By Richard Doherty
If I was to tell you that over half of your employees would give up higher pay for the opportunity to learn new skills would you be surprised? According to the 2014 Kelly Global Workforce Index, 57% of the workforce is more interested in gaining new skills than getting more money.
I'm sure that's given many of you food for thought. Spend less money on pay rises, spend more money on skilling your workforce.
In other Oracle HCM blog postings we've talked about the multi-generational workforce ? do they think differently with regard to skills? Not really. This took me a little by surprise. If the workforce had to choose between acquiring new skills and advancing to a higher level, 61% (Gen Y), 60% (Gen X) and 69% (Baby Boomers) would choose new skills. So perhaps the generational buckets we ladle people into are not always that useful?
Employees are clearly, really very interested in personal and career development ? which is great if you, as an employer, are actually providing them with that development. Unfortunately, the 2014 Kelly Global Workforce Index reports that only 38% of the global workforce had a career development discussion with their employer in the last year. It's even lower for Baby Boomers at 29% - perhaps reflecting the fact that many Baby Boomers have given up on these discussions after years of trying.
The final statistic I'd like to share with you is this: only 35% of the global workforce thinks there are opportunities to grow or advance their careers with their current employers. This is hardly surprising when so few career development discussions are happening! This is a real red flag and organisations need to put robust plans in place to address a situation that could lead to worsening employee retention rates.
We need to have more open and honest dialogue between employees and their managers. We need to have regular career development discussions that result in concrete development plans that are acted upon. We need to have enterprise wide learning programmes, giving employees the opportunity to acquire new skills and giving employers the opportunity to plug the skills gaps opening due to the ever increasing speed of change in business.
Cultural change will be required for many ? managers need to start managing, but we need to make it easier for them. The Oracle HCM Cloud has been designed to address this very problem by:
As the results from the 2014 Kelly Global Workforce Index hint, many organisations potentially don't understand the needs of their workforce. Robust talent management programmes supported by integrated talent management solutions are needed to address this very common issue.