Companies find it hard to retain their employees, they just leave to look out for better opportunities. Companies want their employees to find their job enjoyable. The corporate world is dynamic and it’s essential to stay updated to catch up with the desired standards. Companies usually upskill or reskill their employees to match the latest company and market standards to stay competitive. Upskilling and reskilling your employees can serve your company with long-term benefits as well as improve the skillset of your employees.
Are You Planning to Upskill or Reskill Your Employees?
If yes, here are some of the key benefits of upskilling and reskilling for corporates.
1. Benefits for Employees
- A Secured Job
- Morale Boost
2. Benefits for Company
- Employee Retention
- Time and Cost-efficient
Learn more crucial benefits of upskilling and reskilling as you scroll down.
Need for Upskilling and Reskilling in the Corporate World
Upskilling means to make an employee learn new skills related to their job and do better at it, or gain more insights about the different tools that can be used under that particular job and understand the technicalities of their job. If we have to explain upskilling with an example, let’s consider an employee who is knowledgeable about the traditional ways of banking. Nowadays, internet banking and online transactions have become a crucial part of banking. Thus, the employee needs to upskill themselves and learn theoretical knowledge and practical implementation of these digital practices to keep up with the changes in natural workflow.
On the other hand, reskilling means when an employee learns new skills or gain information about new tools for another job. For example, a content marketer has to get reskilled to become a google ad manager. It doesn’t matter which role or expertise you hold, there will be a point in your career where you will have to either upskill or reskill yourself.
The need for upskilling and reskilling is even more after the pandemic due to the impact of the great resignation. Companies have record vacancies due to their current employees leaving the job due to dissatisfaction. Employees wish to work in roles that match their skillsets and expertise that would eventually make working fun. Sometimes, they are asked to do a job they didn’t really sign up for. This pops up the need for upskilling and reskilling of these employees that would help them learn relevant skills and put those skills to work with satisfaction.
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4 Major Benefits of Upskilling and Reskilling for an Employee
1. Secures One’s Position in the Organization
Any employee who decides to keep learning new things and keep on upskilling has a higher chance to stand tall in the industry without any complications. Learning never goes to waste, any sort of upskilling or reskilling will help the individual either secure his position in the company, get promoted, or even look for better opportunities based on their skillsets.
2. Boosts Morale
Individuals feel confident when they know they are skilled enough to take on a job and work accordingly without any sort of major hurdles. An employee feels more confident when their company puts in the effort to teach them a few valuable skills. The employee dedicates their extra time to these practices and gets assured value in return, thus boosting their morale significantly.
3. Organizes Side Hustle
Apart from a default job, an individual is always looking for extra opportunities to make some extra bucks and to utilize their free time if they lack hobbies. If an individual is, let’s say a business development associate at a certain company, and has decided to upskill themselves by learning digital marketing or social media marketing, enabling a great side hustle for the individual along with their job.
4. Promotes Mentorship
Once an employee is skilled enough, they can work as a mentor for the new employees getting hired for a position similar to their own. This will help the employee build a better relationship with his junior co-workers.
6 Major Benefits of Upskilling and Reskilling for a Company
1. Improves Employee Retention
This is a win/win situation for both, the employee and the company. You can keep your employees engaged in several upskilling programs that provide them great value in terms of learning. When put to further practical work, it can help the company maximize its productivity.
2. Attracts New Talent
If a company follows the upskilling/ reskilling model firmly, employees looking for a decent job where they can gain relevant experience, would choose to work for this company rather than trying to fit in a company that does not provide training programs and expects people to know their way of executing things right from the start. The employees visualize good career growth opportunities when they find that the organization promotes upskilling.
3. Fills the Skill Gap
When you research a bit, you will know a lot of HR professionals face problems while hiring the right candidate for a specific role, due to the lack of required skill sets in these candidates. By hosting training programs, the companies bridge this skill gap by providing relevant eLearning courses or hands-on experience to the selected candidates.
4. Saves Time and Money
An onboarding process can be hectic sometimes when you don’t find true talents with relevant skill sets to hire, it can cost you both, money and time. Instead of looking for new talents, you have the option to upskill or reskill your employees and distribute the related work. This will save the time you would have spent conducting interviews. Hiring a new talent will eventually cost you more, thus, this practice would save a few bucks for you.
5. Promotes a Learning Culture
This is probably the most long-term benefit a company can achieve by choosing to upskill or reskill their employees, they promote a universal learning culture. We all know and understand that learning anything doesn’t go to scrap, and it is a great approach to keep learning no matter where you stand in your career. The world keeps changing and thus, the ways to pursue things would change as well, keeping individuals updated will always help them stand their ground firmly.
6. Ensures Happy Customers
You must have heard this phrase somewhere “Happy workers lead to Happy Customers”. This is true to a great extent, if you manage to successfully keep your employees happy, they will eventually serve the customers in a better way. This whole process creates a healthy working environment and provides a better service to the customers.
Let’s Wrap Things Up!
We gained quite valuable insights into what upskilling and reskilling mean, how these practices are important for an employee as well as the company, major benefits for both, the company and the employee, and overall relevance in the corporate world. It should be safe to say that these practices are one of the most important aspects of keeping your employees efficient and productive so that they provide positive results for the company.
The concept of upskilling and reskilling promotes a learning culture that is consistent and will stay in the industry for the long term and has already become a crucial practice among most companies that like to stay competitive and stand tall in this forever growing and changing market.
To understand more about the ever-changing learning practices and discover the latest eLearning trends, access this free webinar recording.