Armed with advertisements, job descriptions, and requests for referrals, companies are aiming to win the war for talent. Each attempt to fill a position can easily become a battle, with applicants either declining the opportunity or not meeting qualifications. The ability to hire on time and on budget becomes more challenging, and the struggle is real. If this situation sounds familiar, you’re not alone. The global pandemic and ‘great resignation’ put employees in the driver’s seat in the tight labour market, and it’s becoming increasingly difficult to find qualified and interested candidates.
A Winning Strategy
Winning talent in today’s employment landscape doesn’t necessarily involve looking outside your current workforce – it may have a lot to do with how you can strengthen and support the one you already have. Today, employee development is about more than just an annual review. Organizations are putting a premium on reskilling and upskilling staff, with an eye on improving retention, productivity and morale.
According to the World Economic Forum, automation and economic uncertainty will lead to 85 million jobs being displaced and the creation of 97 million new ones by 2025. Reskilling or upskilling can be effective alternatives to eliminating existing roles and bringing in new employees with different skill sets. This approach helps more employees keep their jobs while helping your organization keep up with change.
What is Reskilling?
Reskilling involves teaching employees new skills so they can move into different roles within the company. For example, if automation is forcing the use of new software in your workplace, this may require a steep learning curve for employees who now have to figure out how to use new platforms. Reskilling these workers through a learning program ensures they’re appropriately trained and avoids the need to eliminate any positions and search for new candidates.
What is Upskilling?
Upskilling involves building on employees’ existing skill sets so they can advance in their current roles. For example, in the tech industry, a software engineer could take courses on advanced machine-learning to improve his understanding of artificial intelligence and improve his chances of getting a promotion.
Upskilling enables employees to take on more responsibilities or move into higher level positions within their departments. As industries evolve, the needs of organizations change, and employees without highly valued skills may be overlooked. Upskilling is important for employers to maintain a competitive advantage, engage staff, and offer employees opportunities to progress.
Benefits and Best Practices
Reskilling or upskilling helps retain employees by providing them with opportunities for growth and professional development while maintaining job security. Changing a role instead of eliminating a position also allows workers to hold onto their current benefits without the interruptions that come with switching employers. Reskilling or upskilling provides employees with opportunities for growth and increases the likelihood they’ll remain loyal, because their career goals are being supported. Knowing there are opportunities for promotion through upskilling can also motivate employees to be more productive.
Creating an effective reskilling or upskilling program involves looking at your company’s future. Start with a strategy that identifies the roles your company will need to fill, as well as any specific training that would be required. Focusing on where and how your organization wants to grow will help you determine where you’ll need more people with different skill sets.
Here to Help
Rolling out reskilling or upskilling training programs and resources requires careful consideration, identifying skills gaps, finding time for employee training, and budgeting enough for program development. Contact us so we can work together to create solutions that work best for you and your organization.