The fast-moving consumer goods (FMCG) industry has the second highest employee turnover rate, according to LinkedIn. Much of that is due to burnout. McKinsey research found, “Consumer-goods and retail employees were 30% more likely than employees across all industries to feel that they always needed to be available for taking calls, answering emails and attending meetings around the clock.”
In addition, FMCG talent is in high demand from other businesses and sectors. That’s because the FMCG skill set — negotiation, adaptability, collaboration and business focus — is well suited to many other businesses in other industries.
Recruiting new talent may sound like a logical solution, but because of high competition, it’s not an easy endeavor. “It is often challenging for FMCG companies to attract suitable talent from outside the sector, increasing the pressure to focus consistently on retaining and developing their talent,” explains executive search company Pedersen & Partners.
The need for new skills
To retain valuable employees, FMCG companies will have to act fast to reskill and upskill workers, as new skills are needed in the post-COVID-19 business landscape. According to Fortune India, those skills include active listening, curiosity, relatability and empathy, as well as digital proficiency.
“Talent teams need to look at existing talent and find out how it can be upskilled through tailored initiatives to meet both the needs of the business and the knowledge bases of employees,” the article adds.
FMCG company Marico has embarked on an initiative to upskill its workers in “leading with resilience, decision-making in crisis situations, leading with empathy and so on,” reported a Business Standard article. To retain workers, Marico is focusing on:
- Individual and learning needs, preferences and aspirations
- The employee lifecycle
- The leadership journey
- Future skill needs
Similarly, India’s Hindustand Unilever has committed to upskill all 21,000 of its employees by 2025, according to The Economic Times. Other FMCG companies are sure to follow suit. In fact, Accenture found that 86% of European companies plan to upskill or reskill a quarter of their workforce within three years’ time. That’s significant.
How to approach reskilling workers
Reskilling and upskilling current employees offers companies numerous benefits. Among them are cost savings over hiring new workers, higher worker performance, shorter ramp-up times and higher employee engagement. But how do you go about starting a reskilling initiative and ensuring its success?
A talent lifecycle management approach can help. Treating talent management as an end-to-end cycle can ensure you don’t leave out any important aspects of the employee journey. This type of approach focuses on skills rather than on roles or jobs. As such, it helps companies attract, nurture and grow their workers. Employees, in turn, feel valued, which makes them more loyal and helps the bottom line of the business.
The key to successful talent lifecycle management is data. Your company likely already has data about each of your employees. But are you using that data to its fullest? Do you even know where the data resides?
At the heart of true talent lifecycle management is a centralized talent data platform that serves as a repository for all talent-related data in your company — for both internal employees and external candidates. This single source of truth gives your talent team visibility into skills across your organization, equipping talent workers with vital information to personalize training programs that will develop the skills needed internally.
Put AI to work for you
Powered by artificial intelligence (AI), a talent data platform can infer skills from available talent data. In other words, it’s able to glean skills workers may be able to develop based on previous work history and capabilities. AI can make connections between new needed skills within the business and worker aptitude to develop those specific skills.
That means AI can help your company suggest lateral employee moves that will quickly build the skills your business needs and that will keep your valuable workers plugged in and contributing to the business.
According to PwC, 77% of workers are eager to learn new skills. Why not give workers what they want? An AI-driven talent lifecycle management platform can help you formulate skills development trainings to keep your top talent engaged, performing and productive. Reskilling FMCG employees makes good business sense.
“One of the greatest challenges employers face when seeking to introduce new technology is culture, and upskilling is one way to help create a culture that is ready and able to help implement new approaches,” sums Dan Lucy, principal research fellow at the Institute for Employment Studies.
Learn how Beamery helps FMCG companies reskill and upskill workers to keep business moving.