Every week we comb through the news to find employment trends affecting the hospitality industry so you don’t have to. This week’s topic: how upskilling can aid employee retention.
Invest in their future (and yours!)
If you’re a hiring manager, the phrase “employee retention” probably plays over in your head day after day. Retaining workers, as opposed to hiring new ones, cuts down tremendously on cost and manpower, while fostering an employee’s ability to learn and grow within the company.
One of the main ways to encourage retention is through upskilling, where employers teach their team new skills. According to a 2018 report by LinkedIn, 93% of employees would stay at their company longer if managers showed interest in developing their careers through upskilling. The opinions of the newest generation to enter the workforce, GenZ, shows how important upskilling is, with “91% [citing] professional training as an important factor when choosing an employer.”
In 2018, turnover in the restaurant industry was at nearly 75%, up 2% from the year prior. Creating a system of training and upskilling not only shows you care about employee development, but that you see a future with that employee at the company. Because studies show the importance of career development, workers will stay onboard longer, reducing turnover.
Upskilling can look different depending on industry and position. Robert Half International, a California based HR consulting firm, suggests “lunch and learns”, mentoring and shadowing, virtual learning, microlearning, and tuition reimbursement as effective upskilling opportunities. (Read more here).
While upskilling may not always be free, the benefits outnumber the (possible) costs. You’ll see better ROI than making a new hire, workers will feel more engaged (ideally boosting company morale), retention will increase, and you’ll attract a diverse talent pool interested in developing their skills.