The Covid crisis hit the global workforce. Traditional business sectors and offices were forced to shift online, and organizations had to introduce work-from-home to keep the ball moving instantly. The situation required employees to adapt to working from home and honing the necessary technical skills to survive in the workforce.
The lesson companies worldwide took from the pandemic was that upskilling was not just a perk but a necessity. To successfully run a business or a corporation, CEOs and the HR departments now proactively invest in upskilling their employees to ensure:
- Employees are equipped with technical and digital skills.
- Help them grow in their careers.
- Increase employee retention.
- Higher employee productivity and employee growth.
The steps mentioned above also align with the main motto of business, i.e., to grow and expand.
A study by the World Economic Report showed that AI will replace about 97 million jobs by 2025. The data requires businesses to adapt to newness with urgency.
How to Upskill Employees & Major Benefits of Having Highly Skilled Labour for Businesses
The growth of any business is directly related to the people working with it. Your business will flourish with a strong team and a helpful product. This applies to every sector, be it food, hospitality, textiles, software, etc.
To give you an example, consider Infosys. The software services Infosys offers, and its robust bandwidth now make it a US$13 billion IT company in India. Did you know? Despite having an internal training programme at Infosys, the company has partnered with over 700 institutions to upskill about 10 million employees by 2025.
So, by bridging the digital and technical gap of employees at your business, you can ensure:
1. High-quality workforce:
By upskilling your employees, you will have a team of skilled workforce with quality ethics. With quality workers, your customers will have a good customer experience and service. Therefore, engaging customers and promoting them to conduct regular business with your company.
2. Better decision-makers:
Employees with updated skills will gauge the market with a fresh perspective. By updating oneself, they will be able to gather higher leads and conversions for the business. They also become better decision-makers, equipped for any problem-solving situation.
3. Updated skills and tricks:
Digital skills and technically sound employees are in high demand. All the employees need to be tech-learned, if not tech-savvy, to cope with the changing market trends. This is why having a workforce with up-to-date skills helps businesses flourish.
For example, one of the most fundamental skills in today’s time is the ability to use a smartphone. Employees who use applications like GPS, WhatsApp, Zoom etc., to sell products or services to small businesses, delivery executives etc., can increase their customers.
4. Promotes healthy competition:
Upskilling also impacts the company culture. With a learned audience, businesses witness a shift in the internal culture. Businesses also instill a zest to grow and perform better among employees. It promotes healthy competition among employees to display their skills and get successful results from their learning.
On-the-job training also results in beneficial outcomes for both the employer and the employee.
5. Employee retention:
Apart from effective delivery and progress, the other advantage businesses witness is employee retention. With more and more employees focused on their growth within the company, the company increases employee retention. Thus, reducing extra hiring, onboarding and training costs of new employees.
6. Good customer experience:
Skilled employees focus on better customer experience. This helps promote a better customer-company relationship. Therefore, increasing the chances of the customer revisiting the company/service for yet another purchase. It helps in expanding the business and developing leads for more.
7. Better business strategies:
The market study shows that great business strategies be it in marketing, sales, promotion etc., act as an extra nudge to grow businesses. By employing, training, and upskilling employees, businesses empower employees to strategize and create better leads and conversions. It increases the business and profit of the company. Higher work retention, better customer relationships and strong workforces help grow a brand’s reputation.