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BLOGS

Back
The Three R's: Retain, Retrain, Recruit (Plus the Secret to Do All 3 at Once)
May 13, 2021

Companies are transforming – adopting aggressive approaches to digitalization to
stay competitive. As companies opt to invest in an advanced technological
infrastructure that supports the industry 4.0 business model, effectively
creating smart factories and businesses, a dramatic shift of skills is required
in the workforce. This shift in required skills is paired with a thinning
workforce as experienced employees retire at an unprecedented rate. AARP
reports everyday 10,000 baby boomers reach retirement age [1]. This loss is
compounded by the fact that young STEM-trained workers are in high demand, and
these vacancies are being left unfilled. Companies are worried about the skilled
labor shortage and how it will affect growth and transformation plans.

These concerns are valid and being reported across industries. 83% of HR
professionals have difficulties recruiting suitable candidates for jobs [2]. And
studies show that skilled labor demands are rising fast and require more people
with STEM (science, technology, engineering, and mathematics) educational
backgrounds than are currently being taught [3]. Companies need a solution to
their skilled labor shortage problem. An approach to solve this issue is called
the Three R's: Retain, Retrain and Recruit.

As automation takes over traditional low-skill roles in the workplace, these
positions shift to highly skilled roles that enhance and maintain these machines
and processes. To support the company's needs, retaining, retraining, and
recruiting will all be necessary steps.

The first prong in this approach is retaining workers. Turnover and layoffs are
costly and are in opposition to the company's best interest. Entry-level
position turnover costs 50% of the salary, mid-level turnover costs 125%, and
senior executive turnover can cost over 200% [4]. Retaining new hires as well as
experienced workers is so important. Experienced employees have a working
knowledge of the company and culture and are an incredible asset. And once
employees leave a position, filling it can be difficult. This can contribute to
a slowdown in transformation plans and a loss in potential revenue. Retaining
workers is also tied to prong two of the Three R's. An easy way to retain
workers is to invest in their careers by offering educational opportunities.
Providing an upskilling course is a powerful retention tool. An IBM study
reports that employees who feel they do not have opportunities to develop at a
company or fulfill their career goals are 12 times more likely to quit [5].
Also, 94% of employees report that they would stay longer at a company that
invested in their career through educational opportunities [6]. This approach
can help retain new hires as well. A strong onboarding process structured with
upskilling opportunities results in an 82% increase in new hire retention [7].

Retraining is more than just a retention tactic. It is an excellent strategy to
level up your workforce and is necessary to enable transformation. Hiring an
entirely new workforce that has the skills to support the digital transformation
of the business is unrealistic, especially in this job market and with the
current state of the skills gap. Providing your workforce with an upskilling
program can provide them with the skills needed to move the companies goals
forward. Enterprises that upskill & reskill their workforce see a 300% increase
in digital transformation acceleration [8]. Upskilling also has a proven ROI of
100% [9], making it a worthwhile investment. Other benefits of upskilling
include increases in employee loyalty, productivity, and performance revenue for
the company.

The third prong of the Three R's is recruiting. Due to the nature of advancing
technology employing highly skilled labor and talent with unique qualifications
is, at times, unavoidable. Growth accompanies businesses that embrace industry
4.0 business models, and thousands of baby boomers are leaving the workforce
every day. This makes recruiting a necessity. The ASQ 2018 Manufacturing Outlook
Survey reports that 39% of companies have hired an agency to recruit candidates
to fill open positions [10]. Making your employment offer attractive can be
difficult in such a competitive job market. The supply of workers with qualified
skills is much lower than the demand, and often, attracting top candidates is
done by providing company benefits. A benefit that your company can offer to
attract top talent is providing educational opportunities with a robust
upskilling program. Millennials are the largest demographic entering the
workforce. This is good news for companies who want to attract these skilled
workers because upskilling and on-the-job training is a top benefit to this
demographic. They rank educational opportunities above salary, workplace
flexibility, company culture, and organizational perks. The option to upskill is
the main decisive factor for Millennials in accepting a position [11].
Upskilling is such a powerful recruiting skill that 45% of millennials report
they would change their current jobs for ones that offer attractive education
benefits [12].

The Three R's: Retention, Retraining, and Recruiting can all be accomplished by
establishing an upskilling program for your employees. This is a simple and
cost-effective way to advance your company's transformation initiatives.

How Can Your Business Launch an Online Learning Program Easily to Retain,
Retrain, and Recruit Employees?

Retaining, retraining, and recruiting are three necessary steps to prepare for
the future of work. Your company's workforce must level up and prepare for the
changes that industry 4.0 initiatives cause. To position your company for
success, launching an upskilling program is a necessity. Doing this is simple –
just partner with an online platform provider who also creates course content.
If you choose a smart partner, your company can start to upskill in just 30
days!

