Learn more about the advantages of investing in employee upskillling, from increased productivity and retention to enhanced innovation and resilience.
Over the past decade, breakthroughs in cloud computing, artificial intelligence, data analytics, and automation have all worked to transform the business landscape. Since the onset of the COVID-19 pandemic, companies must also contend with transitioning their workforce into remote or hybrid work models. This environment requires employees to improve their digital literacy to keep up with evolving technologies.
According to a recent McKinsey study, “Organizations offering upskilling programs are 1.6 times more successful in executing a digital transformation than other companies.” To convert these challenges into opportunities, employers need to start thinking about how they can upgrade employee skill sets and prepare workers for the world of tomorrow. Read on to learn more about the fundamentals of upskilling workers, why improving skills has become a crucial part of business, and the benefits of investing in enhanced employee training.
Upskilling is the process of expanding the skills of employees into more high-demand fields such as data science, software programming, coding, and information technology. Unlike reskilling, which attempts to train employees for completely new roles, upskilling tends to focus on improving upon a worker’s existing abilities by developing skills in areas that are adjacent or related to the job they already perform.
Ultimately, upskilling aims to broaden the scope of employee competencies to open the door to more rewarding career paths, increase their versatility, and empower them to take on greater responsibilities. Here are a few of the reasons why upskilling workers should be a priority for companies today.
Thanks to the exponential growth of computer processing power, the world continues to see incredible breakthroughs in technology allowing for the creation of new, complex tools and resources, such as Chat GPT, autonomous vehicles, and machine learning applications that would have seemed impossible half a century ago.
For companies to navigate and leverage these emerging innovations, it’s become essential for workers to stay ahead of the curve through continuous learning, upskilling, and retraining. The simple fact is that yesterday’s skills may not be adequate to keep up with tomorrow’s possibilities.
It’s well known that investing directly in employees has a positive reciprocal impact on the success of any organization. Ensuring that workers have the right skills for the future is the single best investment a company can make for a variety of practical reasons. Here are the top five advantages of upskilling workers.
Providing upskilling opportunities to employees sends a strong message to workers that they’re valued by the company. This contributes to greater overall job satisfaction, improved morale, and increased loyalty to the organization.
When employees feel valued, they will be less likely to leave the company to seek opportunities elsewhere. According to a recent LinkedIn study, over 90% of employees agreed they would be more likely to remain with an organization for longer if their employers took steps to invest in the workforce through training resources and upskilling initiatives.
When workers are part of an organization that invests in their career development, they tend to take greater pride in their work and feel more confident about their duties. This attitude shift translates directly to higher output and increased performance.
According to a 2020 LinkedIn report, 83% of learning and development pros said that executive buy-in for training is not a challenge. When your CEO recommends specific courses to employees, this leads to higher levels of engagement.
As employees feel more engaged in their work, the business will see steady improvements in collaboration, communication, and operational efficiency. Equally important, a more motivated, focused workforce can lead to better relationships with clients and customers, resulting in growth for the business.
Upskilled employees gain the knowledge and expertise needed to rapidly adapt to unforeseen challenges, changes in the market, or new technologies that reshape how business is conducted. For organizations large and small, this ability to remain flexible and responsive in the face of obstacles or unprecedented situations can prove invaluable.
One 2020 WEF jobs report found that resilience and flexibility would become among the most desirable skills in employees heading into 2025 and beyond. Providing employees with continuous learning resources and opportunities to develop new skills allows companies to build greater organizational resilience against any number of concerning economic developments, crises, or other difficult situations that can impact operations.
Today’s talented workers are looking for career opportunities with companies that put workforce development first, rather than simply focusing on the bottom line. Offering upskilling resources is an excellent way for organizations to attract the best employees and ensure they stick around.
In fact, a recent Gallup poll found that 48% of workers would consider moving into a new job if they were offered upskilling resources. In this way, companies that invest in upskilling their workers save an enormous amount of time on actively seeking out, vetting, and recruiting top talent. Instead, a positive reputation in their industry will attract qualified candidates over the long term.
Employees who receive upskilling opportunities are more likely to contribute fresh perspectives and ideas to the company that can help the organization evolve or take on new challenges. In a 2020 PwC survey, about 93% of CEOs surveyed reported higher rates of productivity among workers after implementing upskilling programs.
With more creativity and innovation within the company, workers will foster an environment that’s conducive to creativity and healthy competition. Given time, clients will begin to recognize the value of working with a company that consistently upskills its workforce, paving the way for more impactful, long-lasting business partnerships.
When it comes to finding an upskilling provider, it helps to find a team of professionals who can provide concrete solutions quickly and rapidly adapt to today’s uncertain economic environment. In addition, it’s critical to work with an upskilling provider who understands your industry and the unique challenges your business is facing. At Correlation One, we seek to empower organizations by providing effective upskilling and training solutions they need to thrive in today’s complex, ever-changing digital marketplace.
We help our clients identify key areas where skill deficiencies exist using comprehensive data literacy assessments to benchmark employee performance. Next, we deploy custom-tailored training courses to ensure workers have the digital skills needed to thrive in the years ahead.
With our help, companies can begin to cultivate a highly skilled workforce with the knowledge and training required to meet the future head-on. To learn more about how Correlation One can streamline your talent pipeline and optimize workforce performance, visit us online to get started.