Employee skill development is one of the most crucial components of an organization’s success. Without high performing employees who are trained on the latest in-demand skills, a company will fail to be successful. 62% of C-suite executives claim that their company isn’t fully prepared to adapt to market changes, such as emerging technology and talent changes, quickly enough. 42% of executives blame skill shortages for their organization’s inability to respond to market changes quickly. Clearly, it is critical to provide employees with effective training to stay ahead of the competition.
The best training programs are those customized to the needs of a business, taking their growth goals, current skill gaps, and industry trends into account. Generic training programs tend to be less effective and could end up actually being a wasted investment. This customization can be achieved by using AI to scan for recent innovations and trends to create content, and then further refining from expert insights.
Training programs usually fall into three main categories. Reskilling involves updating current skills to the new industry standards. Upskilling involves helping employees acquire new skills that will be useful in their role. Onboarding is used to build foundational knowledge for new personnel. These customized initiatives raise revenue per employee for the organization by up to 24% while also improving employee retention and satisfaction.
Learn more about the value of custom skills based training in the infographic below:
Source: YU Global
