Why Upskilling Is The Next Big Currency

We know the world around us is changing fast and companies are getting more digitized. On top of that, the workforce is most exposed to it all. In this new environment, what is the simplest way to give your company, and your employees, a whole new perspective? 

It’s learning.

Leaders and organizations need to establish practices that lead to everyday brilliance. In that sense, upskilling is a term well-known to business. 

On an employee level, it explains the process of individuals learning new skills. On the company level, it explains the tectonic shift in the workplace, mainly caused by technology. Therefore, the importance of upskilling refers to both companies and individuals.

The formula for successful talent retention

Upskilling is the magic of retaining talent, keeping them profitable, assuring job satisfaction, while at the same time making sure your company is adapting and thriving.

The fact is that learning needs to be seen as a higher priority from both sides. Organizations have to develop themselves first and learning needs to be an underlying value of each company, while individual learning will increase employee retention and morale.

Upskilling is the future of work

A recent Gartner survey found that 58% of the workforce needs new skills to do their job. For companies that want to remain competitive, upskilling should be a No. 1 priority. 

Upskilling might just be the most important word for the future of work.

According to a 2021 PwC survey of business leaders, 74% of business leaders are worrying about the digital skills of their employees.  But, here’s the catch. Although 77% of employees report that they’re ready to learn new skills or completely retrain, just 20% of those CEOs have done anything to address their worries about digital skills in the workforce.

There’s a huge gap to be covered, so consult with experts.

Therefore, we can predict HR’s next big investment. It’s the employee learning budget.

Action plan for employee retention

Upskilling is clearly becoming a business imperative. Such programs are likely to take some time, and some money. But, here’s a piece of advice for peace of mind – the investment is both worth it and much needed.

To put it bluntly, happy people = profitable companies.

There are some steps you need to take to future proof your company and employees.

Understand your company’s needs. Upskilling cuts across all industries, but the situation depends on the extent to which your field is already digitized. 

Map out goals. Identify which roles would most benefit from upskilling and how will that reflect to your business. Define trends in your niche and the learning journey to get there.

5 steps for redefining employee potential with upskilling

As it is getting harder to attract new tech talent, upskilling becomes critical for their retention. In that sense, learning becomes a form of a currency employees are paid with. 

Simply put, employees need to see a viable career path inside the company. Therefore, provide them with a plan for long-term success, at scale.

From technical capabilities to soft skills, learning gives you the chance to redefine employee potential and unlock more of their value that will benefit both them and the company. Learning becomes the new aspect of wellbeing for employees.

Setting aside a learning budget for every employee is one of the best perks you can have as an employer.

We can definitely see the advantages in upskilling, as it helps boost the confidence of employees, allows them to learn a new skill, ensures employability, job satisfaction and the sense of belonging. That way you make employees and their personal goals feel valued.

Here’s what you can do when it comes to upskilling efforts in your company.

1. Learning budget

Setting aside a learning budget for every employee is one of the best perks you can have as an employer. From e-learning to seminars, this all motivates employees to learn new skills, be exposed to industry trends and network with their industry peers.

2.Personalized approach

The key to success is taking individual aspects and goals into consideration. This allows for internal progress and skills retention inside the company and increases retention rates through job fulfillment.

3.Learning lunches

Offer fun and productive options for peer-to-peer mentoring and training. Allow level of accountability and pair members of staff with other or senior employees.

4.Interdisciplinary learning

Bring in separate departments to learn together or form a new department inside a company. This allows for both sides to build new skills, teach one another, and solve problems in the workplace.

5.Hire an external specialist

Outsourcing allows you to speed up the upskilling process and get access to new knowledge that you might not have.

Upskilling matters more than ever

Devoting time for upskilling means a company will assess the direction of its industry and the appropriate skill sets required in order to remain competitive.

Knowing how to combine the current education options and the skills that employers need now and in the future is the key. We can grow together and be ready for the upcoming challenges.

This will all lead to driving organizational resilience and adaptiveness, which is, essentially, the highest level of upskilling. 

If you are looking to hire tech talent or you just need advice get in touch with us. We can help recruit the best developers for your company or work with you on your hiring strategy and HR skills.

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