Publié le 28 August 2023
Grow professionally and boost your career with everything you need to know about upskilling.
The world seems to be ushering in a new industrial revolution. With the hype around AI and the increasing awareness of its powers and possibilities, job seekers are flocking to upskilling platforms to learn AI-related skills. Upskilling has gained significance due to the changes in technology and its usage. The conversation around and about upskilling is growing, and every employee, jobseeker, and company need to take part.
What is Upskilling?
Upskilling is acquiring new skills and competencies that are relevant in the current work environment or that may be required in the near future. It adheres to the concept of learning for life. Upskilling helps companies and employees keep up with the fast-paced environment. According to the World Economic Forum, 6 out of 10 workers will need skills training before 2027 in the face of challenges affecting the workplace.
Source: Freepik
Importance of Upskilling
With changes in technology, the way companies operate is also changing. It is no longer only an option for employees to add to their technical skills, it is absolutely necessary to do so. With all the advancements, companies are faced with two choices: hire new people or fill in the skill gaps of the existing employees. It’s common knowledge that retaining an employee is better than hiring one. It can cost a company anywhere from 16 to 213 percent of the annual salary of an employee to find a replacement for that employee. Retaining employees and investing in upskilling seems to be the more cost-effective option. Retained employees will also perceive upskilling opportunities as chances to grow and progress in their career. They will feel valued and their loyalty will increase because they will be able to envision their future in the company. Upskilling is also one of the many possible ways to address global labour shortages.
Upskilling Benefits:
Upskilling offers several benefits to employees as well as employers. As part of everything you need to know about upskilling, take a look at some of the most important benefits:
To Employers
● Upskilling helps in retaining good employees and in acquiring/maintaining their loyalty. Retention of employees also saves the fresh hiring costs for the company.
● It increases employee productivity. When employees acquire additional skills, they will be able to work more efficiently. It could lead to better ROI for the company. Highly skilled and efficient employees might also have a positive impact on customer satisfaction and loyalty.
● A company demonstrates its commitment to career progression and employee development by providing upskilling opportunities. Such efforts on the part of the company will better attract new talent who wish to advance in their career.
● The dedication of the company toward upskilling their current employees will also boost the morale of the employees, increase their comfort and confidence, and enhance their motivation. By encouraging lifetime learning in the form of upskilling, employers can improve the company culture.
To Employees
● Upskilling can help employees rise above the competition and keep up-to-date with industry and market trends. For instance, the business intelligence market is set to grow substantially in the period between 2023 and 2030. An employee can take advantage of the opportunity this growth offers by taking a Power BI course online.
● Additional skills gained through upskilling will increase the value of the employee to the company. The employee will have increased job security and will be able to perform even better.
● Upskilling increases the chances of getting higher remuneration. Employees can negotiate for a raise based on the value that their new skills add to the organization.
● Gaining additional skills will help bolster their career against future uncertainties and turbulent times.
● Upskilling improves the chances for promotion and may lead to other career opportunities for the employees. Those seeking new jobs can improve their candidacy with continued professional development in the form of upskilling.
Reskilling vs Upskilling
Reskilling and upskilling often confuse people who are not familiar with these concepts. Both these concepts involve the acquirement of skills, and both are beneficial to employees as well as employers, but this is where the similarities end.
Source: Freepik
The main difference between reskilling and upskilling lies in the purpose. Upskilling helps employees acquire additional skills to enhance their performance at their current jobs. On the other hand, reskilling is to train employees in new skills to move them to different jobs. Reskilling involves learning skills that may have nothing to do with the current job. Through upskilling, employees update their existing skills and may learn new skills that are related to their current job. Upskilling is helpful for growing in the same role or a similar role. Reskilling will help employees make a career change and adapt to concurrent changes within the organization.
Upskilling Strategies
Now that the concept of upskilling is clear, it is time to explore upskilling strategies. Companies must come up with effective strategies that can guide their upskilling efforts. Here are some examples of successful upskilling strategies:
● Creating personalised development plans: Companies should consult with the employees while designing the learning plan for them. Asking the employees about the skills they want to update or learn will give them a sense of empowerment and increase their commitment. The best way would be to balance individual and company objectives to come up with a custom learning plan for each employee.
● Leveraging data for better outcomes: Companies should leverage data to create effective and successful upskilling programs. They can analyze the data available from on-the-job tasks, targeted assessment performance, and previous training programs. It is also essential for companies to track the progress and record the outcomes of the current upskilling program; such efforts might prove useful for optimizing future upskilling programs.
● Motivating through incentives: To encourage willing participation in their upskilling program, companies should offer incentives for learning. Although monetary incentives are most popular, the company can experiment with other incentives like time off, tickets to a movie or local event, a special lunch, or a day trip.
Conclusion: Join the Upskilling Revolution
Employers: Make upskilling a part of your company culture. Come up with innovative and creative ideas to make learning fun. Your efforts will reflect in your ROI. Offer virtual courses, mentorship, microlearning sessions, lunch-and-learn sessions, or any other suitable option to your employees to increase participation and help them update their skills. Upskilling is not a one-time event and must not be treated so. Commit to upskilling for the success of your company in these highly competitive times.
Employees: As mentioned above, upskilling offers numerous benefits to you as an employee. Even if you have a busy schedule, work around it and take out time for upskilling. Times are changing and your current skillset may not be sufficient. You be be better prepared with everything you need to know about upskilling. Take initiative and supplement your learning with self-training. Willingly participate in the upskilling program of your company as it will greatly help you progress in your career.