Here are key elements that online learning platforms need to provide value to
your company and employees:

* Custom branded platform and courses that are uniquely relevant to your
workforce

* Engaging delivery methods that keep employees actively learning

* AI and advanced data capabilities for better learning outcomes and insights

* Positive user experience and high retention rates

* Turn-key systems capable of immediate implementation with no learning curve

Choosing the right partner is crucial to ensure the highest ROI and success of
the upskilling program. Start your retaining, retraining, and recruiting journey
today and stay competitive.

Amesite Offers a Single, Easy to Use, Scalable Solution

Launch an online learning program that upskills employees, increases employee
retention, and attracts top talent.

Amesite is the premier online learning ecosystem provider on the market today.
We are well-positioned to provide your business with a world-class upskilling
program to prepare your workforce for the future.

Amesite's platform is high-tech and AI-powered. It is the key to upskilling your
workforce. Amesite's high-tech AI-powered online learning environment is
scalable, custom-branded, and curated to each company to meet its unique needs.
We have subject matter experts who design innovative and custom content for
courses that provide excellent value to your employees. A host of self-paced,
highly engaging, and intuitive courses can be ready for your company in as
little as 30 days.

Amesite creates outstanding learning experiences delivered on its advanced
platform, providing a positive impact for employees. Using AI and advanced
analytics to provide fresh content creates an essential context for learning.
Coupled with outstanding services, these experiences deepen professionals'
interest in subjects important to the company's goals. Amesite's unparalleled
retention rate in the enterprise sector is 100%.

Let Amesite help your company retain, retrain, and recruit today. Request a
Demo!

Check out some of our customer success stories: The Henry Ford, Wayne State
University.

Don't forget to subscribe below and follow us on social to be the first to know
about new resources, updates, news, and more! Find Amesite
on: Twitter, Facebook, LinkedIn, and Instagram!

Resources:

[1] Industry Week. Nov. 28, 2018. The Smart Way to Prepare Your Workforce for
Industry
4.0. https://www.industryweek.com/talent/article/22026752/the-smart-way-to-prepare-your-workforce-for-industry-40 Accessed May
7, 2021.

[2] SHRM. Feb. 5, 2019. The Skills Gap
2019. https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/pages/skills-gap-2019.aspx Accessed
May 7, 2021.

[3] Oliver Wyman. 2018. Building the Automotive Workforce for the
Future. https://www.oliverwyman.com/our-expertise/insights/2018/sep/automotive-manager-2018/resources/building-the-automotive-workforce-for-the-future.html Accessed
May 7, 2021.

[4] Forbes. Aug. 12, 2018. Companies Need To Know The Dollar Cost Of Employee
Turnover. https://www.forbes.com/sites/billconerly/2018/08/12/companies-need-to-know-the-dollar-cost-of-employee-turnover/?sh=2645461fd590 Accessed May
7, 2021.

[5] Shift eLearning. Dec. 18, 2020. The True Cost of Not Providing Employee
Training https://www.shiftelearning.com/blog/the-true-cost-of-not-providing-employee-training Accessed May
7, 2021.

[6] LinkedIn. 2019. 2019 Workplace Learning Report.
https://learning.linkedin.com/content/dam/me/business/en-us/amp/learning-solutions/images/workplace-learning-report-2019/pdf/workplace-learning-report-2019.pdf-2 Accessed May
7, 2021.

[7] SHRM. May 9, 2017. The Cost of a Bad Hire Can Be
Astronomical. https://www.shrm.org/resourcesandtools/hr-topics/employee-relations/pages/cost-of-bad-hires.aspx Accessed May
7, 2021.

[8] Shift eLearning. Dec. 18, 2020. The True Cost of Not Providing Employee
Training https://www.shiftelearning.com/blog/the-true-cost-of-not-providing-employee-training Accessed
May 7, 2021.

[9] PWC. 2019. The Lost
Workforce. https://www.pwc.com/m1/en/world-government-summit/documents/wgs-lost-workforce.pdf Accessed
May 7, 2021.

[10] Industry Week. Nov. 28, 2018. The Smart Way to Prepare Your Workforce for
Industry
4.0. https://www.industryweek.com/talent/article/22026752/the-smart-way-to-prepare-your-workforce-for-industry-40 Accessed
May 7, 2021.

[11] Forbes. Nov 27, 2019. How To Recruit, Upskill, And Advance: A
Toolkit For Optimizing Employee
Experience. https://www.forbes.com/sites/shamahyder/2019/11/27/forbeshow-to-recruit-upskill-and-advance-a-toolkit-for-optimizing-employee-experience/?sh=371415ba146e Accessed May
7, 2021.

[12] Talent Culture. Aug. 19, 2020. Recruit Top Talent With Tuition Assistance
Programs. https://talentculture.com/recruit-top-talent-with-tuition-assistance-programs/#:~:text=In%20a%20recent%20Gallup's%20survey,basis%20of%20tuition%20reimbursement%20alone. Accessed May
7, 2021.

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