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Article published in EL ECONOMISTA
By: Iván López, VP Corporate Global Sales at ODILO
The current global business landscape has been transformed in recent years into a highly competitive and constantly changing environment, which forces companies to remain at the forefront, not only in terms of the products and services they offer. Updating and developing the skills of the work teams is fundamental, as it facilitates the relevance and excellence of each professional hired. For this reason, more and more companies are focusing on employer-centric strategies, encouraging and promoting the training of their collaborators.
Learning and development programs in companies have been postulated as one of the backbones of these initiatives for several years. Proof of this are the results of The American Upskilling Study: Empowering Workers for the Jobs of Tomorrow, prepared by Gallup as early as June 2021, where 65% of the workers involved felt that learning new skills is an extremely important factor in deciding whether to accept a new job. Furthermore, 61% stated the same for deciding whether to stay in their current job. In recent times, we continue to see a progressive increase in this trend, as suggested by the most recent data from the Hays 2024 Labor Market Guide in which 35% of companies indicate that investing in training programs is a priority for the current year.
One way to enhance L&D programs in corporations is by providing employees with Unlimited Learning Ecosystems that are tailored to their specific requirements, needs and ways of learning. Meanwhile, the company obtains relevant data that allows it to understand how and what its teams learn in order to adjust the content and learning experiences.
Historically, training in the corporate sector has focused on classroom programs, seminars and external courses. While these traditional methods continue to demonstrate great value, the advent of the digital age has revolutionized the way companies approach learning, design their training programs and develop the skills of their employees. These new educational models and formats have moved towards more flexible and personalized approaches, which is particularly relevant in a context where remote work and labor mobility are increasingly common. This structural change cannot be overlooked, as the ability of companies to adapt to this reality will largely determine their success in the global marketplace.
The adoption of educational models based on competencies and skills is becoming increasingly common, due to the need to focus on the development of specific methodologies and practical skills for the performance of the job in question. This translates into the creation of programs specifically designed to work on soft skills such as, for example, the ability to adapt to change, problem-solving, decision-making, and teamwork.
In turn, reskilling and upskilling are extremely relevant for companies, since they allow them to design training programs aligned with the company’s values and objectives, and also to mitigate the costs associated with employee turnover. According to a Deloitte study, the cost of losing an employee exceeds $10,000, while the Center for American Progress estimates that the cost of a company with a high turnover rate can reach 213% of the average salary of that organization. It is obvious, then, that it is more profitable to invest in the training of one’s own employees than to go to the market in search of replacement profiles.
By investing in the training and development of current employees, companies not only save on the cost of hiring and training new workers, but also strengthen talent retention, improve productivity, and reinforce team cohesion.
Fostering a corporate culture capable of motivating, recognizing, and rewarding employees’ effort and commitment to their personal and professional development, undoubtedly brings positive returns in team performance.
Human capital is a company’s most valuable asset, and caring for it should be the primary objective of any company’s strategy, regardless of its sector and scope of action. By prioritizing employee training and development, organizations not only ensure their short-term success, but also build a solid foundation for long-term growth and sustainability in an ever-changing competitive environment.