To stay ahead of the changing world of work and ensure that they have the talent they need to thrive, companies are now tapping into the power of upskilling and reskilling. Here’s why it’s so essential today:
Upskilling is the process of learning new skills to help employees become more skilled and relevant in their current roles.
“I need to improve my communication skills if I want to secure a managerial position in the company.”
Reskilling is the process of learning new skills to make employees available for other jobs within the organization.
“I need to learn to program if I want to transition from my marketing job to IT.”
When to upskill/reskill? Now!
79% of CEOs are concerned that a lack of essential skills in their workforce is threatening the future growth of their organization.
54% of all employees will require significant reskilling and upskilling by 2022.
Benefits of Upskilling and Reskilling
- Helps employees remain employable
- Prepares future leaders and managers
- Sustains workplace learning
- Allows companies to leverage new technologies
- Makes workplace changes easier to handle
- Time and money savings
Does it pay off?
Yes, it completely does! In fact, more advanced upskilling organizations report:
- 95% stronger corporate culture and employee engagement
- 93% higher workforce productivity
- 94% greater innovation and accelerated digital transformation
- 93% improved talent acquisition and retention
To truly reap the benefits of upskilling and reskilling programs, organizations must also provide their employees with personalized recommendations at scale, and actionable steps to easily learn the skills they need.
Sources: Degreed, Deloitte, ManpowerGroup, PWC
