Boost Your Business Growth with Upskilling and Reskilling in Your Workplace

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To keep employees ahead of the curve across industries, upskilling is taking center stage as companies accelerate their digital transformation journey. 

The saying is always true that it’s retention that is the number one recruitment strategy. Therefore, companies are giving existing employees the opportunity to enhance their skills by providing them with upskilling or retraining opportunities which are undoubtedly playing an important aspect in business growth during this ongoing pandemic.

Recent research indicates that 65% Of employees are upskilling personally and professionally both to increase their Career Prospects.

Also, learning at work has a profound impact on employees. In order to enhance internal talent mobility, companies have the opportunity to make a huge investment. Furthermore, upskilling and reskilling enhance some of the most important aspects of a successful organization, including employee engagement, an employer brand that stands out, and an environment that rewards lifelong learning.

The benefits of reskilling and upskilling:

Researchers at the World Economic Fund report that by 2022, at least 54% of all professionals will have to get retrained or reskilled.  The figures are staggering!

Businesses that invest in their growth potential feel valued by employees. Everyone has career aspirations, right? As a result, turnover is reduced, new talent is recruited, collaboration thrives, and employee productivity increases. 

Furthermore, upskilling and reskilling can save you a great deal of money. It is estimated that losing an employee can cost a business 33% of the employee’s annual salary. Retaining employees is a key aspect of business success.

We’ve gathered few upskilling and reskilling strategies to help you get the ball rolling at your company.

1. Updating your Training & development programs:

It is likely that you have already established employee training & development programs and assets in your company. Make sure they address your current and future skill requirements.

Take note of how you can improve employee learning. What are your employees missing from their development programs? Does your company offer online, microlearning, peer-to-peer, and self-training options?

2. Streamline your efforts by automating:

Modern HR and L&D processes are heavily reliant on technology, and that is for a very good reason. Since you collect, store, and work with a lot of employee data, Excel spreadsheets will never be adequate. Even automating upskilling efforts may be the answer.

There are many software solutions in HR tech aimed at helping HR professionals upskill their staff, identify and fill skill gaps, and predict future skills. With technologies in place, you can level up the way you work with skill-related data and gain more insights into developing your employees. For instance, a software solution can quickly analyze your employee profiles, build career development paths, and suggest specific courses to help them upskill or reskill.

3. Engage the talent acquisition department:

Ensure that your upskilling and reskilling initiatives are aligned with your HR teams, particularly those in charge of talent acquisition.

Discover which skills are essential for the right-match candidate and which professionals they are seeking. Your L&D programs and upskilling initiatives will benefit from the insights you collect. You can upskill existing employees and anticipate future talent and skill needs by partnering with talent acquisition.

4. Regularly deliver feedback

Stay on top of your employees’ progress by providing them with regular feedback. Maintain regular communication with your employees, such as via shared chart, document, or dashboard for your software solution.

By keeping track of this talent, you will be able to spot areas of improvement in your performance and identify talents that will push your company forward.

Examples of companies that have implemented upskilling & reskilling:

Some big names have even come on board to take advantage of these programs. Companies have experienced excellent results from these programs among their employees – in fact, many big names have even jumped on the bandwagon.

To ensure future-ready employees, Nationwide Insurance launched the “Future of Work” program.

A six-year employee development program has been announced by Amazon. A range of different products, including tuition and curriculum redevelopment, technical programs, and e-learning certificates, are available from this company.

AT&T developed an online learning platform after realizing that only half of its employees possessed STEM skills. They wanted workers to be able to identify needed skills and plan ahead.

While the Coronavirus pandemic looms, 42% of companies have increased their efforts to upskill and reskill workers, boosting confidence among employees and setting employees up for a bright future.

Conclusions:

Globally, human resource learning and development professionals have yet to mainstream employee upskilling. As the job market becomes more competitive, companies need to ensure they can forecast and acquire skills to be on the cutting edge.

These strategies for upskilling and reskilling employees should help you elevate your employee learning and development initiatives and lead your organization towards the future of work.

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