Today, the business marketplace is uncertain. We don't know how the post-COVID business climate will look, but it's safe to assume that retaining your organization's valuable employees will be vital to the health of your company now and in the brave new world that is waiting for us when the pandemic is over. Hiring managers and human resources don't have to wait for that day to begin implementing strategies to increase employee retention and enhance their loyalty. Now is not the time to try new, unproven tactics, however. It's time to use proven methods that produce positive results.
One of the most powerful and proven ways to increase employee loyalty and retention is by offering your employees the opportunity to upskill, train, increase their marketability within your organization, and continuously improve. But that's only part of it. They need to have iron-clad verification of those skills. Gone are the days when employees could simply list a course they've completed on their resume. We're living in a digital world. Verifiable digital credentials of completion of a new skill, online course, or other training are the gold standard today. Managers within your organization looking for people to promote need the certainty they have the skills to do the job and verifiable credentials are the best way to assure that.
Let's look at how offering your employees the opportunity to earn digital credentials can increase loyalty and retention, which are really two sides of the same coin.
In our recent blog, How to Use Skills Development as a Recruitment Tool, we talked about how important it is, especially for millennials and Gen Z, to see you offer and commit to skills development of employees. A few hard-and-fast stats from that blog pulled from a recent survey by Qualtrics and Accel Partners, are relevant when talking about employee retention and loyalty.
The most important thing to millennials when considering a new job is the opportunity for skills training and development. It's more important to them than company culture, other perks, even salary. 71% of millennials who leave a company in two years do so because there is not enough leadership and skills development.
This, from LinkedIn, Gen Z is the most tech-savvy generation, and 91% say the technology at a company influences their job choice. Gen Z is risk-averse, and even before COVID unsettled the entire world, the top thing they were looking for was job stability and security.
More stats, from ShifteLearning: A survey of Boomer's, Gen X and millennials found 70% of respondents said that training and development influenced their decision to stay at their job.
87% of millennials reported that access to training and career development influenced their decision to stay at a job.
There's no shortage of stats and surveys to highlight how skills development increases employee loyalty and retention. But keeping good people — and keeping them happy — is more than just numbers.
COVID-19 is changing the workforce by the minute, yanking the rug of stability out from under employees nationwide. One way to create that stability for your employees again is to invest in them, their skills, their career paths, and their futures. It shows you're committed and loyal to them, that you can see a future at your company with them in it, and you want to help them develop the skills, knowledge, and training to not just survive in their current job, but grow and learn when the time comes to move up the ladder.
Showing your loyalty and desire to retain them will, in turn, bring that loyalty back to you.
At Credly, we're committed to helping companies increase the skills, training, and knowledge of their employees through digital credentials. We're the most trusted digital credential network for professional associations, higher education, and corporate learning and development. Contact us today and we'll be happy to talk with you about how to increase your employee retention and loyalty through digital credentials.