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There is no denying that with the advancement of technology, the economy and the global job market are changing fast. There is a huge demand for employees who have relevant skills that help in solving modern problems.
According to a recent Gartner report, 58 percent of today's workforce requires new skills to execute their jobs successfully. In addition, the World Economic Forum (WEF) recently produced a report recommending that employees all around the world should engage in upskilling and reskilling to prepare for the future of work.
Upskilling and reskilling the workforce are needed to keep up with today’s world as it helps in training the employees to deal with new technologies and modern business problems.
Upskilling means teaching employees new, advanced skills in order to bridge their talent gaps. It provides the employees with required training and assists them in progressing along their existing career path.
As these employees have been working in the company for a long time, they have formed a deep understanding of the office culture and clients. As a result, it will be more valuable to the managers to upskill their skills, rather than hiring new candidates for these roles.
Reskilling, on the other hand, is looking for people with 'adjacent abilities', or those that are similar to the new skills that the organization demands. It offers a lateral learning opportunity for the employees.
Every other business, from small to medium-sized to large-scale, has a digital presence nowadays. This massive shift to online has mostly been beneficial for businesses, but at the rate the workforce culture has changed literally in a matter of months, it is hard for the existing employees to keep up with all these new changes.
In addition, the number of talents necessary for a single job is growing at a rate of 10% every year. According to the World Economic Forum (WEF), by 2022, more than half of the present workforce, or around 54 percent, will require "substantial" reskilling to keep up with future job demands.
So, it is high time for organizations to provide training and professional development for their employees in order to have relevant skills needed for this technological world.
Although two-thirds of the business managers believe that employee development programs help in addressing the skills gap, they are slow to take action. The reason mainly is financial constraints.
Investing in these areas rather than hiring new candidates does actually pay off in the end. With proper guidance and introduction to modern technologies, the old employees will be able to meet the company’s long-term goals more efficiently than a new hire.
As a result of the Covid-19 pandemic, unemployment and lack of job satisfaction have skyrocketed. It has also resulted in a significant drop in the world economy. However, after every major disaster comes a period of prosperity.
With all this in mind, updating and learning new skills now will definitely put your company in a better position to take advantage of a stronger economy, especially with all of this growth and optimism. So, if you want to ensure that you have a competitive advantage, now is the time to consider updating your present skills and abilities.
Due to the sudden and broad-ranged digitalization of the industries, jobs, and skills that were existing and were in demand just 10 years ago, are now obsolete. On the other hand, it is creating new and exciting job roles like social media managers, cloud computing specialists, app developers, and user experience managers.
Companies badly need robust employee learning and development programs to be relevant today.
According to an article on Emeritus, there are roughly 65 unemployed people for every 100 job openings.
Some of the top benefits of upskilling and reskilling are:
The impact of upskilling and reskilling includes:
Some useful practices of upskilling and reskilling that you can implement in your company today are:
It really doesn’t take much to build a good learning culture in a workspace that nurtures and fosters learning just as much as in educational institutions. Follow these few simple steps to build a healthy learning culture in your organization today.
For the hesitant and uncertain employees, the one and only and the most effective motivation is pay raise. It is also very important to align their personal goals and expectation with the vision and strategy of the company.
A learning culture inside the office will help tremendously in maintaining motivation throughout the learning process. Creating a mentor-mentee system where you connect the employees with their mentors who motivate them will also help.
Check out the Hero Vired’s enterprise upskilling programs to know more!
Some likely action plans that you can make today to upskill and reskill your employees are:
There are multiple benefits of upskilling and reskilling the workforce. No one, not markets, individuals, or even the economy as a whole, has any influence over the future, as the Covid-19 pandemic has demonstrated.
Long-term goals are more likely to fail now than ever before, which is why employee reskilling and upskilling are more important than ever. That’s why companies like Amazon have nearly invested $700 million to upskill and reskill their employees. Now is the time to start reconsidering.
Hero Vired helps your teams upskill and reskill with custom enterprise learning programs that are suited to the on-ground needs of your business.
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