Reskilling is a concept that's gaining popularity as the world changes. You need to keep up with the latest trends and ensure that your skills are used effectively.
What is reskilling?
Learning new skills is the process of reskilling. It's not retraining, though both are forms of reskilling. Retraining refers to learning a new skill to perform better in your current role. Reskilling typically involves learning new skills directly impacting your career growth or advancement opportunities.
Reskilling can happen anytime during your career and isn't limited to just young professionals. It can be essential to maintaining your employability as you gain experience and move up through the ranks.
Why is reskilling important now?
The pace of technology change is accelerating, and employees need to be reskilled to enable them to cope with the increasing automation and RPA.
While COVID-19 has no adverse consequences. It will lead to greater scrutiny by governments worldwide. They try to keep up with new developments in this area (like flying taxis did). That means companies will have a more challenging time hiring top talent. Who can develop these technologies because there needs to be more current training.
Reskilling and upskilling is a top priority for the next decade.
Reskilling and upskilling are top priorities for the next decade. The majority of jobs will be replaced by automation and RPA. The need to reskill will increase as the economy evolves. As many positions are automated across every industry. Employees will need to reskill to keep their jobs.
Displacement due to automation and RPA
The second trend is displacement due to automation and RPA.
RPA is a threat to jobs because it can be used to automate tasks and replace workers.
But RPA may also create new jobs, as some previously automated activities will require humans in the future.
Work after COVID-19
COVID-19 is an influenza pandemic. It will impact various industries, leading to many job openings and reskilling opportunities.
- Learning new skills that you can use right away in your current role or as you transition into your next role
- Discovering new interests and passions that may lead to a whole new career path
- Strengthening existing skills to keep up with technology changes in the industry
What are the benefits of reskilling?
If you're an employee, reskilling is a great way to keep your skills relevant and up-to-date. Reskilling can also be a valuable tool for helping you find new opportunities within your organization or increasing the value of your current job.
If you're a company, reskilling is beneficial in several ways:
Reduce training and hiring costs
The cost of training and hiring new employees and their subsequent turnover can be reduced by reskilling. The average price for training an employee is $3,000-$6,000, depending on the industry and type of job. In addition, Reskilling allows you to train your existing employees in new skills that would enable them to fill different roles in your organization or even different roles within the same department.
A benefit of reskilling is that it can help you retain high performers who may want a more challenging role or responsibility. For example, the benefits of being an accountant that upskill to a CPA are endless. Not only do businesses get to employ a professional who can handle more intense accounting duties, but the employee can get promoted to a better-paying role within the company. This reduces turnover costs associated with recruiting and hiring new talent while meeting strategic business objectives and maintaining a healthy workforce culture.
Improve time to market by retaining company knowledge
There are many different ways in which reskilling can help your business. For example, suppose you're a small business needing technology help. In that case, a retraining program can allow them to access the latest tools and technology on their own time and at their own pace, allowing them to retain company knowledge even when they may be out of the office or working from home.
On the other hand, if you already have several employees trained in specific skills. But are looking for ways to improve team collaboration and enhance communication between members of your team across different departments, reskilling will allow you to do so without having any additional costs incurred by bringing an outside consultant into the fold.
Keep your top employees.
When it comes to reskilling, you don't need to go out and hire new blood. Instead, keep your talent in-house and try to improve their skill sets. This can help both retain company knowledge and improve time to market—two things that are sure to impress your customers. It's also an excellent tool for internal mobility.
For example, suppose someone has more experience than others on a particular team, rather than being promoted into management, where they may not be as knowledgeable about their area of expertise as others on the team. In that case, it might be better for everyone if this person becomes more versatile by being able-bodied in multiple areas so that they can lead teams across different departments at once (or even across departments).
Improving employee morale should always be a priority. Still, especially when there's an opportunity cost associated with losing one employee: increased morale means improved performance among all staff members, which can only mean good things down the line!
Reskilling is an excellent tool for internal mobility.
Reskilling is an excellent tool for internal mobility. As you consider how your employees can use reskilling to move within the company, remember that they may also want to or need to move between roles, industries, or countries. Employees who have been in a role with one industry for many years are likely to have skills that would be valuable in other industries.
For example, someone who has worked at a bank for 15 years could learn about tax preparation and become an accountant instead of needing to find work elsewhere. However, this person might not feel ready for the change because she needs to learn about accounting! Reskilling would help her learn those skills quickly so she can make this career shift successfully.
Benefits of reskilling for employees
Reskilling can be a crucial factor in keeping employees engaged and motivated. Reskilling helps employees build their strengths, diversify their skills, and prepare for future roles within the company. This can help keep them from feeling like they're stuck in one position throughout their entire career. In addition, with reskilling, employees can continue to grow their knowledge base by learning new things about themselves or the industry as a whole — which will inevitably benefit both themselves and the organization in which they work.
A common benefit of reskilling is that it helps people identify what they want out of their jobs — this means that when an employee does find a position at another company (or decides to go back to school), they'll more likely know what they want out of life outside of work hours so that when it comes time again later on down the road when deciding whether or not
Keep stable employment (and benefits)
Reskilling can help you keep your employees happy, motivated and productive. Keeping stable employment is one of the reasons reskilling is so beneficial. If you have an employee who's unhappy or unmotivated at work, they may feel that their skills are outdated and find other opportunities elsewhere. Reskilling helps them find new ways to use their existing knowledge and keep it fresh, so they feel engaged in their job again.
Upward mobility (role diversity)
Upward mobility is another benefit of reskilling. As you explore new roles, you'll learn new skills and gain experience that can help you advance in your career. Because every position has unique challenges and rewards, there are as many opportunities for growth as there are roles to choose from. Once again, this facilitates learning—not just for the individual employee but for their employer.
Reskilling can also be an excellent opportunity for personal growth. Learning new skills, developing new interests, and learning about yourself are all possible benefits of reskilling.
Making lifelong learning a process
Learning new things daily is the best way to keep your brain sharp, even if you're not a student. You don't have to take classes or read books to learn something new and grow as a person. Instead, read articles, watch documentaries, ask questions—get curious about everything!
Some of the most important lessons I've learned have come from chance conversations with strangers, friends, and family members that led me down an unexpected path of discovery or understanding. So don't be afraid to try new things or fail because then, when you succeed, it'll mean so much more because it wasn't expected.
How to organize a reskilling program
- Start with a pilot program.
- Make sure the program is relevant to the business.
- Ensure it is accessible to employees.
- Make sure it is affordable.
- Ensure it is sustainable, meaning an employee can use what they learned from the program in their daily job and career progression within your company.
- Make sure that the program has measurable outcomes and goals, so you can see whether or not your investment in reskilling paid off financially and otherwise (for example, revenue increase due to better productivity).
Reskilling is a crucial part of the future of work, and it's essential to start planning now. If you want to keep your employees happy and productive, reskilling is a great way to do it. It can help employees learn new skills or update existing ones to stay relevant in today's fast-changing world.