Navigating Changes in the Labor Market with an Innovative L&D Approach
ICOG - 31-Mar-2022
Call it what you want, but there is a revolution in the labor market, and everyone knows it. Whether you’re an employer or an employee in this sea of change, you must figure out not just how to tide it out, but how to actually ride the wave.
The Great Resignation
In May 2021, Anthony Klotz, a management professor used the phrase “The Great Resignation” to describe the large number of employees who were quitting their jobs post-Covid. But this event is especially significant because it’s quite the paradox that employees are quitting in the presence of labour shortages and high unemployment rates.
Based on research data in the US, the highest resignation rates were among mid-career employees. It’s a shame to lose these employees as organizations have invested time and money into hiring, onboarding and training for each role. Organizations must understand the underlying reasons that the employees are choosing to leave, and rectify the situation.
A Problem or an Opportunity?
Depending on whether you’re a glass-half-full or glass-half-empty kind of person, you may look at this as a problem that requires solving. Or maybe an opportunity to take advantage of. Regardless of how you see it, everyone agrees that it needs to be tackled.
How can organizations stop their employees from leaving? Many organizations are mistaken in thinking that only increasing monetary compensation will improve employee retention. Money talks, but with the new generation of employees there is another significant factor at play - learning and development.
Learning and Development is the Solution
A leading reason for employee dissatisfaction, according to the Work Institute’s Retention Report, is simply a lack of opportunity to grow in their career. Employees who feel stuck and find that there’s no way to progress in their current organization are making the decision to find new organizations that will provide them a better career path.
So how can an organization tackle that? There’s no better time than the Great Reshuffle for organizations to shuffle their priorities and focus more seriously on their L&D objectives. In these times of uncertainty, offering effective L&D solutions to your employees will allow them to feel hopeful and more secure in their current organization, knowing that they are improving their skills and knowledge and simultaneously creating a better path towards their future.
After all, moving to a new organization also involves taking a risk and testing new waters, and it doesn’t always mean better opportunities. But if an organization proactively provides growth opportunities to its employees, then employees won’t be inclined to quit as much.
The Great Resurrection
Not to spark any controversial debate, but we would like to claim this movement as The Great Resurrection - for L&D. The L&D industry has been around for a while now, but it’s fair to say that it has been largely overlooked by most organizations. Well, to all L&D professionals, now is the time to shine! Never before has it been easier to prove the significance of L&D initiatives in an organization’s business strategy.
Some organizations have existing platforms, but haven’t been using them. And there is probably a reason for that. So now is the right time to consider the latest learning transformation platform, ICOG to tackle all your new L&D requirements. Take advantage of our limited-time offer of a 60-day free trial for upto 150 employees so you can test ICOG and be amazed, before you are convinced to make the commitment. And if your organization has not yet invested in any L&D platform, then it’s a no-brainer to take a look at ICOG’s learning experience platform. We can help you prove to your organization just how an L&D strategy implemented with ICOG will increase your organization’s bottom line.