Expert warns of consequences for productivity, attrition
There is a glaring disconnect between employers and employee training in the wake of workforce transformation due to the rapid advancement of technology, according to a new report.
The 2024 Workforce Agility Report, conducted by Cornerstone OnDemand in collaboration with Lighthouse Research & Advisory, revealed that 89% of employers believe they are providing adequate training and development.
However, only 38% of employees agreed with this sentiment, according to the report.
Paul Broughton, GVP and managing director at Cornerstone OnDemand, said this disconnect is exacerbated by three key dimensions:
- The rapid pace of technological change
- The presence of five different generations in the workforce
- An unpredictable geopolitical environment
Impact on productivity, attrition
The disconnect comes as 68% of employees believe that their work environment is evolving more quickly than ever.
According to Broughton, employers who are struggling to keep up with this change will suffer consequences for productivity and attrition.
"Organisations that aren't able to pivot quickly could be facing significant productivity losses," he told HRD.
"Additionally, 76% of employees are planning on leaving an organisation they don't believe is investing in them. That's a ticking time bomb of attrition. In contrast, organisations that are prioritising critical future skills and development are 44% more likely to have had a revenue increase over the last year."
What can employers do?
To address the problem, Broughton stressed the need for a "crawl-walk-run approach."
"The first step is taking a skills inventory and understanding what skills you already have in your organisation. Then you can determine the strategy moving forward and think about what skills you need to attract and develop," he said.
He also highlighted the importance of technology in helping employers address this disconnect.
"You need to find a tech partner that will be flexible with you, depending on your maturity, strategy and goals," he stated.
Read more on how to find the training disconnect and how employers can utilise tech to address workforce problems in this exclusive HRD article.
