Reskilling is the process of training employees to learn new skills to do a new job, and upskilling is the process of training employees to be able to complete new tasks in their current role. Both upskilling and reskilling benefit employees as individuals, as well as companies as a whole. “Upskilling and reskilling your employees is an excellent opportunity to prepare your organisation for the future while generating a competitive advantage in otherwise stagnant industries”(Virtanen, 2022).
Increase retention
Reskilling and upskilling your current staff, allows you to increase retention within your company, and build a more reliable and knowledgeable workforce. Many workplaces do not acknowledge that employees actually want to learn and are seeking opportunities to grow their skills. According to a study conducted by Gallup, 48% of employees in America would switch to a new job if it provided training opportunities. In fact, reskilling and upskilling may be more beneficial now than ever before as “The younger generations beginning to dominate the workforce are far more invested in continuous learning and progression than their predecessors” (Cognota, n.d.)
Cost-effective
While it costs money to train employees, upskilling and reskilling will actually save you money in the long run. Rather than hiring new employees with different skills and talents, you can train the employees that you already have for the same cost or less! Your current employees are already familiar with the company, and will probably require less training than a new hire. This also would decrease turnover of employees, which often includes onboarding bonuses, severance packages, and compliance training. What is driving the need for upskilling and reskilling is the rapid progression in digital transformation “The talent pool does not exist for companies to keep up with this change through external hiring. Upskilling and reskilling are essential components to managing this change in an efficient and cost-effective way” (Cognota, n.d.).
These training methods can help to futureproof your workforce while saving time and money. Utilizing an eLearning program is an efficient way to provide upskilling and reskilling. An eLearning program can allow employees to take courses to reskill and upskill at their own pace to advance their skills, these courses can also be taken over and over again making them cheaper than in person training. If you are interested in providing reskilling and upskilling, contact EmergeID to learn how we can help you develop a curriculum to futureproof your workforce.
References:
Cognota. (n.d.). How Upskilling and Reskilling Programs Can Futureproof Your workforce. https://cognota.com/cognota_resources/free-ebook-how-upskilling-and-reskilling-programs-can-futureproof-your-workforce/
Inc., G. (n.d.). The American Upskilling Study. Gallup.com. https://www.gallup.com/analytics/354374/the-american-upskilling-study.aspx
Virtanen, A. (2022, June 8). The Upskilling and Reskilling Revolution: Why Is It Important? Growth Engineering. https://www.growthengineering.co.uk/upskilling-and-reskilling/
