When the pandemic began 2.9 years ago, organizations saw a rapid change in the way they functioned. Not only this, but the skill gap, which was prevalent because of technology, increased after COVID hit. It became a challenge for organizations and leaders to fill the ever-increasing skill gap. Upskilling and reskilling your employees is the solution.
What are upskilling and reskilling?
- Upskilling is the process of learning new skills to become better at your current role while preparing them for the projected future needs of the company.
- Reskilling is the process of employees learning new skills to transition into a new role within their current company.
Benefits of Upskilling and Reskilling Your Employees
Investing in upskilling and reskilling initiatives has clear advantages over new-hire training. Here are the benefits cited at engagedly.com.
Improves Employee Retention. Employees tend to stay with an organization when they see that it is invested in their career development and growth. This shows that employers and organizations care about their employees, which aids in the retention of top talent and improves the overall retention rate.
Saves Costs. Hiring and training a new employee is costly! According to Gallup, the cost of replacing a salaried employee can range from one-half to two times the employee’s annual salary. Furthermore, getting a new employee takes not only money but also time.
Helps Bridge The Digital Gap. The new generation of the workforce is tech-savvy and cognizant of all the changes taking place in the fields of AI, analytics, digital marketing, cloud computing, and so on. Upskilling and reskilling opportunities will help the older generation of employees adapt to digital technologies more easily. It will not only make them technology-savvy but will also help them perform their roles effectively.
Builds A Culture Of Learning. Upskilling and reskilling initiatives create a culture of continuous learning in the organization. Learning becomes an ongoing process for all employees. Employees continuously learn and hone their skills to stay updated with the latest in-demand skills in the market.
Workforce Is Resilient. Upskilling and reskilling your workforce prepares them for the future. It helps them adapt more easily and makes them more resilient to market changes. In a tumultuous, pandemic-stricken business market like this, a resilient workforce is what makes a business stronger.
Employees Become More Engaged. A continuous culture of upskilling and reskilling keeps employees engaged and motivated. They become satisfied and happy at work. It increases the efficiency and productivity of the employees and the organization.
Do you need help deciding which kind of training will bring your employees to the next level?
Visit the Simphini web page and let us know how we can help you.