
As always with today's economy, there's good news and bad news. The good news is that according to the Bureau of Labor Statistics, job openings are up 45 percent since the official end of the recession in July 2009. Although an increase in job opportunities is a positive stride for our recovering economy, it can pose great difficulty in the areas of retaining and maintaining talent. Hiring managers are seeking well-qualified talented individuals to contribute to their companies – not bodies to fill desks and cubicles.
How do we bridge the gap? Do we want more jobs or more talent?
The answer: We want both. Jobs and talent do not have to be mutually exclusive when appropriate training is practiced.
It is crucial to ensure that the appropriate skills and base knowledge are in place prior to hiring an individual, but training plays a large role in a new employee's performance. Soft-skills training contributes largely to employees' engagement, productivity, and overall level of performance. In other words, it's not an empty slot that creates the job – it's the talent coupled with appropriate guidance and training that creates the job.
Even companies performing at full capacity with no open job opportunities are concerned about retaining talent – and jobs. According to a global coaching and leadership development firm, a recent survey of 174 organizations found that 68 percent of organizations are worried about retention and are taking active strides in ensuring stability for their top executives and managers, pipeline prospects and front-line workers. Here are their concerns:
- 90% are worried about losing high-potential talent
- 72% don't want to lose front-line workers
- 60% are concerned about middle managers leaving
- 45% are afraid about senior executives leaving
How are these companies addressing their concerns? Yes, they are offering enticing compensation and benefits packages along with flexible work schedules and tuition reimbursement, but they are also offering coaching, mentoring, cross-training, and professional development opportunities. Clearly, convenient work schedules and increased paychecks create an incentive to stay with a company, but so do training, development, and professional growth opportunities.
In summary, training plays a monumental role for companies with or without open job opportunities. Whether your company is looking to attract new talent, or retain its current talent, do not underestimate the power of training and professional development. It can mold new employees into effective and happy performers and it can retain current employees by assisting in advancement and professional growth.
Most importantly, when training is offered in an array of formats ranging from audiobooks, online training, and downloadable materials – employees are bound to stay happy, engaged, and well-rounded.