Business Insider forecasts a 55% chance of a recession in 2023. The economic damage triggered by Russia and Ukraine this year is anticipated to have a multi-prolonged effect on global businesses in the coming year. Under pressure to slash costs and survive in the constantly shifting economy, companies are considering job cuts. These cuts are leading to limited resources and making it crucial for companies to strengthen their current workforce by providing continuous development through upskilling.
Achieve the benefits of upskilling not only helps employees but also aid companies in meeting their annual productivity goals. Aligning employee skill development with business goals is a win-win for both employees and the company.
Upskilling is the process of improving an employee’s existing skills and expanding their capabilities to perform their current job more efficiently. Improve your employees’ skills helps to:
Often, upskilling and reskilling are used interchangeably. However, these are different L&D strategies focusing on two very different goal sets.
Unlike upskilling, reskilling is a 180-degree pivot to a new role within the company. The employee needs to develop new skills to master a different area of expertise.
Upskilling employees enables companies to be more agile and keep pace with the changing skill dynamics.
Amazon’s plan to invest more than “$700 million over the next six years upskilling 100,000 U.S. employees is a reminder that skills become obsolete quickly. This makes continuous skill development the need of the hour for every organization.
Employee growth is directly proportional to a business’s success. Skilled employees tend to produce quality results that can benefit the company and positively impact the business’s bottom line. Let’s dive deep into some of the key benefits of upskilling for the employer:
Lack of growth opportunities is one of the top reasons why employees leave the organization. They feel stagnant in their current position and look for options that fuels their growth. Giving employees the opportunity to upskill at work has prevented companies from losing their best talent and avoids the high cost of employee turnover.
When companies facilitate a culture of upward mobility, employees feel valued and tend to reciprocate by staying loyal and performing for their employer..
Bridging the knowledge gap with upskilling enhances employee performance and increases employee engagement, both of which improve business productivity. Well-structured skilling programs can help employees save time, reduce errors, achieve targets, and significantly improve the business’s bottom line.
Companies that offer a continuous learning culture not only succeed in gaining the trust of the current employees but also win the war for talent. A company that continuously invests in employee development becomes more competent, innovates regularly, and develops a future-ready workforce that leads to the overall growth of the business.
From boosting employee morale to increasing their ability to manage challenges upskilling provides a plethora of benefits. Let’s look at some of the benefits of upskilling for employees below.
Employee satisfaction is synonymous with customer satisfaction. When employees are empowered with the right skills, they can win the trust of the customers and grow in their careers by delivering exceptional performance. Great work drives recognition that leads to job satisfaction and mental peace at the workplace.
Bridging skill gaps with upskilling makes employees more efficient in meeting current demands and agile enough to become future leaders. Giving employees the knowledge and skills they need to be successful can make them valuable assets to the organization and help them pave the way for long-term career growth.
Employees with the right skills can tackle unforeseen challenges confidently. They receive positive feedback from management and the customers, which helps boost their self-esteem and motivates them to work harder.
We’ve seen the benefits of upskilling, but to implement this L&D strategy successfully in the organization, it is imperative to leverage the right learning technology. A conventional technology like LMS might be a boon in providing onboarding and compliance training. However, a more advanced technology, like the Learning Experience Platform (LXP), is essential for skill-based learning and development. Here is how you can leverage disprz LXP to provide skill development for your employees:
See a preview to find how the disprz LXP platform can assist you in upskilling your employees at scale.
Discover how Disprz can align learning and upskilling with your desired business outcomes.