Companies cannot ignore how evolving technologies are transforming the way business is conducted and the considerable demands it places on their personnel. Staying apace with the digital revolution is a major challenge for employers as new technologies create skills gaps in the workforce.
To stay competitive, organisations need to implement upskilling and reskilling programs that train employees with new capabilities. Upskilling and reskilling for the digital workplace have a multitude of benefits and are foundational pieces in optimizing your organisation’s efficiency and profitability.
What is Upskilling and Reskilling?
Upskilling and reskilling are the processes of instructing employees in competencies required to perform in the modern work environment, and the foreseeable future. These technology training programs increase employees’ skill sets so they can be competitive in a fast-moving marketplace driven by emerging software and other technologies.
Both reskilling and upskilling give employees the ability to bridge the skills gap, but differ in how this is applied to job opportunities. Upskilling is when employees learn skills to better perform in their current position. Reskilling is for employees to transition into a new role within the company thanks to their expanded skill set.
The Advantages of Upskilling and Reskilling
Organisations that aim for productive, growth-oriented workforces will rely on employee skills training. Here are five advantages of upskilling and reskilling for the digital workplace:
1. Time and Cost Savings
The talented employees you are seeking from outside your organisation may in fact already work for you. Upskilling an employee to perform new skills required for their position, or reskilling a worker for upward mobility, represents a considerable time and cost savings to your company.
Training a new employee is costly when you consider the effort that goes into posting the position, reviewing resumes and interviewing candidates, and then onboarding new hires regarding organisational protocols, procedures and other expectations. Hiring from within eliminates all of this. There is also the added benefit of knowing the employee – their abilities, habits and personality – and their having already developed a rapport with co-workers.
2. Enhanced Worker Productivity
How effectively an organisation incorporates digital advancements within their workflow is a significant determiner of overall business success. Upskilling and skilling employees with up-to-date digital capabilities means each worker can be more productive individually, and collaborate better for notifiable gains in team productivity.
3. Boosts Employee Morale
Ongoing upskilling opportunities lend to employee job satisfaction. When employees have the skills to confidently perform their position’s requirements, it boosts their motivation and morale. Employees also feel invested in by their employer with on-the-job training. Upskilling and reskilling for the digital workplace promotes a workforce with a positive outlook on their current and future prospects with their employer.
4. Higher Rates of Employee Retention
A team characterized by high levels of productivity and job satisfaction means lower turnover rates. An often-cited reason for leaving a job is that the former employee did not see a path for advancement within the company. Upskilling and reskilling makes employees feel valued, and empowers them with the tools to progress within an organisation.
5. Attracts Wider Talent Pool
Employees with high morale and job satisfaction can be the strongest advocates for your business. They are more likely to leave positive online reviews about working at your organisation, and recommend it to their network of former co-worker, friends and family members. The positive buzz happy employees generate widens your pool of talent when hiring and makes it more likely that hires offered positions will join the team.