Workforce development is an essential strategy that businesses can utilize to enhance their potential. This approach focuses on the growth and development of individuals within the workplace and their career trajectory. It is designed to help employees maximize their job success and career pathways by providing them with education, development opportunities, and continuing education programs.
The key to successful workforce development is a people-first approach. This means that organizations should prioritize their employees’ needs and goals, ensuring that they are given the necessary resources to succeed. When companies invest in their employees, it can lead to downstream benefits such as improved morale, retention, and productivity.
In practice, workforce development should encompass all post-secondary education and training, as well as other programs and services like career counseling, job-search assistance, and wraparound supports that seek to prepare people and help them access and thrive in appropriate-paying jobs and careers. It also includes efforts to align the country’s education and training programs with the evolving needs of employers.
Workforce development is crucial in today’s dynamic workplace environment. Organizations are under increasing pressure to solve tomorrow’s problems today, while also equipping the future workforce with the necessary skills to accomplish this. A workforce development approach that is focused on personalized learning, leadership experiences, and growth within the flow of life is needed to consider both the dynamic nature of jobs and the equally dynamic capacity of humans to reinvent them.
When organizations forget the people building their business, they risk losing talent that can grow and mold with the employer. Workforce development prioritizes human development and boosts morale, retention, and productivity. Establishments that enact workforce development programs view employees as assets, not just headcount to perform a particular task or purpose.
The advantages of workforce development are not limited to employees alone. Employers also benefit from workplace development because the continuous nature of the process improves skills and talents in an evolutionary manner. This means that skill sets remain relevant not only for the work being done today but also for the workflows of the future.
The current trend discovered during periods of economic downturn is that budget cuts are made first to learning and development investment. This is a gross misstep on an employer’s part in terms of the opportunities available. A McKinsey report states that 90% of managers/executives believe their organizations either already faced a skills gap or expected gaps by 2024. Therefore, employee reskilling is key to creating a nurturing workplace.
To strengthen workforce development, there are several guidelines that organizations should follow. Firstly, sectoral programs are a promising approach that should be taken to scale. Secondly, today’s workers need access to more short-term, affordable, and convenient opportunities for upskilling and reskilling. Thirdly, there is a need for smarter, stronger, real-time systems and strategies to monitor rapidly changing needs. Lastly, strategies are needed to address the persistent effects of structural disadvantage.
Several companies have implemented successful workforce development programs that have positively impacted their employees and organizations. For example, Seattle Genetics offers tuition reimbursement, onsite training courses, and access to job-related conferences and seminars. Schneider Electric University offers dedicated academies for executive development, leadership, customer education, energy and solutions, sales excellence, and functional skills. Heineken runs a reverse mentoring program where junior employees act as mentors to senior leaders and executives. City National Bank offers Ex-Change, a program for the Women’s Network that offers informal mentor-mentee interactions to create a safe space for learning and knowledge-sharing.
Case Study 1: PwC’s Digital Fitness Program
PwC, a professional services firm, recognized the need to upskill their employees in digital capabilities to keep up with the evolving landscape of technology. They launched a digital fitness program, which is an online platform that offers courses and assessments to employees to build their digital skills. The program is gamified, and employees earn badges and rewards for completing courses and assessments.
The digital fitness program has had a significant impact on PwC. Within the first six months, over 35,000 employees completed at least one digital fitness module, and over 150,000 courses were taken. The program has also resulted in cost savings as PwC is now able to upskill their employees internally rather than outsourcing to external providers. The digital fitness program has not only improved the digital capabilities of PwC’s employees but has also enhanced their productivity and efficiency.
Case Study 2: Best Buy’s “Learning Lounge”
Best Buy, a leading retailer of technology products, recognized that upskilling their employees in technology was crucial for their business success. They launched the “Learning Lounge,” which is a training program that provides employees with access to online courses and in-person training sessions on various technology topics. Employees can access the program from anywhere, and it is available 24/7.
The Learning Lounge program has had a significant impact on Best Buy. Within the first year of the program, over 20,000 employees completed at least one course, and over 40,000 courses were taken. The program has not only improved the technological capabilities of Best Buy’s employees but has also led to higher job satisfaction and increased employee retention. The Learning Lounge program has also helped Best Buy reduce costs associated with hiring external providers to upskill their employees.
Overall, these two case studies highlight the importance of upskilling employees to remain competitive in today’s dynamic workplace environment. By investing in workforce development programs, companies can improve the skills and capabilities of their employees, which can lead to increased productivity, efficiency, job satisfaction, and retention.
Workforce development is a key strategy for organizations to prioritize the growth and development of their employees. This people-first approach to business development can lead to downstream benefits such as improved morale, retention, and productivity. Successful workforce development programs provide education, development opportunities, and continuing education programs to maximize job success and career pathways.
By investing in their employees’ skills and capabilities, organizations can prepare them for the future and equip them with the necessary tools to keep up with the evolving workplace environment. The case studies of PwC’s digital fitness program and Best Buy’s Learning Lounge demonstrate the significant impact of upskilling employees on the success of a business. These programs have not only improved the digital and technological capabilities of their employees but have also led to higher job satisfaction, increased employee retention, and cost savings for the companies.
Overall, workforce development is a long-term investment in the growth and development of individuals within the workplace, which benefits both employees and employers. By prioritizing workforce development, organizations can create a positive and nurturing workplace culture that supports employees’ career trajectories while also improving productivity and efficiency. It is a critical strategy for businesses to remain competitive in today’s dynamic workplace environment.
