Change is constant! And the only mode of survival in changing times is to adapt quickly. Everyone must learn to benefit from the opportunities in a world that changes instantly and is always ready with open arms welcoming innovation. The global economy sees the maximum impact of these new technological developments. However, the innovations have created a wide gap between new technology and the lack of skills in the workforce. The industry at large demands a workforce that is upskilled and accustomed to the latest developments. New professions are developing, so the need for qualified personnel has increased.
Upskilling employees is necessary, and many businesses and their employees have understood the need to upgrade themselves, train and develop their skills to focus on earning more with better opportunities.
Looking to up your game in your career? Read our guide on upskilling and get all your doubts cleared.
What is Upskilling?
Upskilling is the culture of learning and developing new skills with relevant training courses to bridge gaps between the new technology and the employees. It includes keeping team members engaged in ongoing education and assisting them in progressing along their current professional path.
Why is it crucial for companies to upskill their employees?
Well, we have compiled a list of 10 benefits that upskilling provides employees and their organisations.
- Saving costs: Losing skilled employees is difficult, especially in today’s increasingly competitive and tight labour market. When employees leave a company, the opening it creates needs to be filled. The hiring and recruitment processes restart- an additional expenditure that involves advertising, pay and benefits, training cost, etc. Upskilling programmes help combat job-hopping and talent loss and obtain a good return on your money and effort.
- Gaining competitive advantage: The most devastating loss in business is the loss of information and expertise that former workers carried with them when they departed your organisation. Many individuals are perplexed as to why firms like Google and Facebook are so influential. This is due to two factors: The volume of data they have on one side and the personnel that can analyse and comprehend the data on the other. As you can see, skills and experience may provide you with a competitive advantage over your competitors. Thus, if your staff have the necessary skills for today’s environment, you may increase your company’s market position and be well-positioned for the future.
- Increases Employee Confidence: A confident workforce can tackle any obstacle and overcome it. As a result, firms across the world strive to create confident teams. However, skill mismatches may wreak havoc on the employee psyche. Employees feel inferior when they cannot deal with cutting-edge technologies owing to a lack of training. Upskilling alleviates this feeling of inadequacy. Trainers assist employees in upgrading their present abilities and getting acquainted with the latest technologies providing long-term benefits inside the firm.
- Gives birth to leaders: Every organisation must develop future leaders who will take on more responsibilities. Employees have benefited from upskilling, helping them bridge skill gaps and boost their confidence. Companies often make mistakes in scheduling upskilling training programs for new staff but not the existing ones. It is an incorrect strategy as current personnel, particularly supervisors, require training to reskill their operating procedures.
- Increases Customer Satisfaction: Customers are happier when the services offered by people are in a happy space. Workers perform better when they are satisfied with their employer and believe in their mission. Upskilling helps employees to be updated with the best industry trends, enabling them to provide the best advice and insights to customers and prospects. Clients are prepared to spend extra to engage with more informed and aggressive staff.
- Attracts fresh talent: According to SHRM’s skills gap data, 83% of HR professionals are having trouble recruiting, and 75% believe there is a scarcity of skills among candidates for job positions. Of course, if your firm is successful, you will most likely require fresh talent to supplement your seasoned, upskilled employees. Employees with a strong sense of purpose become greater brand advocates. That means you’re more inclined to suggest a company to your friends, former co-workers, and family members. When it comes time to increase your staff, you suddenly have a large pool of different talent to pick from.
- Fosters a learning culture: Businesses that invest in training and development generate an active learning environment. Employees upskill according to their area of interest and skill gap. Encourage continuous learning rather than yearly training sessions to avoid overloading employees with the material they are unlikely to recall. An active learning culture can help your firm be more flexible and reduce attrition.
- Boosts company morale: Upskilling improves individual and corporate morale. A training and development program demonstrates that an organization is prepared to invest time and money in developing employees’ skill sets and that you care about them. Employee morale may swiftly spread throughout a team and company, making everyone feel more engaged at work.
- Builds change-resistant workforce: A workforce that welcomes continuous learning utilizes their abilities to provide a significant competitive edge. Upskilling and reskilling may assist your staff in adapting to changing company demands, leading to increased loyalty, satisfaction, and participation. Continuous learning increases your team’s potential and leads to enhanced success and growth for your firm.
- Keeps employees engaged: Upskilling is a fantastic method to keep people engaged. Everyone is looking to improve and grow in their space, and the organization needs to be aware of it. Upskilling guarantees staff motivation and willingness to achieve more and give back more to the organization. The training manager must build the employee training and development model in detail, offering multiple opportunities for employees to grow in their professional and personal space.
Now that we have understood why upskilling is necessary let us know which is better, upskilling or external hiring.
Upskilling vs External Hiring
Upskilling your staff is better when your company has a hiring freeze. The hiring process is always slow. Even if you hire the new joinee takes time to settle and fall into the groove of the company. Training employees is expensive and time-consuming, but the hiring process is much more.
Upskilling vs Reskilling
The biggest confusion employers and employees have around upskilling and reskilling is using the word interchangeably.
Upskilling focuses on continued education to improve performance and understanding of one’s current job function or sector. In addition, it aids in adapting to shifting market situations helping them upgrade their skills.
Reskilling involves learning new skills to transition to a different position within the firm or another organization. It does not just update prior knowledge. To become employed in a new field, you may need to complete certificate programmes or perhaps get a degree.
If you’re wondering how to start upskilling yourself, then it’s time to identify your skill gaps and those you’re interested in learning. Then start your search for programmes that will help you learn and develop your skills in a simulation-based environment. Once you close the programme, look for a financial aid best suited for you and enjoy the process of learning.
Looking to upskill and know the suitable courses for you? Do you need help identifying the best career path for you? Click here to get instant help from industry mentors, and the best loan offerings work for you.
