With the workforce in flux, many companies are taking the opportunity to focus on skilling, reskilling and training of their existing workforces. This is according to new data from NTT Data’s annual Innovation Index research, which has revealed that organizations are increasing investments in employee skills and experiences to build and retain a more modern workforce. The goal is to create high-quality employee experiences, which are critical to retaining top talent, generating profits and achieving business goals.
“Being prepared for the future means creating resilience in both people and organizations and organizations must invest in that resilience,” said Kim Curley, VP of Workforce Readiness Consulting at NTT DATA Services. “We must adopt new mindsets and approaches to change, as the work and workforce are constantly shifting. With intelligent technologies taking on countless tasks, embracing upskilling and reskilling creates a more resilient and adaptable workforce. That approach has the added benefit of building momentum for greater employee engagement and retention.”
The report noted that generational and societal pressures are demanding new models for careers, and successful organizations need flexible strategies and workforces. Simply put, employee retention models of years past aren’t working anymore, particularly on younger generations of workers.
Despite macroeconomic challenges and global disruption, half of those surveyed are still focused on increasing their investments in reskilling and upskilling initiatives, followed closely by efforts to integrate modern technology into existing infrastructure. The highest performing companies when it comes to employee skilling are seeing significant rewards: a small but impactful leader group (nine percent) were more likely to see profit gains of over 25 percent through investing in upskilling/reskilling initiatives to build the workforce of the future. These leaders focus on developing a culture centered around innovation, according to the report.
More than half of leaders surveyed (54 percent) noted that they are aware that communication is a core employee need for satisfaction and engagement, and 48 percent of these leaders acknowledge the value of flexible working options for a healthier employee work-life balance.
Edited by
Greg Tavarez
