A couple of hundred years ago, the Industrial Revolution changed the face of the workforce. Today, the digital revolution is doing the same thing. Skill sets that were effective ten years ago are viewed as archaic. And while the advancement of technology and all its benefits is exciting, there is no doubt that the fast-track growth also creates a skills gap.
According to a pwc.com report, 79% of global CEOs are concerned about their company’s future in light of an increasing lack of essential skills. And indeed, in digital technology alone, the nature of progress has made the average lifespan of an essential hard skill about five years.
To keep your company from falling behind, upskilling your staff is no longer, “…a nicety; it’s almost an imperative.”
Benefits of Upskilling in Your Company
Upskilling does far more than protecting the future of your company. Consider these 6 upskilling benefits.
- Employee Retention: The cost of hiring new employees is much greater than the cost of keeping the ones you already have. In today’s world, employees are looking to increase their skill sets and want employers who encourage/support ongoing learning. A focus on upskilling your current staff gives them a reason to stay on with you and saves you the cost and time of hiring a new candidate. Everyone wins!
- Higher Morale: When you invest in additional training for your employees, it gives them a sense of belonging. Plus, as their skill sets grow, they develop a more optimistic view of their future. This view, in turn, boosts morale, creating a more positive and enjoyable work environment. As an employer of choice, this type of workplace is a huge priority.
- Higher Levels of Productivity: It almost goes without saying. (But we will say it anyway.) Increased training and education increase productivity. As skills sets and workflows change, upskilling your staff by training them to adapt and grow gives them the confidence they need to do the job well. This confidence, coupled with the know-how, maximizes productivity levels.
- Allows for Power Over New Technology: The world is becoming more and more automated. And it’s truly transforming the way you live and work. Your employees need to know that their jobs are secure; that you are not going to replace them with a robot. By teaching them the new skills they need to use the latest technologies, you provide them with leverage over this “wave of the future.”
- Increases Customer Satisfaction: Providing your staff with growth and development opportunities helps them feel involved and take ownership of their work. When they do this, the customer gets better service, and when the customer receives superior service, the customer is happy. When the customer is happy, your business grows, and you are happy.
- Increases Talent Acquisition: There’s no denying today’s candidates look for job opportunities that provide them with more than a paycheck. They’re also looking for a job that pushes and prepares them for the next part of their career. Having a culture where growth and development are celebrated opens the floodgate to broader talent pools.