Overcome the Talent Shortage With Reskilling & Upskilling
As more professional and credentialed workers drop out of the workforce, the prolonged labor shortage affecting most industries (with the exception of the tech sector) is evolving into a talent shortage - and companies are worried.
According to a recent survey from Deloitte, 71% of CEOs are pessimistic about finding the talent they need in 2023, and 94% expect to see talent shortages affecting certain roles. In response, 58% are reskilling or upskilling their workers, investing in employee development to bridge those skills gaps internally.
Reskilling vs Upskilling – what’s the difference?
Both reskilling and upskilling refer to career-based learning, but they vary slightly in their goals.
Upskilling - training that gives employees the skills they need to improve their performance at their current job. This type of learning builds on a staff member’s existing skill set, taking them to a higher level of proficiency.
Reskilling - training that enables an employee to move into another role, or take an alternative career path. This could be related to their current job, or be a completely different field. While upskilling is a step forward in an employee’s career, reskilling is more of a sideways step into something new.
Upskilling and reskilling are not novel concepts, but they are gaining momentum as a defense against skills gaps and budget shortfalls. Recruitment experts SHRM predict this year will see a hiring slowdown as businesses struggle to find the skills they need so it makes sense that many companies are training the staff they have rather than fruitlessly searching for new recruits.
The talent shortage might be driving the recent spike in upskilling and reskilling, but it’s far from the only reason to invest in your employees. There are many benefits to empowering staff and savvy CEOs know that these types of programs are best thought of as a long-term investment rather than a knee-jerk reaction to challenging times.
Why You Should Invest in Skills Training For Your Staff
1. Avoid disruption to your workforce
Building skills within your organization rather than hunting around externally minimizes disruption to the team. You won’t have to worry about whether your new hire is a good fit as they’ve already developed those crucial workplace relationships.
You also don’t need to invest in onboarding a new member of staff and getting them up to speed on the company operations. Skilling from within means your staff can get their training then jump right back into the workflows they know and the collaborative networks they’ve already established.
2. Create your own talent pool
Be known as a company that invests in and promotes talent, rather than just hiring it. Creating an internal skills program sets you apart from other organizations as a leader in skill development and ensures that your employees are always primed to take on more responsibilities and challenges.
3. Become more attractive to jobseekers
Companies that have talent, attract talent. So upskilling and reskilling can also boost your chances of attracting top tier candidates when you are ready to hire.
4. Improve employee satisfaction and retention
Employees need to feel valued. Showing them you’re prepared to invest in their future is an effective way to demonstrate your faith in them and their abilities. 83% of employees say they’d feel more secure in their jobs if their employers gave them the opportunity to learn new skills, according to one study, and 80% say they’d be more productive if that training was available.
Building employee morale in this way means you’re more likely to hang on to your star performers - a recent Gallup poll shows that just under half of American workers would switch to another job if that job offered upskilling opportunities and 65% say training is a key consideration when they evaluate a potential new job.
5. Prepare for the future of your industry
The skills workers need today won’t be the same as the skills they need tomorrow. The modern workplace evolves quickly and your employees need to keep up if your organization is going to stay competitive.
Equip staff with the skills they need now and for the foreseeable future to enhance their job security, boost their productivity, and ultimately ensure your company can confidently face the next wave of digital disruption or economic challenges.
Want to begin training but not sure where to start? Employee productivity monitoring solution Prodoscore can help managers identify which employees are ready for upskilling and which might be better reskilling into a different role. The easy to use dashboard gives team leaders visibility into how their employees are using company tools, zeroing in on core business processes to discover how they’re performing daily, and over time. These actionable insights are ideal for helping senior staff monitor, guide, and support their employees - especially those working remotely. Contact our team today to schedule a demonstration or find out more.
