Employee Skill Training: Upskilling, Reskilling, and Beyond

Employee reskilling and upskilling from within are big trends that are here to stay. By 2024, it’s estimated that 40% of workers will require up to six months of reskilling, while 94% of business leaders expect their workers to pick up new skills. This is a trend that pays off: 93% of CEOs who roll out upskilling programs see increased productivity, an improvement in talent acquisition and retention, and a more resilient workforce.

Organizations are recognizing the need to invest in their employees’ development as the demand for new skills continues to grow. This investment yields significant benefits, including increased productivity, improved talent acquisition and retention, and the creation of a resilient workforce. Here’s why employee skill training is crucial for future-proofing your organization.

Defining Reskilling and Upskilling

At their core, reskilling and upskilling refer to training employees and upgrading their skills. Reskilling involves teaching employees new abilities to take on changing roles, while upskilling focuses on enhancing existing skills. Both empower teams to stay ahead of industry shifts.

• Reskilling: Imagine your team switching gears—learning entirely new skills. It’s like teaching a seasoned warrior new spells or a wizard mastering swordplay! Reskilling involves training employees in different areas to pivot or adapt to changing roles or technologies.
• Upskilling: This one’s all about enhancing what your team already rocks at! It’s like a superhero boosting their powers or a master painter refining their brushstrokes. Upskilling focuses on improving existing skills to keep up with industry trends and advancements.

Reskilling and upskilling aren’t just buzzwords; they’re the secret sauce behind a dynamic, future-ready workforce! 🚀

Now, picture this: by investing in reskilling and upskilling, you’re essentially giving your team a treasure trove of benefits:

Specific benefits highlighted in competitor content include:

• 📈 Enhanced Performance: Improved skills lead to better performance. It’s like turning your average adventurer into a legendary hero!
• 🌐 Adaptability: Equip your team with skills to navigate any terrain—be it a new market trend or a technological shift. They’ll be as adaptable as a chameleon!
• 💡 Innovation Hub: When your team constantly hones their skills, they become a breeding ground for innovation. Think of it as building an R&D lab within your organization!

So, think of reskilling and upskilling as your trusty tools for creating a workforce that’s not just ready for today, but geared up for whatever challenges tomorrow brings!

The Growing Imperative of Upskilling and Reskilling

The imperative for reskilling and upskilling has grown significantly. What may have been a handful of optional programs five years ago is now a business-critical priority. With hiring and turnover costs soaring, retaining and developing existing employees through reskilling and upskilling initiatives has become essential.

Not only should your L&D team be creating engaging, easy-to-access, and relevant reskilling and upskilling, but you also need to consider employee skill training. Why? A recent statistic pretty much says it all: by 2030, more than 85 million jobs could go unfilled because there won’t be enough skilled people to take them.

It’s essential to know the differences between reskilling, upskilling, cross-skilling, and new skilling so you can develop the right content and program for employees:

• Reskilling – when employees learn new skills that replace existing skills
• Upskilling – when employees learn new skills to progress in their current role or career
• Cross-skilling –  involves training employees in complementary skills outside their core area to facilitate collaboration. An example is teaching a designer basic coding skills to better partner with developers.

It’s also good to know that many of your peers are tackling this head-on, right now, which means you can too.

The Growing Necessity of Upskilling

Rapid Technological Advancements

• Technology is evolving at an unprecedented pace.
• Upskilling ensures employees remain competent and adaptable in utilizing new tools and software.
• Fosters efficiency and innovation within their roles.

Changing Job Requirements

• Job roles are continuously evolving, requiring new skills and competencies.
• Upskilling equips employees with the necessary skills to meet these changing demands.
• Ensures they remain valuable assets to the organization.

Competitive Edge

• Updated skill sets make individuals stand out in a competitive job market.
• Enhances employability and provides a competitive edge.
• Benefits employees seeking career growth and employers striving for a skilled workforce.

Enhanced Productivity and Performance

• Training and upskilling programs improve employee performance.
• Leads to increased productivity.
• Improved skills enable efficient and effective task handling.

Meeting Evolving Industry Standards

• Many industries have stringent standards and regulatory requirements that evolve over time.
• Continuous upskilling ensures employees stay abreast of industry standards.
• Reduces risks and ensures adherence to best practices.

Swift Adaptation to Market Changes

• Market dynamics are constantly shifting at an accelerating pace.
• Upskilling enables swift adaptation to market changes.
• Allows organizations to stay relevant and responsive to customer needs.

Employee Engagement and Retention

• Investing in employee development demonstrates a commitment to their growth.
• Fosters higher job satisfaction, engagement, and loyalty.
• Reduces turnover rates and retains top talent.

Future-Proofing the Workforce

• Upskilling prepares the workforce for future challenges and roles.
• Ensures readiness for upcoming demands and technological advancements.
• Future-proofs the organization by creating a capable and adaptable workforce.

