Why Upskilling is a worthwhile investment?

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Benefits of Upskilling employees

Upskilling with adequate training is a significant investment for the employer as well as the employee. This allows the employees to expand their skills and knowledge at par with the market competition.

As technology is evolving, there is a consistent demand for a talented and skilled labour workforce. Contemporary fields like Artificial Intelligence (AI), machine learning, software development, IoT, etc. require individuals with niche skills, witnessing tough competition among the organizations and the right candidates. As depicted in the survey by PwC (figure 1), 79% of the CEOs worry about the availability of adequate skills in their team which is placed among the top three concerns. Hence in such cases, upskilling the existing team members can be a great asset for the demanding market. Concerning the use of technology and implications of COVID on the industries, many jobs have become redundant or have been eliminated from the markets. So, to keep pace, upskilling can be a game-changer.

Figure 1
  1. Enhances employees’ productivity

Upskilling is a worthwhile investment as it can prepare the team members and improve their skills for doing better at jobs. It can assist the employees in boosting their productivity by adopting the necessary changes in work processes ranging from manufacturing to services. Upskilling will assist in gaining the new knowledge to perform best at their work which in turn can boost productivity. Further, it can also result in more engagement at the workplace while implementing the latest trends in their tasks.

  1. Get the team ready for the information age

The major impact of upskilling can also be demonstrated as inconsistent improvement in the team’s processes during this volatile business environment. Employees can exploit new technologies to bring more effectiveness to the work with easy access to the tools. Cumulatively, reporting better results at work with the updated team ready for the information age.

  1. Help employees serve customers efficiently

The training and skill enhancement will keep the employees well and happy at work with more confidence in their jobs which can enhance their ability to deal right with customers. More confidence and better interactions can lead to happier customers. Upskilling of employees can lead to loyal and repeat customers lowering the churn rate and increasing the spread of positive word of mouth.

  1. Help in employees’ retention

Upskilling is a great way to showcase that employees are a significant part of the organization hence immensely influencing the retention rates. Investment for the career progression of employees is important to retain them, the willingness of the employer to keep their employees for the long run can be vital for the company. Upskilling can make employees’ days more interesting and challenging.

Figure: 2 – Source: Udemy

Performing the same tasks over the years can bring in redundancy and eventually may become a prominent reason for the employees to leave their jobs. A survey by Udemy (Figure 2) stated that 43% of office workers in the US were bored and were two times more likely to leave their workplace.

  1. Reduces the cost of replacing an employee

Further, upskilling helps in eliminating the higher cost of replacing an employee with a new hire. The hiring of new employees involves the tedious process of finding new employees, interviewing them followed by onboarding of the employees within the workplace. New team members can affect the work culture as this involves learning new processes and beliefs. This can impact their speed with their colleagues and in turn, impact their productivity. Upskilling is always a viable option to upgrade the knowledge of existing employees

  1. Upskilling makes it easy to identify performers and attract the best talents

Training team members isan opportunity to identify committed employees. Positive teammates and their willingness to work harder will always be enthusiastic to gain new skills and knowledge. This makes it easier to identify top performers who would apply their gained knowledge within the work context and demonstrate a high level of performance. Commitment toward employees’ growth and career advancement can spread positive word of mouth which will attract the best talents.

Upskilling is a viable investment which can yield the most beneficial and immediate effects. The morale of the workforce and the commitment of the employees can be increased while making the employees feel appreciated. Employers, employees, and customers can benefit from upskilling.

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