Future Skilling - Retaining the Changing Workforce

FUTURE SKILLING – RETAINING THE CHANGING WORKFORCE

Reskilling and upskilling are two terms that have become increasingly important in today’s rapidly evolving job market. Although some would suggest upskilling and reskilling are inadequate to describe the new world of work, future skilling is the goal. Reskilling refers to the process of learning new skills that are required for a completely new job or industry. Upskilling, on the other hand, refers to upgrading existing skills to keep up with changes in the current job market. Both reskilling and upskilling are essential for employees to stay competitive in their careers and for businesses to remain competitive in their industries.

Why should employers invest in reskilling and upskilling?

The job market is changing quickly due to technological advancements and globalization. As a result, employers must invest in reskilling and upskilling their employees to ensure they remain relevant and competitive. By investing in their employees’ training and development, employers can benefit from the following:

1. Improved employee retention: Employees who feel valued are likelier to stay with the company. By investing in their training and development, employers can demonstrate their commitment to their employees’ growth and career progression.
2. Increased productivity: Employees with the necessary skills and knowledge to effectively perform their jobs are more productive. Upskilling can help employees perform their jobs more efficiently, leading to increased productivity and profitability for the company.
3. Improved competitiveness: Companies that invest in reskilling and upskilling their employees can stay competitive in their industries. By having a skilled workforce, companies can respond quickly to changes in the market and stay ahead of the competition.
4. Reduced recruitment costs: Reskilling and upskilling employees can be more cost-effective than hiring new employees. Training existing employees can save on recruitment and onboarding costs and reduce the time it takes for new hires to become fully productive.
5. Retaining top talent: Reskilling and upskilling programs show employees that the company values them, their career growth, and development. In addition, investing in employees' development will create a sense of loyalty and commitment to the organization, reducing employee turnover.
6. Meeting changing market demands: As the business world evolves, new technologies, processes, and strategies are introduced. Employers must equip their workforce with the latest skills and knowledge to stay competitive.
7. Enhancing innovation: Upskilling and reskilling allow employees to learn new technologies, approaches, and perspectives, enhancing innovation and creativity. They can suggest new ideas, technologies, and strategies improve the organization’s performance.

How can employers practice reskilling and upskilling?

1. Identify skills gaps: Employers need to assess their employees’ skills to identify gaps that need to be filled. This can be done through performance evaluations, surveys, and manager feedback.
2. Create a training plan: Once skills gaps have been identified, employers should create a training plan to address them. This could involve classroom training, online courses, mentoring, coaching, or job shadowing.
3. Provide resources: Employers must provide their employees with the resources they need to learn new skills. This could include access to training materials, time off, and financial support for education and training.
4. Monitor progress: Employers must monitor their employees’ progress to ensure they are on track with their training plan. Regular check-ins and performance evaluations can help identify areas where additional support is needed.
5. Offer mentorship and coaching: Mentorship and coaching programs can provide employees with the guidance and support they need to develop new skills.
6. Encourage employees to attend workshops and conferences: These can provide employees access to new technologies and strategies.
7. Create a culture of continuous learning: Employers should encourage a culture of constant learning, where employees are motivated to learn new skills and knowledge.

What does the leadership team need to know, and what actions do they need to take?

1. The importance of reskilling and upskilling: The leadership team needs to understand the importance of investing in their employees’ training and development. They need to be aware of the benefits of reskilling and upskilling and the risks of not doing so.
2. Identify skills gaps: The leadership team needs to work with managers to identify skills gaps within the organization. This can be done through performance evaluations, surveys, and employee feedback.
3. Create a culture of learning: The leadership team needs to create a culture of learning within the organization. This can be done by encouraging employees to take courses and attend training sessions, providing resources for learning, and recognizing and rewarding employees who invest in their development.
4. Allocate resources: The leadership team must allocate resources to support reskilling and upskilling initiatives. This could include financial support for education and training, time off for training, and resources for learning.
5. Budget: Reskilling and upskilling programs require a budget, and the leadership team should allocate the necessary funds to ensure the programs succeed.
6. Employee motivation: The leadership team should motivate employees to participate in the reskilling and upskilling programs.

In today's fast-paced and ever-changing job market, reskilling and upskilling have become essential for employees and employers.

The benefits and challenges of reskilling and upskilling

1. Increased employee retention: Reskilling and upskilling programs can create a sense of loyalty and commitment to the organization, reducing employee turnover.
2. Improved productivity: Reskilling and upskilling programs can help employees become more productive, leading to better quality work and increased efficiency.
3. Enhanced innovation: Upskilling and reskilling allow employees to learn new technologies, approaches, and perspectives, enhancing innovation and creativity. They can suggest new ideas, technologies, and strategies improve the organization’s performance.
4. Meeting changing market demands: As the business world evolves, new technologies, processes, and strategies are introduced. Employers must equip their workforce with the latest skills and knowledge to stay competitive.
5. Increased employee morale: Reskilling and upskilling programs can improve employee morale, as they feel valued and invested by their employer. In addition, it can lead to increased job satisfaction and motivation.

Challenges:

1. Time-consuming: Reskilling and upskilling programs can be time-consuming, requiring employees to take time away from their daily work duties to attend training programs.
2. Costly: Reskilling and upskilling programs require a budget, which can be significant, especially for large organizations.
3. Resistance to change: Some employees may be resistant to change and unwilling to learn new skills or approaches. Employers must find ways to motivate and encourage such employees to participate in reskilling and upskilling programs.
4. Difficulty measuring ROI: Measuring the return on investment (ROI) for reskilling and upskilling programs can be challenging. It may take time to determine the direct impact of such programs on the organization's performance.
5. Finding the right training programs: Employers must find the right training programs that are relevant and effective for their employees. Identifying the right programs that meet the organization's needs may take time and effort.

Reskilling and upskilling programs are essential for organizations to stay competitive in the market, retain top talent, and improve productivity and innovation. However, such programs come with challenges like cost, time, and resistance to change. Therefore, the leadership team must understand the benefits and challenges of reskilling and upskilling and take appropriate actions to implement successful programs.

Given the current state of the job market and the increasing competition for talent, upskilling and reskilling will play an essential role in recruitment strategies in 2023 and beyond. Here are a few reasons why:

1. Skill shortages: Many industries need to find qualified candidates to fill open positions. Upskilling and reskilling existing employees or potential candidates can help bridge these skill gaps and provide the necessary talent.
2. Attracting top talent: Upskilling and reskilling programs can be used as recruitment tools to attract top talent. Employers that offer such programs demonstrate their commitment to employee development, which can be a significant factor in attracting candidates are looking for long-term career growth opportunities.
3. Adapting to technology changes: As technology continues to evolve, many industries are experiencing significant changes in the skills required to perform job duties. Upskilling and reskilling can help current employees and potential candidates keep up with these technological changes and adapt to new ways of working.
4. Increasing diversity and inclusion: Upskilling and reskilling programs can increase diversity and inclusion within an organization. Employers can provide training programs that help underrepresented groups develop the necessary skills to succeed, creating a more diverse and inclusive workforce.
5. Retaining top talent: Upskilling and reskilling programs can be used to retain top talent. Employees who feel invested in by their employer and have opportunities for career growth and development are more likely to stay with the company.

Upskilling, reskilling, and future skilling will be critical in recruitment strategies in 2023 and beyond. Employers must invest in such programs to attract and retain top talent, bridge skill gaps, and adapt to technological changes. Moreover, as the job market evolves, organizations prioritizing employee development and growth will have a competitive advantage in attracting and retaining the best talent.