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Employee reskilling and upskilling from within are big trends that are here to stay. By 2024, it’s estimated that 40% of workers will require up to six months of reskilling, while 94% of business leaders expect their workers to pick up new skills. This is a trend that pays off: 93% of CEOs who roll out upskilling programs see increased productivity, an improvement in talent acquisition and retention, and a more resilient workforce.
Organizations are recognizing the need to invest in their employees’ development as the demand for new skills continues to grow. This investment yields significant benefits, including increased productivity, improved talent acquisition and retention, and the creation of a resilient workforce. Here’s why employee skill training is crucial for future-proofing your organization.
At their core, reskilling and upskilling refer to training employees and upgrading their skills. Reskilling involves teaching employees new abilities to take on changing roles, while upskilling focuses on enhancing existing skills. Both empower teams to stay ahead of industry shifts.
Reskilling and upskilling aren’t just buzzwords; they’re the secret sauce behind a dynamic, future-ready workforce! Now, picture this: by investing in reskilling and upskilling, you’re essentially giving your team a treasure trove of benefits Specific benefits highlighted in competitor content include:
So, think of reskilling and upskilling as your trusty tools for creating a workforce that’s not just ready for today, but geared up for whatever challenges tomorrow brings!
The imperative for reskilling and upskilling has grown significantly. What may have been a handful of optional programs five years ago is now a business-critical priority. With hiring and turnover costs soaring, retaining and developing existing employees through reskilling and upskilling initiatives has become essential.
Not only should your L&D team be creating engaging, easy-to-access, and relevant reskilling and upskilling, but you also need to consider employee skill training. Why? A recent statistic pretty much says it all: by 2030, more than 85 million jobs could go unfilled because there won’t be enough skilled people to take them.
It’s essential to know the differences between reskilling, upskilling, cross-skilling, and new skilling so you can develop the right content and program for employees:
It’s also good to know that many of your peers are tackling this head-on, right now, which means you can too.
We’re not producing things as much as we have in the past, but we are imagining things. And this requires different skill sets. Things have also become a lot less predictable. You can no longer send new employees to a training location, immerse them for a week, and then give them three months to get up to speed. They need to be ready right now to hit the ground running. You’ve got teams and departments that are severely understaffed.
Employee skills are now in more demand than reputable, advanced degrees. And students beginning college today may find the skills they learned as freshmen out-of-date by the time they’re seniors. But when they apply for a job at your company, they will demand career paths with training to get them there, at the speed of a Tik-Tok video (or even faster).
Is your L&D organization ready to meet these challenges, and ones you don’t even know about yet? Because you can bet that what you’re doing today for employee skills training won’t work, or be able to keep up if it’s not agile enough.
Maybe five years ago, your employee training process included a handful of programs focused on reskilling and upskilling existing employees. After all, keeping and developing an employee is always less expensive than hiring, onboarding, and training a new one. But now it costs even more and it’s harder (maybe impossible) to replace a valuable employee.
Not only should your L&D team be creating engaging, easy-to-access, and relevant reskilling and upskilling, but you also need to consider employee skill training. Why? A recent statistic pretty much says it all: by 2030, more than 85 million jobs could go unfilled because there won’t be enough skilled people to take them.
It’s essential to know the differences between reskilling, upskilling, cross-skilling, and new skilling so you can develop the right content and program for employees:
It’s also good to know that many of your peers are tackling this head-on, right now, which means you can too.
Employees want additional reskilling and upskilling opportunities to enable career advancement and future-proof their skills. A recent SHRM study found 68% of employees would stay long-term if upskilling was offered. This demand is especially high among frontline workers, with over 70% wanting development opportunities per McKinsey research.
Encouraging continuous learning through employee skill training equips the workforce to adapt to changes and positions the organization for future success. By providing employees with the skills necessary to leverage new technologies and drive innovation, organizations foster a culture of growth and maintain their competitive edge. This section explores the role of employee skill training in preparing for future disruptions and seizing opportunities for innovation.
Employee upskilling and reskilling initiatives enhance productivity by equipping employees with the latest skills and knowledge needed to excel in their roles. When organizations invest in their employee’s professional growth, it demonstrates a commitment to their development, boosting employee satisfaction and loyalty. This, in turn, reduces turnover rates and the associated costs of hiring and training new employees.
Moreover, upskilling and reskilling programs contribute to creating a more resilient workforce capable of adapting to technological advancements and evolving market demands. By staying ahead of industry trends and equipping employees with relevant skills, organizations can maintain a competitive edge and drive innovation within their industry.
Lastly, investing in employee upskilling and reskilling enhances an organization’s reputation as a desirable employer. By offering opportunities for career advancement and professional growth, organizations can attract top talent and position themselves as leaders in talent development. Employee upskilling and reskilling initiatives not only benefit individual employees but also have a transformative impact on the organization.
In an era characterized by constant change, investing in employee skill training is paramount for organizations seeking to thrive and remain relevant. By embracing reskilling and upskilling initiatives, organizations can attract and retain top talent, adapt to technological advancements, and ensure the long-term success of their operations.
Eer wished for a magic wand that could instantly upgrade your team’s skills? Well, that’s where Echo360 swoops in to save the day! 🌟 Let us break it down:
