Reducing turnover rates can benefit a company’s engagement, improve employer branding, and encourage productivity. This is why corporate training, such as upskilling and reskilling, is one of the most effective tools for retaining talent in a company.
Today, we will discuss upskilling and how to implement it in your company. This process is essential for employee retention and can reduce a lack of professional development opportunities, which can be a significant factor in employee attrition.
What is Upskilling?
Upskilling is a training and skill development process that aims to improve an employee’s capabilities in their current job or potential future jobs. It generally refers to the acquisition of new skills, knowledge, and competencies that enable employees to adapt to changing job market demands and perform their job more effectively. These skills can include technical, interpersonal, leadership, digital, problem-solving, and time management skills, among others.
According to a report from McKinsey Global Institute, an estimated 375 million workers will need to develop new skills by 2030 due to automation and artificial intelligence.
Upskilling is becoming increasingly important in a constantly evolving job market, where new technologies and market trends can affect demand for specific skills and knowledge. By improving their skills and staying up-to-date, workers can enhance their ability to advance their careers, increase their employability, and adapt to changes in the job market.
Benefits of Upskilling
Adaptation to Job Market Changes
The job market is constantly evolving due to technological advancements and new business trends. Upskilling helps employees stay up-to-date and adapt to the new demands of the job market.
Improved Job Performance
Upskilling can also improve job performance by increasing workers’ efficiency and productivity. The ability to participate in more complex or important projects can directly impact the employee’s productivity.
Upskilling can help workers develop professionally by allowing them to explore new areas of interest and take on new job challenges. Upskilling is essential for the professional development of the employees in your company.
By improving their skills and knowledge, workers can feel more confident and competent in their job, which can increase their job satisfaction and commitment to their work.
In summary, upskilling is essential because it enables workers to stay up-to-date and adapt to changes in the job market, improve their employability, job performance, professional development, and increase their job satisfaction.
How to Apply Upskilling in Your Company?
Applying upskilling in your company can be an excellent way to improve the efficiency and job performance of your employees. Below are some tips on how to apply upskilling in your company:
Identify the Necessary Skills and Knowledge
Identify the skills and knowledge your employees need to perform their job effectively and the skills they may need in the future. Consider market trends and new technologies that may affect the demand for skills.
A good way to identify skills and measure growth is through the use of online testing platforms that allow you to assess people’s actual skills and determine where there are opportunities for improvement.
Offer Training and Development Programs
Once you have determined the training programs your employees need, offer them opportunities to participate and contribute to their professional growth. These can be online courses, seminars, workshops, conferences, mentorship programs, among others. Any materials that allow them to grow and develop in other areas of knowledge.
Provide on-the-job learning opportunities
One of the most effective strategies you can have in your company is to allow your employees to be part of challenging projects that generate new learnings. Provide on-the-job learning opportunities by assigning challenging projects and tasks that allow your employees to develop new skills and knowledge.
Encourage training and learning
Encourage your employees to participate in training and development programs and promote a culture of continuous learning in your company. Show them the value of acquiring new knowledge and how it will positively impact their professional lives.
Provide feedback and recognition
Provide feedback to your employees on their progress in learning and recognize their achievements and advancements in skill and knowledge development. It’s essential to measure how they started and how they finished after the training, so you can have interesting metrics on the effectiveness of your training plans for your employees.
Many companies today are using upskilling and reskilling strategies to generate greater engagement in their employees and maximize productivity. Additionally, they are valuable tools for promoting employer branding and creating a positive image of your company.
Have you already implemented upskilling programs in your company?