Upskilling involves offering education and training so that employees can develop their current skills and learn new ones. These skills help employees increase their efficiency and effectiveness at work.
According to the Fall 2022 Fortune/Deloitte CEO Survey, 71% of CEOs believe a skills shortage will be their most significant business challenge in 2023. Fortunately, the impact of this challenge can be reduced by providing employees with opportunities for upskilling.
Upskilling employees helps keep companies competitive. Keeping up with changes in the marketplace is easier when employers have access to qualified talent to fill critical roles. As a result, organizations should be implementing upskilling programs.
Find out why your company should provide opportunities for upskilling.
Attract Top Talent
High-quality candidates look for employers who offer professional development and career growth opportunities. Therefore, providing opportunities for upskilling draws these candidates to your organization.
Develop a Viable Talent Pool
Advances in automation, artificial intelligence (AI), machine learning (ML), and other technologies will replace certain jobs. However, they also will create opportunities for employee growth.
You can upskill your employees by training them on the latest technology to perform their work. This future-proofs your workforce to maintain business operations.
Access Relevant Skills
Hiring candidates with specialized skills is more challenging than ever. As a result, it is easier to upskill your current employees than hire and train new ones.
Upskilling your employees requires less time and money than hiring and training new employees. Therefore, your current employees can begin producing faster than a new hire would.
Strengthen Job Satisfaction
Employees who regularly engage in upskilling opportunities feel a high amount of satisfaction with their job. These employees understand that their targeted training helps them add value to their organization.
Employees who engage in upskilling are more likely to receive bonuses, pay increases, and promotions than employees who do not engage in upskilling. These employees with specialized training also are more likely to refer their connections to their employers than employees without specialized training. As a result, employees who engage in upskilling enjoy their jobs and maintain long-term tenure with their organizations.
Elevate Workforce Retention
Upskilling your employees helps them develop marketable skills. This helps your workforce adapt to changes in the marketplace.
Employees whose companies invest in their growth and development tend to remain long-term. This increases your workforce retention rates.
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