Benefits of Upskilling or Reskilling Your Business TeamMarch 9, 2022 7:48 am
If you are in tune with the business world, you’ve probably heard news reports regarding the “Great Resignation” or perhaps something about the unprecedented labor shortage that the U.S. is currently facing. If you are familiar with these terms you may have also heard about some smart and proactive ways that businesses have been counteracting some of these issues including upskilling and reskilling their workforce.
Let’s take a closer look at these methods to retain employees and ensure that they are trained and retrained for the needs of your organization.
What is Upskilling and Reskilling?
According to TalentGuard online, upskilling is the process of learning new skills or of teaching workers new skills, while reskilling is the process of learning new skills so you can do a different job, or of training people to do a different job.
Both of these strategies are meant to counteract the skills shortage in the workplace as well as retain employees in an organization that can provide growth.
How Can These Practices Help Your Business?
In a recent Forbes article, contributing author Ulrik Juul Christensen recognized that upskilling and reskilling are increasingly becoming part of the workplace conversation. He cautioned business leaders not only to approach these programs as short-term campaigns to attract employees in a tight labor market, but to consider them as a long-term investment and a commitment to learning and development.
Here are a few of the benefits that business leaders have seen come to fruition with the addition of upskilling and reskilling their workforce as the needs and demands change.
Improves Employee Retention
One way to make your employees feel valued is to invest in them through regular training and teaching them skills that could further their career and help your organization all at the same time. A win-win in our books.
When talented candidates research your organization, it is best if they find content that explains your upskilling or reskilling programs. It may make your company look more attractive to a potentially talented candidate who wants to find a workplace that values education.
By reskilling your workforce, they will be able to envision career advancements. Knowing they are working towards a career advancement gives them a purpose. This trust and valuing employees can boost the morale of the entire company.
Improves the Skills Gap
According to SHRM’s skills gap research, 83% of HR professionals are having recruiting difficulty and of those HR professionals, 75% say there is a shortage of skills in candidates for job openings. By training your workforce, you are bridging that gap to the betterment of both your specific business, your industry, and, of course, your employees.
Saves Time and Money
Top talent may already be right before you in the form of employees in your organization currently. By training your already loyal employees, you will be saving time, energy, and resources in conducting a job search, interviews, and onboarding of a new employee.
Look in front of you to consider the talent you already have to upskill or reskill.
Promotes a Culture of Learning
Positive work cultures retain employees and attract talented ones. By encouraging a company culture of learning, you are making a valuable investment in your employees. Create that culture of learning and you may find that your employees stick around and you are attracting better candidates.