Organisations across the globe are facing the challenge of skilled labour shortages. Hiring new employees can be a significant financial and administrative investment that takes time, so prioritising the retention of existing staff has become a high priority. Reducing staff turnover not only saves money but also helps foster a positive company culture and develops future-focused thinking.
However, according to PwC’s 2022 Workforce Hopes & Fears Survey, four in ten employees in Asia Pacific are not satisfied with their job and one in five intend to switch to a new employer in the next 12 months.
Less than half of APAC companies are investing in upskilling workers
A key area of effective employee retention centres around upskilling (developing existing skills to optimise performance) and re-skilling (teaching new skills for a different role). By focusing on both sides of the skills coin businesses can foster new capabilities, stay competitive, show commitment to its people and ensure employees are ready for the demands of the future.
While the benefits are undeniable, less than half (45%) of APAC companies are upskilling workers, and 42% are worried their employer will not teach them the technology skills they need. These findings suggest a significant disparity between what employees want, and what they are getting.
The challenges of virtual training
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