Upskilling & Internal Mobility
August 7, 2023
Significance of Learning & Development (L&D) for Talent Retention
All of us have successfully adopted the new normal—the world that we have been living in post-Covid-19 pandemic. As soon as the pandemic ended and life began to return to ‘normal,’ industries worldwide started to experience another milestone economic trend, ‘The Great Reshuffle’. Both the events had one common takeaway for employees and organizations: the need to reevaluate what matters most to the Learning & Development (L&D) professionals at work. Surprisingly, research findings indicate that employees want to be part of a workplace that promotes learning and professional growth. As per the 2022 Skills Advantage Report, the three factors that drive a great work culture are a sense of belongingness, learning and growth opportunities, and organizational values.
Learning & Development (L&D) is at the core of a transformational change in boosting the digital operations across company verticals caused by economic uncertainty, business disruption, and an increase in automation. As the tentacles of a dynamic market engulf organizations, they have realized the significance of employee retention more than ever before. Although attracting talent is as critical as ever, it is equally important to capitalize on the usefulness of the existing workforce as well.
Focusing on upskilling and internal mobility is not only crucial for an organization’s success but is also a testament to an enterprise’s commitment to its workforce, which positions it as a ‘preferred place to work’ in the minds of talented personnel. Upskilling and internal mobility go hand in hand, one is incomplete without the other. A focus on upskilling enables an organization to tap the talent within while providing employees the freedom to assume new roles and responsibilities without any inhibitions.
Leveraging Upskilling to Facilitate Internal Mobility
The majority of Learning and Development (L&D) professionals acknowledge that internal mobility has gained significance in the post-pandemic world. The organizations also need to demonstrate the same to their employees. To begin with, think critically about the career paths available to employees. In this context, the knowledge, experience, and skills that the employees need to progress in their careers will be clearly defined. This is exactly the situation where your upskilling program acts as a ‘North Star’ in the professional lives of your employees—something they can truly look forward to.
The long-term benefits of linking skill development and career advancement within an organization include increased employee retention, better use of institutional knowledge, and protection against “talent crunch.” Given the present environment, businesses all over the world have begun to view internal mobility exercises and upskilling efforts as crucial solutions to issues such as employee retention, cost efficiency, and closing the skill gap.
It’s a Win-Win for All!
Talent mobility and upskilling programs help discover the untapped talent within the organization. It also helps a company maintain its competitiveness as market trends shift with time. By utilizing the pool of candidates, organizations can foster job diversity while employing a workforce with a multifaceted skill set. In addition, internal employee movement works best for employees, as they already understand the culture of the company. This facilitates a smoother transition and positively impacts their productivity in a new job role. The same is true for upskilling, which helps employees develop their abilities while staying abreast of industry developments. Additionally, it helps them stay relevant in a changing market landscape.