Why Upskilling And Reskilling Are Essential To Businesses And Employees

Markets change constantly and technology keeps advancing

“The future is closer than you think. You can pay attention now or watch the transformation happen right in front of your eyes.”- Nicky Verd

“Upskilling” and “reskilling” are two of the biggest terms floating across every industry. This is because these terms are now more valuable than ever in the fight to retain and retrain valuable employees.

The difference between these two is subtle but significant. Upskilling refers to continuous learning by training programs and development opportunities with the goal of building on the employee’s skill set. The main ways to upskill an employee are: virtual/online courses, mentoring/shadowing, and microlearning strategies. Reskilling, on the other hand, is replacing a current employee’s knowledge with an entirely new skill set so that they may fill a new role in the company. One example I could provide is a construction worker going back to school to become a software designer.

In this article, I will explain why upskilling and reskilling are important for both the business and the employee. Markets change constantly and technology keeps advancing. The bottom line is, when everyone is firing on all cylinders, everybody wins.

With the current rate of technological advancement, it is becoming more and more imperative to stay relevant. To be a successful business, one must stay up-to-date with the current technology and marketing strategies. The world of paper files and slow computers is far behind us and disappearing fast. Everything is computerized now because the digital age is upon us.

This digital age is a time when the internet and cloud-based computing have made mundane tasks more efficient and less expensive for the vast majority of companies. According to Emily Courtney, writer, editor and content specialist at FlexJobs, “Estimates suggest that 375 million workers worldwide (that’s 14% of the global workforce) will have to switch occupations or learn new skills by 2030 due to artificial intelligence and automation. And, according to the world economic forum’s 2018 “The Future of Jobs Report,” at least 54% of all employees will need significant reskilling and upskilling by 2022.

Look around. We see automation everywhere we go. Computers and machines are doing tasks that would otherwise be done by you or me. So, what do you do to stay ahead of the curve? You learn more complex skills and obtain a better job that perhaps now controls the automated systems that fulfill these basic functions. Or you can turn to a different job set entirely, one that isn't as saturated with technology, but those are few and far between. Face it, the world is changing right in front of us and we have to keep up.

The fact is that many jobs, as of now, require more than just traditional schooling and college degrees. You have to develop specialized skills that are more relevant for today’s technological advancements and business acumen. Companies benefit from better performance, which in turn generates more profits for the company and its employees.
Technology is creating a divide among the workforce. There are a lot of under-skilled workers being produced by schools that under-prepared them. Most, if not all educational institutions don’t provide their students with the special skills necessary to be successful right after graduation. It’s not because the students don’t want to learn how to be more marketable, it’s just that they are not taught how.

Emily Courtney stated, “Millennials can expect to need reskilling more than a dozen times during their career. Also, a recent survey of GenZ workers found out that nine out of ten cited professional development as one of their top factors when choosing a potential employer.”

There are so many interesting fields to go into, and it’s a shame that so many recent graduates are falling into low-wage paying jobs despite the fact there’s a huge demand for higher-skilled technical roles. Just a few hours of specialized courses could land a person a job in web design, cybersecurity, AI development, drone piloting, and even more tech-savvy jobs that require just a little more skill.

Previously, I alluded to the fact that upskilling and reskilling are crucial to staying valuable to a company. Business owners cannot deny that they love an employee who is productive and performs better than the average worker. An article from talentlms.com states, “91% of companies and 81% of employees say upskilling and reskilling training has boosted productivity at work.” Most employers invest in opportunities to train employees for this very reason. By increasing your value as an employee, you also bring value to the company you work for. This is why upskilling and reskilling are valuable tools that benefit everyone involved.

Companies want a Swiss army knife for an employee – someone who can take the technological tools given to them and use them efficiently. It is more cost-efficient to reskill or upskill an employee as well. Companies can save money by training an employee who already knows so much about their company and how it is trying to achieve its goals. It costs more to take a new recruit and provide them with the catch-up training and advanced training required to stay current with the company and its technological implementations.

In fact, an article from Gloat stated, “Employees that have been working for an organization for several years have a deep understanding of company needs, clients, customers and partners. But even if they don’t, the rapid change of technological advancements means that it takes longer to recruit and train new employees than it does to develop new, paradigm-shifting technologies.” This provides evidence that external hiring just isn’t palatable to a company that maximizes profits.

Upskilling and reskilling are the next steps in revolutionizing business worldwide. Not only are these important for success, but they also required to make progress. You would benefit as an individual and so would the company. You just have to want to become the best version of what you do in the industry. A final quote by Nicky Verd sums it up nicely: “What you were taught 10-20 years ago is fast becoming obsolete. Upskill yourself and recreate your world.”

1. What does upskilling mean to you?
 

a. Challenging yourself to take on more work than you can handle.
b. Continuous learning via training programs and development opportunities.
c. Spending more time in the gym.
d. Replacing one’s knowledge with an entirely new skill set for professional growth.

2. What does reskilling mean to you?
 

a. Finding new ways to do the same job.
b. Working multiple projects for the same company.
c. Learning new or complementary skills to expand professional growth.
d. Quitting your current job for another one.

3. What are the main ways to upskill an employee?
 

a. Virtual/online courses, mentoring/shadowing, and microlearning strategies.
b. Unorganized meetings and long lectures.
c. Stay complacent and hope the employee gets better on their own.
d. Threaten to terminate them if they don’t produce more.

4. Which is an example of reskilling?
 

a. Learning how to use the new projector in your classroom.
b. Returning to school to become a software designer for the company you already worked for.
c. Training to use a new truck for your hauling company.
d. Playing video games to gain reflexes.

5. Reskilling and upskilling benefits both employee and employer
 

a. True
b. False

6. Reskilling and upskilling are more cost-effective for a company.
 

a. True
b. False