The last two years changed the workplace and work culture drastically. Employees and employers had to adapt to sudden challenges brought on by the pandemic.
According to TrainingMag 57 percent of U.S. workers want to update their skills, and 48 percent would consider switching jobs to do it. In addition, 71 percent of workers say job training and development increase their job satisfaction, and 61 percent say upskilling opportunities are an important reason to stay at their job. On top of all this, studies show that 94 percent of workers would stay at their company if their company invested in their careers.
Upskilling vs Reskilling
Upskilling
- Refers to the process of teaching employees new, advanced skills to close talent gaps. The skills they acquire can also help them perform better in their current job role. According to a research done by LinkedIn, 94% of workers said they would choose to stay in their current job if their company invested in their career growth.
Reskilling
- Refers to the process of acquiring new skills required to perform a completely different job role. Research shows that by 2025 more than half of all employees will require reskilling due to technological advancement
Why upskilling and reskilling matters more than ever
- Technology advancement
Technology has made many jobs obsolete. If businesses don’t invest in reskilling or upskilling their workers, they will quit, and in the end the company will lose top talent.
2. Helps develop self-awareness
Through upskilling and reskilling, employees can discover their strengths and limitations. This will help them understand which areas need more focus and work. These programs can allow employees to track their progress.
3. Reduces turnover rate
Rehiring and severance fees can cost a lot. To avoid employees from quitting, invest in developing their skills and teach them new skills they can use to do their role better. This will help reduce employee turnover rate which can positively impact your company’s reputation.
An important factor to consider when upskilling or reskilling is to list all the current skills that your employees have and think about the skills they can develop to help not only you and your company, but also their career growth.
Thinking of Upskilling and Reskilling your employees? P2L has a variety of courses available. From leadership development, employee engagement, to information technology, we can help you and your employees achieve success. Contact us today to get started.