Business organisations need competent talent to meet their growth projections. In the ever-changing business environment, companies find it very challenging to ensure that profits rise. Moreover, the increasing burden of costs and competition keeps the senior leaders on their toes. In this respect, acquiring competent talent ranks very high on any leader’s mandate.
Not only do organisations compete with each other to get the best slice from the talent pool in any industry, they also devote time, energy and resources to retain the existing talent. Team leaders and HR play a very active role in keeping the attrition rate low. Business leaders roll out a volley of engaging activities periodically to keep the employees engaged.
Such activities ensure personal and professional development. Further, automation is helping leaders to customise learning and development (L&D) solutions and reward programmes to suit individual interests. Moreover, by providing the workforce with a work-life balance, organisations can improve retention.
According to recent research by Work Institute, the following were found to be the prominent reasons why employees voluntarily quit their jobs.
• 22 per cent employees leave for career development.
• 12 per cent leave due to work-life balance.
• 9 per cent leave due to compensation and benefit.
While 22 out of 100 people leave due to lack of opportunities, only nine out of 100 leave because they are unhappy with the rewarding. Clearly, lack of career growth is a primary reason for employees to leave any organisation.
Employees have a continuous need for upskilling, not only to better their performances at the current job but also prepare themselves for taking bigger responsibilities in the future. A sense of growth is very important for today’s workforce, and organisations that do not have a well-developed learning system fail to retain employees.
Flexible learning opportunities that are enabled by new-age learning management systems (LMS), help to keep employees engaged and growing continuously. An LMS uses data whereby leaders can track performances and intervene in a timely manner to provide upskilling.
Be it the line managers or the senior leadership, an LMS is leveraged pervasively within an organisation to create leadership pipelines and tackle attrition. The following are the LMS features that take learning to the next level:
• Flexibility in preparing the learning modules.
• Learners can choose from multiple options available, and an
interactive interface also helps them to communicate their preferences for learning topics.
• A dashboard helps them see the courses they have enrolled in, their progress and assignments.
• The entire cloud-based software can be accessed from anywhere and the learner can learn anytime.
Download the guide to know the key factors to consider when choosing an LMS to ensure effective learning across the entire employee lifecycle.
Faced with the relentless acceleration of artificial intelligence (AI),
cognitive technologies, and automation, 86 per cent of respondents in this year’s Global Human Capital Trends survey by Deloitte believe they must reinvent their ability to learn.
Thus, organisations that fail to offer their employees a digital learning platform, that can be leveraged to upskill, will not be able to retain talent. They will lose them to their competitors. To overcome the attrition issue, leaders must provide an LMS that help all employees to track their professional growth with a clear vision for their career progression. Technology can be an enabler to streamline the mobility process such that employees can move between functions, jobs, projects and geographies.
Developing leaders is the perennial issue of our time. HR plays a key role in tweaking people policies to enhance the employee experience, keeping in mind the unique requirements of the four generations of employees present in the workforce today.
In the 21st century, retention is taken more seriously as voluntary turnover is increasing, adding significant operational cost to organisations, and thus, diluting the profits. As a result, business leaders churn out policies and practices that constantly change, to enhance the people experience at work. Opportunities for experiential learning and soft skills development form the larger chunk of employee expectations from any employer. Automation is helping to create LMS software that enables leaders to offer opportunities to all workers across an organisation.