A recent article from McKinsey & Company urges businesses to rethink their approach to hiring, education and retention. They suggest a focus on life-long employability to save money and reduce turnover. How?
When hiring, think competence, not college. Degrees aren’t the end-all-be-all for every job, nor do they guarantee mastery of a body of knowledge. Look to coding boot camps as an example. Their intensive study may only last a few months, but they have become a rich resource for some of the world’s most prestigious tech companies.
Invest in frontline and entry-level workers. This tactic is working for Walmart and Starbucks. By doing so, you’ll be creating valuable future leaders who understand the product, culture and customers, and carry institutional knowledge. Explore public sector incentives that offer tax write-offs for credential-based training and development. Few companies are taking advantage of such programs.