Skip to main content

How is workforce upskillling beneficial for your organization?



 It is difficult for businesses of any size to keep up with the rapid pace of technological development. Technology can create powerful business opportunities but it can also lead to skills gaps. This is particularly true in industries such as manufacturing, healthcare, and construction, where there is a high demand for skilled workers.


How can employers retain their existing workforce while combating this skills gap? In a world increasingly dominated by technology, a company's capacity of workforce upskilling, or training and developing them to expand their skill sets, can create a competitive advantage. According to McKinsey "to emerge stronger after the COVID-19 crises, companies should begin upskilling  workforce now."


Benefits of workforce upskilling

Employee turnover is costly. Gallup estimates that the cost to replace an employee can be between half and two times their annual salary. This is a conservative estimate. A 100-person company with an average salary $50,000 per employee could experience turnover and replacement costs ranging from $660,000 to $2.6million each year.


Workforce upskilling or reskilling is less expensive than training and hiring a new employee. Workforce Upskilling will create a well-rounded and cross-trained team, increasing the effectiveness of your team.


Workforce Upskilling can also help in the following:


1. Workforce upskilling improves employee retention.


2. Morale is boosted. Employees with training and development options are happier and more optimistic about their future in the company. Reskilling employees helps them to see their career path and get excited about the possibilities. Working towards something that will improve their lives gives them a greater sense of purpose.


3. Customer satisfaction increases. Customers are happier when their employees are happy. When employees are happy with their company, and believe in the goals they're working towards, they produce better work. Upskilling also keeps your employees up-to-date on the latest industry trends so they can offer clients and prospects the best advice and insights. Clients will pay more for a team that is proactive and knowledgeable. When clients are satisfied with your work, they will become more loyal to you.


4. Attracts talent. According to SHRM’s skills gap study, 83% HR professionals have difficulty recruiting and 75% of these HR professionals say that there is a lack of skills among candidates for job openings. When business is booming, you'll need to hire new employees to complement your skilled, experienced workforce. Employees who feel connected to their organization and whose clients are satisfied with their work become more brand ambassadors. This means that they are more likely to refer your company to their friends, former colleagues and family. You'll have an impressive pool of talent available to you when you decide to expand your organization.


How to perform workforce upskilling

Conduct a discovery phase before creating an upskilling plan to determine what skills your employees will require in the future.


To gain an advantage over your competitors, you need to stay proactive and ahead of the future demands in your industry.


Everyone should have access to training and development. You'll probably want to pay more attention to certain employees, such as those with high morale and productivity. That's fine. Make sure that everyone can access these opportunities. You may be surprised at who benefits most from what you offer.


Accommodate different learning styles. Some employees may do better in a classroom with a teacher. A completely different segment of employees may prefer to walk through online courses. Others might prefer microlearning--watching 15-minute videos that cover topics in small increments. By offering something to suit all learning styles, you can ensure that the maximum number of employees are interested in participating. Workforce upskilling can be done is different ways based on the learning styles.


Give employees the freedom to decide their own path. Let them be in charge of their own personal development plan and their career advancement. Employees take greater ownership of their professional and personal development when they feel empowered to make decisions about what they want to develop.


Reward your employees for their efforts to improve their skills. Reward employees for their workforce upskilling efforts.

These steps will lead to better workforce upskilling.

Comments

Post a Comment

Popular posts from this blog

Hire Train Deploy Opportunities for Expansion

Hire, Train and Deploy is a channel that companies can use to retain and attract the specialists they need. The hire Train Deploy model involves hiring a candidate and training them to perform a specific job in an industry. They are then deployed with a client. The Hire Train Deploy model offers clients greater flexibility, candidates the chance to learn on-the-job and better career prospects. Clients can enjoy tangible benefits Hire Train Deploy is attractive to business because of its flexibility and easy access to a pool of highly-trained, qualified people. Hire Train Deploy can be more costly than direct recruitment but it has tangible benefits. The Hire Train Deploy model allows organisations to choose whether they want to keep or return candidates, reducing the risk of hiring new people. It's also a more cost-effective and long-term solution compared with external consultants. Popular with Investors Hire Train Deploy is still popular among investors, and the opportunities ar...
Post a Comment
Read more

Fresh Graduate Program for Upskilling Workforce by edForce

  Fresh Graduates enter the workforce year after year: interns and fresh graduates, young talents who just finished their studies and are entering the workplace for the first time. They are valued enough by some organizations to be given priority when hiring them. Others prefer candidates who have at least one year of experience. No matter what, new graduates pose challenges when it comes to hiring and retaining employees. They are hard to distinguish. Their technical skill sets are largely similar. They can be distinguished by their academic performance, which is not always a good indicator of work performance. Most of their professional skills will be basic. Their non-academic skills are largely rudimentary. How can recruiters and hiring managers make the right choice among this vast array of candidates? They can be assessed by their soft skills and cultural fit Recruitment professionals, HR leaders, and hiring managers all agree that it is important to be more open-minded when e...
Post a Comment
Read more

How Freshers Training is Helpful for Fresh graduate?

  For fresh graduates entering the job market, it can be an overwhelming experience. While they may have acquired academic knowledge, they often lack the practical skills and experience required to excel in their chosen field. This is where freshers training comes in. Freshers training refers to programs designed to equip new graduates with the skills and knowledge they need to succeed in the workplace. These programs can be offered by employers or training institutes, and typically focus on specific skills such as communication, teamwork, and problem-solving. One of the key benefits of freshers training is that it helps new graduates bridge the gap between their academic education and the practical skills required by employers. It can also give them a competitive edge in the job market, as they will have the skills and experience that many other fresh graduates may lack. Another advantage of freshers training is that it can help new graduates adapt to the workplace culture and env...
Post a Comment
Read more