When it comes to technology, the only constant is change. And with new tech being introduced, what feels like every day comes the demand for new skills.
Unfortunately, we aren’t always keeping up. 79% of global CEOs say that their employees’ lack of essential skills is hurting their organizations’ growth. Luckily there’s a fairly simple solution to this, and it’s called upskilling.
What is upskilling?
Upskilling is essentially the process of learning new skills or advancing current ones. This practice is critical for the future of all employees regardless of industry. According to the World Economic Forum’s “Future of Jobs 2020 Report”, an employee set to remain in a role will see 40% of their core skills change in the next five years, and 50% of all professionals will require upskilling.
Benefits of upskilling:
Employee retention
One of the biggest reasons employees quit is a lack of development opportunities. Offering opportunities for advancement make employees feel valued and ultimately creating loyal employees.
Cost savings
Time equals money, and replacing an employee is extremely time-consuming. Rehiring can cost anywhere from a third to 150% of an employee’s salary. Needless to say, upskilling employees is much preferred to rehiring.
Recruiting tool
Having a professional development program is a great way to attract new talent, especially in the current labour shortage. Employees prefer working for companies that promote professional advancement, and by doing so, you’ll get a leg up on the competition.
Five Strategies for upskilling:
Intentional communication
Foster career advancement by implementing consistent communication. Whether it’s through townhalls, one-on-one meetings or newsletters, educate your staff on the upskilling opportunities. Have a two-way dialogue so you and your team can create action plans to fulfill their professional goals. Do check-ins to see how employees are progressing and give and receive feedback.
Identify priority areas
Based on your company’s goals and vision, determine which areas of development are needed to meet them. To get the highest return on your investment, evaluate your company for priority areas where skills might be lacking. Focus on upskilling employees with roles that will later require these skills.
Choose training methods
Depending on the required skill, different training methods will work better than others. These methods can be but aren’t restricted to the following:
- Virtual training: Employees can train remotely on their own time through an online platform
- Classroom training: Trainers can lead workshops in group settings
- Mentor programs: Employees are paired up to work as a mentor and mentee. Job shadowing may be an aspect of this option.
- Financial aid: depending on the depth of the skill, employees might require more formal training. You can invest in their upskilling through tuition reimbursement or assistance if this is the case.
Stretch assignments
It’s great for employees to acquire new skills, but it’s even better to apply these skills and learn on the job. Stretch opportunities and assignments allow employees to work on projects outside of their current scope of work and experience. An employee may take on a new role in a project or oversee a team in a stretch assignment.
To ensure success it’s essential senior leaders offer the proper resources and be a pillar of support.
Track progress
With any other investment, it’s essential to measure results. Continue communicating with your staff to find out what works and what doesn’t. Additionally, you can provide assessments or other test projects to determine your chosen method’s effectiveness.
About Live Assets | IT Staffing Solutions
Live Assets is a boutique IT Staffing/Recruiting firm specializing exclusively in building IT teams of excellence for the Information Technology sector.
We are a small, but productive team that works closely together and has had a 96% success rate for the past number of years!
We have a diverse number of clients and industries and focus on both full-time and contract I.T. opportunities.
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