Upskilling – The Pathway to Staff Retention

In a perfect clash of competing needs, Australian companies are experiencing an unprecedented demand on staff recruitment.  Need is high, candidates are cautious, and the bubble of wage and salary restrain has been well and truly burst.  More than ever, the need to keep current staff engaged and committed to your organisation is paramount. 

While a salary increase does put upward pressure on budgets, training and staff development is a cost-effective way to keep good staff engaged with your company with a double dividend of increasing their value to the organisation.

Training could be in the upskilling on specific equipment such as engaging a Forklift Driving training company to train all warehouse staff and provide them with the opportunity of gaining their forklift licences, or more complex in the form of a formal course that may would provide additional skills including leadership, creating the opportunity for promotion to higher roles.

A longer term option may involve full or partial subsidy of post-graduate courses for middle management as part of a longer term succession strategy. While there is some risk the employee leaves shortly after completing their studies, a simple agreement requiring repaying the fee should offset that risk. 

Successful companies understand that staff turnover is a significant cost to the corporate bottom line. The loss of knowledge, recruitment and onboarding costs can be significant, particularly in specialised functions.  As businesses around Australia (and the world) move beyond the transition of “living with covid,” a strategy of investing in your current team may well prove dividends in the relatively short-term future.

How have you addressed your short and medium term training needs? 

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Arrow Group offers a unique, bespoke approach to providing recruitment and HR solutions.  We are located at 94 Waverley Rd Malvern East 3145, in Melbourne’s beautiful East.

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