The imperative to upskilling and reskilling for an enterprise has been a buzzword for far too long. Yet, not many have made noticeable strides in their approach and strategies to attain these. Enterprises currently face the dire need to develop their workforce rather than simply hiring fresh talent from the market.
Here’s why organizations must consider and invest in transforming their workforce through upskilling/reskilling:
1. Improved performance – Most organizations train their staff during the onboarding process but often stop their training there. Regular learning and development programs aid the employees as well as the enterprise. With emerging technologies and innovative business practices, employees must be kept abreast of industry trends and skills in demand. Businesses should facilitate such learning to maintain the competency of employees and to uphold their position in the market. Upskilling/reskilling allows enterprises to enhance their workforce’s professional skills, build a knowledge base, address business requirements and boost the top line.
2. Cost efficient – Whenever an employee exits, the organization has to bear the burden of finding a suitable substitute. Replacing a permanent employee can be an expensive proposition due to the high costs associated with recruitment and training. And as the ever-growing demand for future-forward skills continues to exceed supply in a competitive market, the heavy imbalance can compel the company to hire an under-skilled resource only to train them later. Choosing to upskill or reskill employees in the first place offers a more permanent fixture, averting an undue talent search thereby saving time and money.
3. Talent retention and attraction – Employees with specialized skills often struggle to stay relevant in a technology-led workforce, which also leads to a lack of motivation. Collaborative learning and development coupled with close alignment with the business objectives boosts their spirit, provides motivation and encourages them to grow organically by staying with the firm for a longer period of time. It also strengthens brand advocacy, thus enabling organizations to attract better talent.
Today, enterprises that embrace the culture of learning and development are writing the narrative for what the future holds for them and their workforce. This helps them develop proficiency in the areas that are highly in demand at present, and will remain so in the future as well.
Upskilling | Workforce transformation | Talent retention | Learning and development
Hi, this is a comment.
To get started with moderating, editing, and deleting comments, please visit the Comments screen in the dashboard.
Commenter avatars come from Gravatar.