Why upskilling and reskilling are vital for company success

In a post-pandemic era, how can your company evolve and thrive? The answer is: by upskilling and reskilling your employees.

Many organisations continue to face the problem of a skills gap in their workplace. This skills gap has pushed leaders to contemplate how to train their employees. Because of this, programs that involve upskilling and reskilling workers are at the forefront of learning and development strategies.

Statistics from Gartner HR Research revealed that 58 per cent of the current workforce would need new skill sets to perform their jobs successfully in the future. Meanwhile, the World Economic Forum predicted that half of all employees around the world will need to upskill or reskill by 2025 to keep up with the evolution of the workplace.

Organisations must revolutionise how they train employees across departments to address the skills gap. They must empower employees to learn new skills, equip themselves with exciting capabilities, and stay ahead of the competition.

What is the difference between upskilling and reskilling?

Upskilling is improving your employees’ existing skills to bridge the gaps in your business. Find out where the gaps lie in your employees’ current knowledge and skills, and then invest in training and mentoring programs to upskill them. Doing so means you prioritise talent development instead of recruitment, which allows you to address your business’s current and future needs.

The difference between upskilling and reskilling is that the former focuses on adding new skills to an employee’s existing skillset to help them do their current job. In contrast, the latter is focused on adding new skills so the employee can perform a different job.

Reskilling is implemented when you need to retain reliable, high-performing employees whose roles have become obsolete.

Why are upskilling and reskilling vital for your organisation’s success?

Upskilling and reskilling are vital for company success due to several reasons:

• Evolving Job Market: The job market constantly evolves due to technological advancements, automation, and changing business needs. Companies need employees with updated skills and knowledge that align with the latest industry trends to stay competitive. Upskilling and reskilling enable employees to adapt to these changes and perform their roles effectively.
• Improved Productivity: Upskilling and reskilling programs enhance employee productivity by equipping them with new skills and knowledge. When updated with the latest tools, technologies, and best practices, employees can work more efficiently, make informed decisions, and contribute to achieving business goals more effectively.
• Enhanced Innovation: Developing new skills through upskilling and reskilling programs encourages innovation within the company. Employees who acquire new knowledge and perspectives can think creatively, propose novel ideas, and contribute to process improvements. This fosters an environment of innovation and continuous learning, which can lead to a competitive edge in the market.
• Talent Retention and Attraction: Offering to upskill and reskilling opportunities demonstrates a company’s commitment to employee growth and development. Employees are more likely to stay satisfied and engaged when they see opportunities for career advancement within the organisation. Moreover, robust upskilling programs can attract top talent seeking continuous learning and professional development.
• Agility and Adaptability: Companies prioritising upskilling and reskilling are better positioned to adapt to changing business landscapes. These programs enable organisations to respond quickly to industry disruptions, market shifts, or new opportunities. By upskilling employees in emerging areas or reskilling them for different roles, companies can reposition their workforce to meet evolving demands efficiently.
• Cost Savings: Upskilling and reskilling programs can be a cost-effective alternative to hiring new talent. Training existing employees is often less expensive than recruiting, onboarding, and integrating new hires. By investing in developing their current workforce, companies can build a skilled and loyal talent pool while reducing recruitment and turnover costs.
• Future-Proofing the Workforce: Upskilling and reskilling programs prepare the workforce for the future. As technology advances and job roles evolve, employees with transferable skills and a growth mindset are more likely to adapt and thrive. By continuously investing in upskilling and reskilling, companies ensure that their workforce remains relevant, competitive, and resilient in the face of change.

Upskilling and reskilling are vital for company success because they empower employees with the necessary skills to adapt, innovate, and contribute effectively in a rapidly changing business environment. By creating a culture of growth and learning, companies can achieve long-term success and maintain a competitive edge.