Employee Upskilling: Why Should Firms Help Employees Level up?

While studying a survey by Capterra, I realized that almost 300 HR leaders i.e., 48% of firms, are investing in their employees to upskill. Although a candidate already brings skills to the table before getting hired, some firms have brought up another valid point. As knowledge drains, rapid trends, and remote work enter the picture, the workforce faces knowledge gap issues, and upskilling becomes a necessity!

Read on.

The Concept of Reskilling and Upskilling

The dynamic and rapidly changing world witnessed a pandemic, intense competition, and increased use of artificial intelligence. It has put all firms in a state of flux and signaled that they must strive differently to survive. To combat the challenges, many firms have adopted the method of upskilling and reskilling their employees. When companies invest in upskilling employees, they not only equip them to handle urgent needs but also make them able to stay ahead of the latest tech trends and bridge skills gaps. Upskilling employees allows companies to promote workers up the ladder and into new roles, which can be exciting for workers and make them feel invested. Incorporating upskilling helps create a more cohesive work environment, with employees feeling secure in their skills. Upskilling helps current employees learn new skills for their jobs, makes a company more attractive to job candidates, and enhances employee experiences. While upskilling is focused on improving the employees’ ability to do the current job, reskilling involves developing a toolkit needed for a completely different job.

How a Firm Can Create a Learning Plan?

A while ago, Harvard Business Review proposed MNCs “serve knowledge salads” for healthy upskilling, and the theory still has all my attention. This study was based on an observation that many employees receive modules and dozes of knowledge sessions in an upskilling program. Nevertheless, high-impact upskilling is achieved if these employees are given the modules that are broken down and blended into their daily work as quick appetizers. Experimental learning can play a significant role in helping freshers, sophomores, and mid-career professionals to level up without compromising on their daily work run. 

Upskilling requires a sound monetary investment if the knowledge session involves thousands of employees. It’s best to build the knowledge bank and charge up your L&D team from Level 0. Start by identifying the knowledge gaps by assessing your workforce’s current IQ and examining your competitor’s current operations. Their advancement can turn out to be learning points for us. One of the most profound areas the firms focus on is digital upskilling, technical product knowledge, and analytics. This can help employees level up their daily tasks in terms of accuracy, speed, and efficiency.

A Good Scorecard

According to LinkedIn, 94% of employees stay at a company longer if their firm helps them learn and develop new skills. Now, that’s a good number! A company making upskilling a part of its culture can see its employees feeling motivated and driven to keep growing at work. By upskilling employees, firms can improve their knowledge management, thrive, and teach their employees skills that may prove beneficial in the future.

Post fostering a culture of learning, one direct benefit a firm reaps is a competitive advantage. Organizations that train existing employees for new tasks or roles, unknowingly, add up to the retention rate. Upskilling also increases employee engagement and retains social capital, both of which improve productivity. All four of those factors give you a competitive advantage. The skilled and pumped-up workforce makes an organization much more agile and responsive to ever-changing needs.

Where Do We Begin?

The process of upskilling your workforce can be time-consuming and endless. There are infinite skills and courses for them that could help your employees grow. However, I believe that letting employees express their discomfort and allowing them to self-reflect can help the firm understand what skills they need. Leaders and their firms can prepare their workforces for both current and future challenges by reimagining skilling approaches and embedding them into the routine. Now, it’s up to organizations to create a skilling competitive advantage or risk falling behind.