Upskilling to Avoid Labor Shortages and Save Big on Long-Term Labor Costs

Approved for HRCI Business credit

According to Manpower Group’s Talent Shortage Survey, we’re in the midst of a talent shortage that could worsen as the pool of available workers shrinks. Many companies are turning to training and development to upskill employees to fill talent gaps. Wal-Mart and other Fortune 500 companies, including McDonald’s, Starbucks, and CVS Health, as well as small- and mid-size businesses are among the companies that invest over $600 billion a year in the education, training and development of their workforce in the hopes of seeing greater returns on their human capital investments. Is it paying off?

This powerful session will reveal:

  • Examples of upskilling, including training and educational endeavors, that propel employees’ upward career mobility
  • The impact upskilling can have on long-term labor costs
  • How upskilling reduces turnover and employee replacement costs
  • Factors to evaluate to determine whether and how upskilling should be incorporated into your business strategy