Upskilling and reskilling need to be managed well and, in general, the talent management framework is a good place where such initiatives should land. COVID-19 has catapulted the role of technology in the field of talent management a decade sooner than we expected. In fact, one of the primary reasons why companies are failing at reskilling is due to the fact that they lack a sound strategy and training technologies to assist them with this. A talent management platform or learning management platform is vital to ensure that the skills in your company’s competency framework are in check. On the other hand, your platform is pivotal to ensuring that you are providing the right mix of learning resources (synchronous and asynchronous) to achieve knowledge and competency in those skills.
But why is upskilling and reskilling crucial for talent management? Here are some advantages of upskilling your workforce from a personal and profitable perspective:
1. Upskilling helps address the competency and skill gaps within the organisation
2. Upskilling builds confidence which breeds productivity
Employees that feel confident and competent due to a successful upskilling programme have a higher productivity. Being given the opportunity to upskill boosts morale and increases retention rate. Building a high performing workplace involves encouraging learning opportunities that are aligned with the strategic approach to talent management that suits the business and gets the best from the people.
This is not only apparent in employees, though, as there’s a real correlation between progress in upskilling and CEO optimism and confidence. “The correlation suggests that employers who make good-faith efforts to upskill their employees build trust - and that in turn can enhance returns in a world where trust is an increasingly valuable commodity”. (23rd CEO Survey Skills: Keeping CEOs awake at night). All this, In turn, will even improve your staff retention rates.
3. Upskilling drives the organisation to a better position in the industry or market
With all the shifting caused by both the pandemic and technological advancements, many organisations need to rethink their workforce strategy. Ultimately, people with the right talent, skills and competencies are the real competitive advantage against competitors.
Forces that drive the upskilling imperative include the increase in job automation, the decrease in talent availability and mobility of skilled labour. Ensuring that we have the right talent and that our structure supports the business needs is critical to success. Consider the healthcare industry for a moment; this industry requires fresh skillsets and competencies to mitigate new risks and pave the way for the new normal. Upskilling and reskilling allows them to focus on personal areas of improvement, adapt to new protocols, and develop talents to provide a higher quality of care for patients.
Skills are a precious commodity, and organisations that underestimate the importance of upskilling and reskilling put their profit margins in jeopardy. If it's survival of the fittest, highly skilled employees are more likely to give you that edge on competition.
