Why upskilling and reskilling is key for employee retention

Finding and recruiting the right worker will always be a challenge, no matter the job market or competition.

That’s why a successful staffing strategy focuses on retention, as well as hiring.

However, that’s not always as easy as it sounds. Workers can walk away because they’re burned out, need better pay, feel undervalued, or want better long-term opportunities.

The good news? According to the recent “Global Workforce of the Future” report from our parent company, The Adecco Group, nearly three-quarters of workers are considering staying with their employer. That’s compared to only 61% in 2022.

One of the most tried-and-true parts of an employee retention program is upskilling and reskilling. That’s why we partner with the Adecco Group US Foundation (Foundation) to provide our associates with free opportunities for training and career growth.

So what exactly are the benefits of upskilling employees?

Workers want these opportunities

In the Global Workforce of the Future report, we found an increase in the number of workers looking for internal progression.

Unfortunately, those opportunities aren’t equally available: 74% of executives say their company is focused on developing their skills – meanwhile, just 45% of non-managers say their employer is doing the same.

Offering this to workers from the top to bottom of your organization can help you stand out from competitors.

Support your DEI initiatives

Now is the time to focus on growing your diversity, equity and inclusion (DEI) program, even as many organizations cut their staffs. DEI initiatives are a critical tool in retaining talent who are often overlooked.

However, many marginalized workers still don’t have access to upskilling and reskilling benefits. One recent study found that women and people of color are disproportionately impacted, finding that 73% of men have access to learning and development opportunities – while only 56% of women do.

That same report found that for Black, Hispanic, and Asian-American and Pacific Islanders, the percentage who have access to company-covered upskilling drops to 42%.

Great workers can see a pay bump

When budget restrictions won’t allow a deserving worker to receive a pay raise, upskilling is a smart way to provide a bump by training them for a new, higher-paying role.

At Adecco, we partner with the Foundation to implement training like the free Forklift Upskilling Program. Adecco associates and candidates can become OSHA-certified and potentially earn a $2-$3 increase in hourly wages.

So far this year, more than 150 workers have been upskilled through this program. That means since it launched in 2021, more than 300 workers are now certified forklift operators. 

Plus, this also gives workers the opportunity to see themselves in a long-term career at your company which can help prevent ‘quick quitters.’

Engage quick quitters

Retention isn’t just key for keeping long-time workers around. It’s also critical for your new hires. 62% of new hires plan to leave their company within three years.

While salaries are a major concern, workers also say they receive little onboarding and feel left out of the company culture. Employers can tackle these concerns by promoting upskilling and reskilling programs that allow quick quitters to see their potential career growth.

And for the record, implementing DEI programs and encouraging workers to take ownership of their roles are also critical to retain new workers – and they also happen to be the benefits of upskilling and reskilling we discussed above.

Embrace the AI revolution

We talked a lot about the rise of AI and how it will impact the world of work. The generative AI gap at work is stark: 76% of college-educated workers already using it, compared to just 51% of those with a secondary school education.

58% of global workers say that these AI skills will improve their career options, this digital transformation is an opportunity for employers to rethink their workforce in a purposeful way.

If you’re ready to tackle AI, check out the recent webinar from The Adecco Group and our article on the AI revolution.

Let’s talk retention

At Adecco, we’re all about building a strong culture, so we partner with our clients to create staffing solutions that work for the long term. Contact us today to learn how we can help you keep great talent.

Also, want to learn more about the AI revolution? Download the 2023 Global Workforce of the Future report in the chatbox to the right.