The issue has created something of a dilemma. While no one wants to be carrying excess capacity with a duplication of staff, there’s also the worry that investing in existing staff with qualifications and training could somehow backfire.
“A lot companies tend to worry that this kind of investment will be wasted because their employees will just take their improved skillset to better paid jobs with competitors, “explained Alan. “On top of that, just because someone views himself or herself as being able to move up to a more senior role it doesn’t necessarily mean they have the skills and potential to get there.”
However, workforce engagement can often go a long way in managing these difficult issues. Managers need to get more involved with such things as annual appraisals and regular catch-ups with their staff, which can also drive revenue and productivity – as well as reduce staff turnover in the future. Thus, investing more time in their most valuable assets – their employees – can provide ample benefits both in the long and short term.
“While many managers still shy away from these sorts of conversations, there needs to be more talks with top talent about their career aspirations,” added Alan.