Rather than replace workers with automation, professional services provider is investing billions of dollars into retraining employees to provide enhanced services. While many companies are cutting costs with vast layoffs, Accenture is reinvesting in the future of its employees.
Recently, teams of underwriters were told that their jobs were being eliminated. Rather than being laid off, they were being retrained to work in software testing, a vastly different role than the one they were hired in to. This reskilling is thinking about employees as assets rather than liabilities, and with Accenture retraining employees whose jobs are being replaced by automation, they will be able to provide higher-quality services to their clients.
In addition to retraining employees that are impacted, Accenture also offers a project matching service, allowing special counselors to prepare newly trained employees for roles and assignments.
With learning and retraining investments reaching over $1 billion annually, Accenture is taking a calculated risk in hopes of a favorable return. Technology has impacted many businesses that often opt to lay off employees. However, the introduction of artificial intelligence has presented Accenture with a unique opportunity to develop employees and teach them new skills that can be transferred across a wide range of industries.
While Accenture’s voluntary attrition saw a slight increase after the introduction of the retraining program, many employees are taking advantage of the opportunity to learn new skills and start a new career path.
Recent studies show that almost 75% of executives intend to automate some of their business’ work through advanced technology in the next few years. However, they also suggest that less than 5% of those executives plan on increasing investments in training programs for employees during that time.
With a promising outlook for the program, other companies may start taking Accenture’s lead.