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In our modern and fast-paced world, we see a transformation in the nature of certain jobs. More and more companies are employing more complex and efficient technologies at an increased rate, and certain employees are in danger of being phased out or their tasks being automated.
This is why the World Economic Forum (WEF) has warned that more than one billion workers will have to be reskilled by the year 2030 if they want to hold onto their jobs. Given this state of things, it is no wonder that many companies are looking into improving their internal talent mobility to stay ahead of the job market requirements.
According to the WEF, automation has impacted the job market immensely, and more than 85 million jobs will be affected globally in the next few years. Certain roles such as data entry, administration, and accounting are becoming less relevant, and digital roles are in higher demand.
To put it simply, the current workforce that most companies have will possess skill sets that are no longer relevant, and those workers will need retraining to fulfill new roles.
Statistics also show that almost 80% of businesses are accelerating and digitizing work processes while also introducing new technologies. If you want your business to survive, you must have a firm grasp on what skills your employees need to develop in the coming years.
To fix this issue that companies are faced with, acquiring new hires might not be the optimal solution. Some research done in 2019 found that while 67% of IT companies were looking to expand their workforce, 89% of them clearly stated that finding new talent can be quite a challenge.
A better solution would be internal mobility, repositioning current employees to new roles within your company. Reskilling your employees is a smart option since they already understand proprietary information and mandatory skills that will always be required inside your company. Here is a quick rundown of some of the other benefits of internal mobility:
Increased Loyalty - a study done by LinkedIn in 2020 showed that employees will stay at a company 41% longer if it has good internal hire rates, opposed to companies that do not. Any employee will value a company that will help them acquire new skills and further advance their career. While you also cut down on recruitment costs, the main advantage is that your employees will already be familiar with your company culture and won’t require extra time to acclimatize themselves to certain expectations.
Increased productivity - the same LinkedIn report also showed that most companies already reskilling employees had seen a noticeable increase in productivity. The chance that an employee will be more dedicated to his job will also increase over time. It all points to the fact that if you offer opportunities for growth to your employees, they will reward you with more and better work.
Sending your employees to regular training courses can be easier said than done. On top of work, people have families and other responsibilities they can’t avoid, so physically going to a training session might seem impossible in some instances.
This is where eLearning comes into your internal mobility strategies. You can sign employees up for an eLearning course which they can complete whenever is best for their schedule. You could even offer them an hour or two out of their working hours if the course makes them more efficient over time.
You could also create an internal learning management system or LMS. An LMS will help you keep track of what your employees are learning and how they are performing. This will allow you to see the bigger picture when planning things out. An LMS will help you understand the results of your training efforts and where additional employee support is needed.
Most of this discussion revolved around the needs and requirements of each particular business. While there are common positions across the board, every industry will have specific positions crucial to the entire company. Ensuring those critical positions are filled with competent and dedicated individuals will make a significant difference in the foreseeable future.
Globally, companies will have to allocate more resources to train their employees better and diversify their skills as fast as possible. Without these changes towards internal talent mobility, certain companies will inevitably fall by the wayside, and getting back up will prove more and more challenging as time passes.
Designing Digitally can help ensure your company always remains competitive and has exceptional employee performance. We can help you identify your training and development needs and craft custom solutions designed around them. We can implement your courses into your current LMS or can create one for you. We provide you with post-launch learner analytics to evolve and grow training programs, allowing you to offer continuous, up-to-date learning opportunities for your employees to advance their skillsets.