I read an article recently about recession proofing your organization with digital badging. The article made some great points about how the record low unemployment rate (3.9% in December 2018) may not last, with some analysts predicting a slow down in growth as early as 2020.
The article went on to point out that during the 'Great Recession of 2008,' employers who focused on training and developing their workforce over cutting jobs and focusing solely on the bottom line actually made financial gains. "On average, those top 10% of engaged employers posted profit gains of 26% through the last recession, compared with a 14% decline at comparable employers, says Jim Harter, Chief Workplace Scientist at Gallup."
The author wrapped up the article with a compelling finding supporting training and digital credentialing. "When employees are trained on the job, an organization can save an average of $70,000 annually and receive a 10% increase in productivity, according to Forbes."
This got me thinking. . .
Oracle Certification has a well-established digital credentialing program. Surveys consistently show that having certified individuals in your organization increases productivity, customer satisfaction, and job satisfaction. It would stand to reason that if a focus on training and development could help to recession-proof your business by keeping your best talent and making them more productive, the same training and development could help keep your best talent during a time of economic growth.
According to the Bureau of Labor and Statistics' Job Openings and Labor Turnover Survey, published January 9, 2019, the ratio of unemployed persons per job opening was 0.9 in November 2018. This means that there is more than one job opening for every unemployed person, which shows a dramatic decrease from Great Recession numbers, when there were more than six unemployed people for every job opening.
Employment experts say that this is an excellent time to look for a new job. So, how do you keep your talent? Invest in them! Certification increases job satisfaction by giving employees more knowledge and skills to help them perform better.
63.1 percent of respondents to Certification Magazine's 2019 Salary Survey either agree or strongly agree that getting certified has improved their workplace productivity. A whopping 67.4 percent either agree or strongly agree that getting certified has increased their ability to solve problems.
Explore Oracle Certifications and start 2019 with a sound investment in your team!