What does your company and Amazon have in common? Unless you’re an online retail giant taking over the world, probably not much. But if your Learning department has been paying attention to the #FutureOfWork, you might have more in common than you think. 😉
Amazon recently announced its plans to spend $700M upskilling over 10,000 employees in one of the biggest retraining initiatives we’ve ever seen (Source: Chief Learning Officer).
The news has been making waves throughout the HR industry as L&D leaders as asking themselves, “should we be doing this, too?”
The answer, to put it simply, is yes.
But your department most likely doesn’t have $700M laying around for Upskilling initiatives, does it? That’s okay – you don’t need a nine-figure budget to follow Amazon’s lead.
I’m going to share with you why Upskilling is the most important thing your Learning Department can be doing right now.
And afterwards, download your copy of our free ebook, Upskilling Your Workforce to learn how to get started!
The hunt for talent starts inside your organization
Amazon’s initiative sets a great example for L&D teams to invest in retraining. Amazon is investing $70K per employee: what does that say about the value of retraining in a low-unemployment economy?
Amazon can’t find talent, which means you’re probably struggling, too.
We’re in the midst of a skills gap right now, where today’s candidate pool simply cannot meet the demand of hiring managers.
60% of US employers’ job openings stay vacant for 12 weeks or longer, and the average annual cost incurred by extended job vacancies is more than $800,000 (Source: CareerBuilder).
Upskilling Your Workforce
Are your people strong enough to compete?
The disconnect between desired skills and what candidates have to offer is significant – and as you can see, it’s costing you money. But it’s not feasible in the long-term to hire new talent for every new skill that comes along – you need a smarter way to stay competitive in this economy.
And not only would that level of recruitment be tiresome and expensive, it would mean turning your back on your biggest asset: your existing workforce.
There are people in your organization right now who have years of company-specific knowledge. They know how your systems work, they know your internal lingo inside and out. They know Beth in accounting by first name and they were there in 2007 when the CEO gave that passionate speech about going green.
Amazon knows this and is capitalizing on it. And you should too.
L&D is relieving recruitment pains
Creating a culture of Upskilling will prepare you for future problems: getting more out of every employee, retaining your top talent and building a culture that identifies skills gaps and solves them internally instead of hiring at each turn in the market.
And in turn, this will equate to higher employee engagement. But beyond driving engagement, there are multiple significant benefits of a retraining initiative, all of which we cover in our Upskilling ebook.
Are you ready to start following in Amazon’s foot steps? Then grab your free copy and learn how to launch an Upskilling campaign and succeed!