminars, online courses, and mentoring programs.Create forums for knowledge sharing and encourage employees to share their expertise.Leverage technology to offer flexible learning platforms accessible to employees at any time.
Create opportunities for employees to work on cross-functional projects or stretch assignments to push employees out of their comfort zone and gain exposure to new skillsets.Encourage collaboration and knowledge sharing across teams.Consider internal secondments to other departments to broaden the employee’s understanding of the company's operations.
Encourage employees to attend industry conferences, seminars, and workshops to enhance their knowledge and network.Offer financial support or time off for employees pursuing external educational programs or certifications.
Pair high-potential employees with experienced mentors who can guide their career development.Consider reverse-mentoring to support tenured staff to upskill on digital or technical areas.Regularly assess the effectiveness of the mentoring relationships and provide support when needed.
Establish key performance indicators (KPIs) to evaluate the effectiveness of the program.Incorporate development efforts into performance evaluations and career advancement decisions.Collect feedback from employees and managers to identify areas for improvement.
Our experienced team of talent specialists are here to help. Contact us todayThe study is developed by Robert Half and was conducted online in November 2022 by an independent research company, surveying 300 hiring managers, including 100 CFOs and 100 CIOs, from companies across Australia. This survey is part of the international workplace survey, a questionnaire about job trends, talent management, and trends in the workplace.
