Three out of ten companies will have problems replacing retired workers due to a lack of trained personnel in their area of business.
An effective and efficient training system is valuable for companies facing generational turnover, i.e. the process of replacing retiring employees with new, younger talent. Here are some ways in which an efficient training system benefits the company during this process.
1. Knowledge transfer: It allows more experienced employees to share their knowledge and experience with new employees, ensuring an effective transfer of key skills and knowledge that could be lost with the retirement of older employees.
2. Adaptation to new technologies: Ensures that new employees are up to date with the technological tools and platforms used in the company.
3. Internal leadership development: With generational turnover, younger employees can rise to leadership roles. An efficient training system can identify and nurture employees with leadership potential, preparing them to take on roles of greater responsibility in the future.
4. Fostering diversity and inclusion: Generational turnover often leads to greater diversity in the workforce. An efficient training system can help foster inclusion and ensure that all employees receive equal opportunities for professional development and growth.
5. Increased morale and motivation: Younger employees may feel more committed to a company that invests in their development and provides them with opportunities to grow in their careers. This can increase morale and motivation in the workplace, which in turn improves overall company performance.
6. Adapting to change: The addition of new employees can mean changes in organisational culture. An efficient training system can help these new team members adapt quickly to the company’s culture and understand its core values.