3 MIN. READ
Upskilling and reskilling — training current employees in new skills — is an increasingly important aspect of the modern business world. It has become a key component of a good employee experience. In fact, according to a recent survey by PwC, organizations with robust upskilling programs saw significant improvements in employee engagement compared to competitors.
An engaged workforce leads to better business outcomes. Research shows that engaged teams are over 20% more profitable than their lesser-engaged counterparts. Let’s consider how and why companies are upskilling and reskilling.
A 2020 trends survey shows that executives feel reskilling is the talent initiative most likely to deliver a positive ROI. It also revealed a number of interesting trends, including:
- The need for allocated learning time.The most cited barrier to reskilling is a lack of time (38%). While at-home learning should be encouraged, employers need to allocate work time for reskilling initiatives as well. This prevents burnout and shows employees that you prioritize their learning paths.
- Transparency is beneficial. Companies that are transparent about which jobs will be transforming are more likely to have happy employees. At the same time, employees are twice as likely to work for a company that is transparent about job changes. While you may be tempted to hide these changes in order to not spread panic, the truth is uncertainty is the bigger cause of tension and stress. Let workers know if their jobs are undergoing changes so that they can prepare and reskill as necessary.
- Reskilling is now expected. When asked what helps them thrive in a company, the second-most common answer from employees was the opportunity to learn new skills (43%). Reskilling programs aren’t a fringe benefit anymore. In order to attract and maintain talent, your organization needs to promote reskilling and devote significant resources to it.
The global pandemic has had a major effect on upskilling and reskilling efforts. Due to social distancing and other measures put in place due to the pandemic, digital transformation efforts have been kicked into overdrive. A survey by Gartner found that 74% of companies have plans to move a portion of their workforce to remote positions permanently. This drastic shift in the nature of work makes upskilling a necessity, as employees have to adapt to a completely new working environment.
Companies must invest resources in understanding their situations and tailoring upskilling initiatives around them. Set a major goal. Analyze the current situation to identify where the biggest skill gaps exist. Then enact a learning path. This way, employees are trained on the important skills found to be lacking from your skill gap analysis. Depending on what skills are needed, you can organize internal training or subscribe to an external learning management solution.
COVID-19 presents challenges regarding this since your organization is probably trying to find ways to cut costs. Be as thrifty as possible while still recognizing the importance of teaching your employees skills they’ll need to be successful now and in the near future. This could include utilizing low-cost or free online resources such as Udemy courses, YouTube lessons or one of the many other learning platforms.
Cogent University is dedicated to upskilling talented individuals. A full 97% of candidates who complete our program graduate and earn $75,000-$100,000 after one year of professional experience. There is no cost to the participants, whereas the closest competition charges thousands of dollars. This eight-week program is available to those with a working knowledge of Java and application is free. Students' technical knowledge is sharpened through real-world examples and simulations. We pair each candidate with a mentor, and the relationship continues even after course completion.
If you are interested and would like to learn more, please contact us today.
For 17 years, Cogent Infotech Corporation has worked with 65+ Fortune 500 companies, and 70+ government agencies, delivering an economic impact of over $500 million through digital transformation and consulting projects in the USA.