Organizations need to hire top talent to fill critical job roles. However, this has become increasingly difficult. One reason is we are experiencing a global talent shortage, but the main reason is we have a huge skills “misalignment” because applicants do not have the skills employers need.
Around 10 years ago, many organizations upgraded technology and implemented digital transformation solutions to facilitate operations and increase productivity. So, they changed the requirements for many jobs, eliminated obsolete positions, and added positions to support and manage their new infrastructure.
Many applicants’ skills did not keep up with these changes, resulting in a shortage of candidates with in-demand skills. Numerous companies have job vacancies they cannot fill because they cannot find qualified talent. The problem has become so severe that 71% of CEOs say a lack of talent will be their biggest business challenge this decade.
Since it is so difficult to recruit qualified employees, many business leaders have concluded that developing current staff is the solution. If you are one, you may be wondering if upskilling your employees is a viable solution.
What is Upskilling?
Upskilling means helping employees improve their skills by providing training and development opportunities. For instance, a web designer could complete WordPress and Java programming courses and workshops to qualify for web developer jobs. A web content manager or digital marketing manager who wants to be more involved in web analytics and reporting could complete Google.
Organizations that implement upskilling initiatives reduce HR expenses since they avoid the cost of hiring new employees. They also reduce voluntary turnover, find it easier to attract top talent, and can fill skill and knowledge gaps quickly.
How to Upskill Employees
Upskilling helps you future-proof your workforce so you always have the talent you need to take advantage of new market opportunities. These are some guidelines on how to upskill employees successfully.
How Upskilling Improves Productivity
Upskilling improves productivity by enabling employees to work more efficiently. A Capgemini study showed that upskilled employees can complete routine tasks faster so they have more time to focus on tasks critical to company growth.
Google, Wal-Mart, Verizon, McDonald’s, and Marriott International Organizations are a few examples of companies that have invested billions in upskilling. Employees have the opportunity to improve existing skills, learn new skills, and even pursue a college degree. This enables them to take on additional job responsibilities, transition to new jobs, and move into management.
Get Started With Upskilling Your Employees
Investing in your employees’ growth is an investment in your organization’s future because your employees are your most valuable asset. Upskilling shows them you value their contribution and want to help them take charge of their career development. You will also improve engagement, retention, and performance through strategic upskilling.
The eSkill Talent Assessment PlatformTM enables you to proactively determine your staff’s skills, identify abilities they need to develop, and plan for the future.
Do you want to learn how to upskill employees so you can create employee development programs that maximize staff potential? Contact eSkill to request a demo.