The Imperative for Employee Reskilling

Automation Integration

• Increased automation in industries requires new skill sets.
• Reskilling ensures employees can collaborate effectively with automated systems.

Emergence of New Technologies

• Novel technologies demand updated competencies.
• Reskilling enables proficiency in emerging tech like AI, blockchain, or IoT.

Remote Work Dynamics

• Remote work’s prevalence necessitates digital and collaboration skills.
• Reskilling prepares employees for effective remote collaboration and digital workflows.

Sustainability and Green Practices

• Growing emphasis on sustainability requires knowledge of eco-friendly practices.
• Reskilling offers insights into sustainable processes and green technologies.

Cybersecurity Imperatives

• Heightened cyber threats demand enhanced security skills.
• Reskilling provides knowledge on cybersecurity measures to protect data and systems.

Soft Skills Enhancement

• The importance of soft skills like emotional intelligence and adaptability rises.
• Reskilling focuses on developing crucial interpersonal and adaptive skills.

Global Market Expansion

• Businesses expanding globally require cross-cultural competencies.
• Reskilling offers cultural sensitivity training and global communication skills.

Health and Wellness Focus

• Increased attention to mental health necessitates supportive workplace practices.
• Reskilling includes training on mental health awareness and support strategies.

Skills as the Currency of the Future

We’re not producing things as much as we have in the past, but we are imagining things. And this requires different skill sets. Things have also become a lot less predictable. You can no longer send new employees to a training location, immerse them for a week, and then give them three months to get up to speed. They need to be ready right now to hit the ground running. You’ve got teams and departments that are severely understaffed.

Employee skills are now in more demand than reputable, advanced degrees. And students beginning college today may find the skills they learned as freshmen out-of-date by the time they’re seniors. But when they apply for a job at your company, they will demand career paths with training to get them there, at the speed of a Tik-Tok video (or even faster). 

Is your L&D organization ready to meet these challenges, and ones you don’t even know about yet? Because you can bet that what you’re doing today for employee skills training won’t work, or be able to keep up if it’s not agile enough. 

The Imperative of Upskilling and Reskilling

Maybe five years ago, your employee training process included a handful of programs focused on reskilling and upskilling existing employees. After all, keeping and developing an employee is always less expensive than hiring, onboarding, and training a new one. But now it costs even more and it’s harder (maybe impossible) to replace a valuable employee. 

Not only should your L&D team be creating engaging, easy-to-access, and relevant reskilling and upskilling, but you also need to consider employee skill training. Why? A recent statistic pretty much says it all: by 2030, more than 85 million jobs could go unfilled because there won’t be enough skilled people to take them.

It’s essential to know the differences between reskilling, upskilling, cross-skilling, and new skilling so you can develop the right content and program for employees:

• Reskilling – when employees learn new skills that replace existing skills
• Upskilling – when employees learn new skills to progress in their current role or career

It’s also good to know that many of your peers are tackling this head-on, right now, which means you can too.

Proactively Tackling the Talent Demands

Employees want additional reskilling and upskilling opportunities to enable career advancement and future-proof their skills. A recent SHRM study found 68% of employees would stay long-term if upskilling was offered. This demand is especially high among frontline workers, with over 70% wanting development opportunities per McKinsey research.

Preparing for Change and Driving Innovation

Encouraging continuous learning through employee skill training equips the workforce to adapt to changes and positions the organization for future success. By providing employees with the skills necessary to leverage new technologies and drive innovation, organizations foster a culture of growth and maintain their competitive edge. This section explores the role of employee skill training in preparing for future disruptions and seizing opportunities for innovation.

Organizational Benefits

Employee upskilling and reskilling initiatives enhance productivity by equipping employees with the latest skills and knowledge needed to excel in their roles. When organizations invest in their employee’s professional growth, it demonstrates a commitment to their development, boosting employee satisfaction and loyalty. This, in turn, reduces turnover rates and the associated costs of hiring and training new employees.

Moreover, upskilling and reskilling programs contribute to creating a more resilient workforce capable of adapting to technological advancements and evolving market demands. By staying ahead of industry trends and equipping employees with relevant skills, organizations can maintain a competitive edge and drive innovation within their industry.

Lastly, investing in employee upskilling and reskilling enhances an organization’s reputation as a desirable employer. By offering opportunities for career advancement and professional growth, organizations can attract top talent and position themselves as leaders in talent development. Employee upskilling and reskilling initiatives not only benefit individual employees but also have a transformative impact on the organization.

In an era characterized by constant change, investing in employee skill training is paramount for organizations seeking to thrive and remain relevant. By embracing reskilling and upskilling initiatives, organizations can attract and retain top talent, adapt to technological advancements, and ensure the long-term success of their operations.

How Inkling Tackles Employee Skills Development

Ever wished for a magic wand that could instantly upgrade your team’s skills? Well, that’s where Inkling swoops in to save the day! 🌟 Let us break it down: