Updated: May 21, 2020
The Singaporean workforce is one of the most dynamic, diverse, and skilled in the world, which is why continuous learning is top of mind for its professionals.
Professional networking site LinkedIn recently released a survey that shows more than 40% of Singaporeans have left their jobs due a to lack of Learning & Development opportunities. Look around in your office: about 2 out of your 5 colleagues are likely to do so in the near future! What does this mean for business organisations? It means a constant churn that has a negative impact on culture, processes, and the bottom line.
It has been estimated that costs of replacing an employee are far costlier than the investments that would improve retention. This should spur businesses to work with their employees to find out which skills are mutually beneficial. So why isn't this happening?
There may be a few key reasons:
Lack of Strategy
Insufficient Resources
Employee Unavailability
Let's take a closer look at each of these reasons.