Reskilling and/or Upskilling
Reskilling is teaching a new skill for a new post. Reskilling is creating development programs for new functions and positions. Upskilling is learning a new skill for a current job, and companies can do this through skills development programs. A skills assessment of your employees will show you the gaps to fill and if reskilling and/or upskilling are necessary.
Digital training, for example, is a sought-after program for employees. Digital literacy boosts corporate image and builds up your competitive advantage. Many jobs have become obsolete because of new technologies, and updating your employees’ skillset will keep your company abreast with the times.
In a research conducted by an independent research firm on 2,500 employees, seventy-seven percent of respondents said they needed to learn a new skill to remain confident in their job functions, and seventy percent are concerned that their organisation is not providing them the education, training, and development for them to remain employable and industry-updated.
Shocking sentiments from the grassroots. Apparently, organisations are overlooking this essential element of their business. Human capital is an organisation’s most indispensable asset.
When companies are thriving, surviving, pivoting, don’t you think your teams need to align with the times, too?
Learning is free and easy considering all the things Google college and YouTube university provide. A McKinsey February 2020 survey showed 42% of employees have pursued training on their own at the start of the pandemic. But don’t you think your employees will esteem your organisation better if the initiative comes from you? It speaks a lot about your corporate culture too.
The return on your investment from the continuous education of your employees is going to be rewarding and will reflect in the following areas:
- Employee retention
Employee turnovers are more costly for companies than the cost of training them. The Society for Human Resource Management (SHRM) estimates that the average cost of replacing an employee is equivalent to his or her six to nine months salary.
Employees feel valued when companies invest in them and show concern for their personal development. They show their debt of gratitude by staying with the company and rendering outstanding service and performance.
- Improved employee productivity
It is inevitable though that when an employee leaves, someone has to carry the extra load “temporarily” while you look for a replacement. This extra load extends until a replacement is found and has adjusted to the position. The load affects the other person’s productivity and quality of performance.
When employees stay, workload distribution is balanced.
- Strong corporate reputation
High employee turnover harms company reputation. Potential employees will question your corporate culture and management style. Your industry, most especially your clients, will have the same perception.
- Boosts employee morale and job satisfaction
Many employees feel they will lose their job to automation in the very near future. Providing training alleviates this anxiety and boosts morale, and builds confidence.
- Enhanced performance quality
Updating your employees’ skillset improves their productivity and performance. With the increasing use of digital technology, it becomes imperative for companies to adapt and employees to be digitally-trained – communication, schedules, task management, customer relationship, project management, file management, etc.
Have you ever conducted a skill gap assessment of your employees? Consider conducting one soon. It might surprise you what your teams feel about your company.
If you need help in this area, let me know. Let’s talk.
