Investing in Your Employees Is the Best (and Cheapest) Way to Overcome the Skills Gap

Hiring managers and employers know how difficult it can be to recruit top industry talent. They spend great amounts of time and budget on seeking out employees who are able to make a difference in the long-term success of their company. While many employers are concerned with issues of skills gap in the marketplace, whether from younger applicants who don’t yet have the real-world training they need or older candidates who are not fully up-to-date on latest best practices or technologies, it has been proven that the best and most cost-effective strategy to overcome this challenge is to invest in existing employees.

This investment can take many forms, but the key takeaway is that retaining employees will always be cheaper than finding new employees and teaching them the skills your company lacks.

Focus on Retention

Retention of top performers is an ongoing struggle many employers deal with on a day-to-day basis. The reason retention is so important is because the recruiting and hiring cost is quite impactful on a company’s bottom line. Furthermore, low retention rates can negatively impact employee morale and corporate reputation, making it even more difficult to hire industry-leading talent. By focusing on keeping and developing the employees that companies do have, they are better able to grow their team from the inside out and address any skill gaps along the way.

Addressing the Skills Gap

When recruiting new employees, many employers have difficulty finding the workers with the exact skills and training they need to succeed on the job. This is in part due to a lack of high-quality training opportunities available to students and professionals alike. When the overall size of the candidate pool is low, there is an even higher chance that applicants will lack the exact experience you are looking for. The best course of action is to seek out candidates – or better yet, existing employees – who have the capabilities to learn the exact skills needed for the job, and then provide the training opportunities directly to them. This helps companies retain staff but also address any skills gap issues.

Training Your Talent

Providing training opportunities to your existing staff may have some upfront costs on the outset, but companies should consider this to be a long-term investment in their employees, their product, and their corporate culture. There are many candidates in the current market who are frustrated that they are not offered chances to grow and learn on the job. This can lead to high turnover rates and financial losses for both the employee and the employer. It is far better to identify the employees who are most likely to succeed given the right opportunities, challenges, and support. Your employees will appreciate the respect and confidence you have in them and rise to the challenge, given the opportunity.

Sentech Services Is a Leader in Industrial Staffing

With locations in Fort Wayne, Port Huron and throughout the Detroit area, Sentech Services will answer all of your questions in industrial staffing. Contact our great team today to work with a leader in staffing in Detroit.

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