HRO Today March 2021 - 51
LEADING WITH EMPATHY
68%
of business decision
makers say there
are skills gaps
within their current
workforce that
are limiting their
organization's
future growth
potential.
35%
say the skills
gaps in their
organization's
workforce have
widened since the
pandemic began
due to a shift in
business needs.
Source: InStride
" Looking outside our organization for talent from diverse
communities is one way to drive representation, but the
most efficient way is to provide pathways for meaningful
career advancement to people already at the company, "
Hanson says. " Through our partnership with InStride,
we're giving our high-potential, high-performing talent
the opportunity to pursue a quality education from
respected institutions so they can develop the skills to
grow their career. "
3
Drive business growth and remain competitive.
Instead of looking at education programs as a cost
center, companies need to see these programs as
strategic investments in their people. Education programs
give employees the ability and opportunity to build a
career, earn higher wages, experience higher levels of
success, and nurture stronger communities in which they
live.
The InStride study found that 96% of business leaders
believe they need to invest in the ongoing education of
their employees as a way to drive business growth. Many
said that in the current economic environment, investing
in talent development is a higher priority than reducing
overhead costs or investing in product development/
service delivery, sales growth, marketing, or supply chain
improvements.
By providing strategic education opportunities for
employees, companies can experience many benefits:
improved morale, increased retention, and the attention
of other high performers. Most importantly, many of
these outcomes can have a positive impact on meeting
strategic business objectives and positively impacting
communities. A Lumina Foundation report found that
for every dollar spent on workforce education, the
organization recouped it and saved an additional $1.29 in
talent management costs-a 129% ROI.
In a time of uncertainty, forward-thinking executives
recognize that investing in enterprise education can be a
win-win for both employers and employees.
Brian MacDougall is vice president of talent and chief of staff at
InStride.
MARCH 2021 | www.hrotoday.com
[51]
https://www.luminafoundation.org/files/resources/talent-investments-pay-off-cigna-full.pdf
http://www.hrotoday.com
HRO Today March 2021
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