Could Lack of Employee Training be Costing You Top Talent?

May 14, 2019

With over 7 million positions open in the US, it’s a candidate market and keeping your employees happy is more important than ever. According to the New American Economy, there are at least 13 job postings in the STEM field for every qualified job seeker. In the BioHealth Capital Region alone there are over 2,000 open jobs in what has become one of the nation’s fastest growing biotech hubs.

This is why the big questions being debated in many board rooms and staff meetings are; ‘How do we hang on to our best employees?’ and ‘How do we attract the industry’s top talent?’

For companies in knowledge-based industries like biotech, providing training and educational opportunities is one of the greatest internal tools for recruiting and retaining a top workforce, and a sure way to stand out to job seekers.

Workforce Genetics’ Director of Recruiting and Talent Engagement Ashley Nash says, “A major reason good employees quit is lack of development or growth opportunities. If they aren’t continuously pushed to learn and develop new skills, they will seek challenging opportunities elsewhere. It’s incredibly important to invest in your employees’ careers by providing training and development.”  

A study done by Randstad shows workers are far more likely to leave their jobs if they’re not reaching their fullest career potential:

• 58% of workers agree their companies don’t currently have enough growth opportunities for them to stay long term.
• 69% would be more satisfied if their employers better utilized their skills and abilities.
• More than half (57%) say they need to leave their current companies in order to take their careers to the next level.

As a new generation of job seekers are ushered in, recruiting strategies need to be adapted to appeal to their wants. Millennials currently make up 35% of the workforce, 87% of which consider potential career growth and development opportunity important when considering a job offer. Nash says, “One of the top questions I’m asked by candidates is what type of training and continuing education opportunities an employer provides. Offering training to new hires and existing employees can help you attract and retain highly skilled talent.”

Developing a successful training program is also an important factor in creating a pipeline for your future workforce. The speed of technological advancements is driving a skills gap, especially in the biohealth field. With new medical technologies and scientific advancements emerging all the time, keeping your employees current is a key component in giving your organization a competitive edge. This holds especially true for those organizations whose success depends upon innovations and discoveries.

One of the most effective solutions is to outsource or augment your training program by partnering with companies like Bio-Trac. They offer advanced workshops for researchers in the biotech industry and can provide customized training that aligns with your company’s needs. With a network of scientific experts advising them and teaching their workshops, they stay at the forefront of the latest research technologies. An outsourced partner like Bio-Trac can provide your employees with the most current and advanced research skills in the industry. With over 33 years of experience and 17,000 scientists trained they have a reputation for excellence in biotechnology training that your employees will also truly appreciate.

Another option is offering continuing education programs as a part of your compensation package via tuition remission for programs like JHU Biotech Education Program that are geared towards working adults. These educational benefits do come at a cost, but you can take advantage of programs like Maryland Business Works which will actually reimburse you for training your employees.

Including training and continuing education as part of your company’s talent strategy has many layers of added benefits for you and your staff. Employee retention is part of it, but better-trained and happier employees are more committed to the success of the company and produce better results. Training isn’t just an HR strategy, it’s a corporate success strategy that many companies are taking much more seriously. Make sure the available opportunities and how to take advantage of them, are highlighted and communicated clearly to your current and potential employees.

Chris Frew, CEO of Workforce Genetics, says “A key part of your strategy should be to hire your employees based upon their fit with the culture and the goals of the organization. Don’t pass on good candidates just because they don’t meet every technical qualification. Good candidates can be trained and will learn the skills they need to succeed in the company if they believe in the mission, and you give them a chance.”

Whatever solution you decide to go with, don’t skip over this crucial piece of your company’s puzzle.