Podcast Sponsored by: Cornerstone
Research from PWC shows that upskilling puts companies at a great advantage. The research found that companies realize an extra 10% to 15% of the benefit of large-scale transformation initiatives and up to 40% reduction in workloads on individual roles, as well as a 5% improvement in workforce retention when they integrate upskilling. These benefits lead to more output, opportunities to reduce cost, and higher customer satisfaction
Our Guest: Katie Ballantyne
On our latest #WorkTrends podcast, I spoke with Katie Ballantyne, Cornerstone’s VP of Product and Customer Experience. She has years of experience achieving industry-leading employee engagement programs across organizations.
Katie Explains the already large gap we are seeing in skills development from 2020 to 2022
“Well, from 2020 to 2022, what we’ve found out through research is that employee confidence that their employer is effectively developing their skills has gone down. And we found that the gap has grown wider. There’s now a 35 percentage point difference between that employer and employee confidence in skilling.
“What this really means, is that only about 55% of employees feel like their employer is effectively developing their skills.”
High Performing Organizations VS Low Performing Organizations
What differentiates these high-performing organizations from organizations that are just not excelling? Is it money? Type of employee? There has to be a definitive answer. Lets see what Katie thought:
“Here’s what we found out. The high performing organizations, they only had a nine percentage point skills confidence gap, whereas the laggard organizations had a 42 percentage point skill confidence gap.”
Katie goes further into the analysis:
“So what that means is that these laggard organizations, so the organizations that aren’t performing as well financially or with their customer retention, this means that only 18% of those employees feel like skilling and development is a high priority for their company. Let’s compare that in contrast to the high performing organizations, this was the only one with that nine percentage point gap, 88% of employees that these organizations feel like there is a priority in their development, in their learning, in their growth.”
The Lure of Learning Development
With a stat from 2021- Katie Explains:
“There was a survey that was done between Amazon and Gallup, it was back in 2021, and that survey uncovered that skills training is one of the top perks that people look for in their jobs. And with about 61% of the respondents in this study saying that upskilling opportunities are also important for staying at their jobs.”
How does technology play a role in the learning development process?
“People know that skilling is important, but sometimes they’re not quite sure where to start. This is big. It’s not like going and picking maybe eight competencies, which is still important and that’s still huge work to even do that and to narrow down that selection, but it can be really, really intimidating.”