In the War for Talent, Education Benefits Can Be Your Secret Weapon

The Great Resignation may have faded from the headlines, but employers are still dealing with big recruitment and retention challenges. Whether it’s employees who “quietly quit” while searching for their next role or others who decide to resign without a backup plan, the current job market remains in a state of flux. 

For HR leaders, this means they’ll need to use every available tool to attract high-performing talent. And because 79% of L&D pros agree: it’s less expensive to reskill a current employee than to hire a new one,* they’ll also need to focus on retention as much as possible. 

Many are boosting salary and compensation, especially to address inflation concerns. The demand for flexibility has driven employers to offer remote-work options. A greater awareness of mental health and burnout has pushed work-life balance into the spotlight. These are all important things to consider when focusing on offering incentives to new employees while retaining your current staff. But there’s one area that’s too often overlooked: your company’s education benefit strategy. 

Workers want new skills, and organizations need to deliver

Employees often seek new learning opportunities at work, and many will change jobs to get them. In fact, employees who feel that their skills are not being put to good use in their current job are 10 times more likely to be looking for a new job than those who feel that their skills are being put to good use.*   

Clearly, there’s an opportunity here. 

Six ways your education benefits can be a recruitment and retention tool

There’s a gap between the upskilling employees want and the education options that most employers are offering, and it’s a gap that savvy HR leaders can fill to accelerate recruitment and assist with retention. Here are some ways to make it happen: 

1. Train for the future, not the present. Workers frequently want learning that supports their future growth, not just training that will help them in their current jobs. By offering learning opportunities aligned with workers’ career goals, employers can increase engagement, satisfaction, and retention.

2. Include all levels of your organization. Many organizations are at risk of losing their future leadership pipeline because they’re not focused on developing their non-managers and younger workers. It’s important to offer education benefits to employees at each level of your organization. 

3. Make internal mobility a priority. Many workplace teams are reluctant to let great talent move to another department, but the alternative is a static organization where employees must leave in order to grow. Wherever possible, reduce obstacles for employees who want to move into new roles—and support their ambitions with relevant education options.  

4. Set up regular career conversations. Regular conversations can help your employees see potential career paths within your organization, especially when you back it up with learning opportunities to help them get there. Plus, hearing about employee goals can give you insight into the kinds of skills you should be training for.

5. Can’t hire the skills you need? Train for them instead. Education can be a cost-effective way to grow skills internally rather than trying to find perfect job candidates. Invest in identifying the specific skills you need, then use your education benefits to upskill employees appropriately.

6. Stay on top of important trends. Whether it’s a looming recession, rising automation, or breakthroughs in artificial intelligence, workers want to be ready for developments that may impact their careers. Keep informed of these social, economic, and technological forces so you can offer relevant skills training to help workers stay ahead of the curve.
 

These are just a few ways that your education benefits program can help you attract and retain talent in 2023 and beyond. Looking for even more? Schedule a consultation with us. Together, we can explore ideas for unlocking the full potential of your organization’s learning and education resources.