How Upskilling and Reskilling Improve Retention Rates

By Jessica Mitsch Homes ● 01/19/2023

How Upskilling and Reskilling Improve Retention Rates

By Jessica Mitsch Homes ● 01/19/2023

The importance and prevalence of upskilling and reskilling are on an upward trajectory, especially given the challenge of employee acquisition and retention. By 2024, it is estimated that 40% of workers will require up to six months of reskilling; therefore, a successful and authentic retention strategy is a constant and top priority.

Not only are upskilling and reskilling needed now more than ever to help close the skills gap, but they help your organization maintain a competitive edge. Providing your employees with training and development opportunities benefits all parties involved. It not only helps the employees expand their skillset and work towards upward mobility, but it promotes a sense of employee loyalty within the organization as well.

Invest in Your Employees and Their Future

Looking internally for talent is an ideal alternative to hiring externally. These individuals know the organization inside-and-out and respect its culture; they are simply lacking a few skills needed to get the job done. Not only will upskilling and reskilling save time and money, but it will also help you curate the exact candidates and skillsets you need. After all, upskilling and reskilling are essentially relevant, personalized training opportunities that can help drive personal and professional growth.

Improved retention rates and employee satisfaction tend to go hand-in-hand, and more and more individuals are seeking opportunities for growth within their organization. Studies have shown that 57% of American workers want to update their skillsets, and providing direct opportunities for your employees can further boost loyalty, retention, and satisfaction.

Upskilling and reskilling can help with recruitment efforts as well, as 48% of US workers would consider switching jobs if it offered training opportunities. This data proves that individuals are willing to leave their current position for one that provides upskilling or reskilling, so instilling these opportunities may even draw in candidates externally.

Upskilling and Reskilling with Momentum

With our help, you can transform your talent and keep your team up to date with the demand for digital skills. Momentum’s structured and strategic training opportunities help you improve workforce capabilities, enable better productivity, and boost organizational growth. We know how to train your team on the latest programming languages, and our instructors are well-versed in teaching a variety of technology skills. Contact our team to learn more about our custom training courses.

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