Introduction

A shift to new skills is the ultimate tool for thriving in the current era!

In today’s rapidly evolving world, where technology and industry landscapes are constantly changing, the concept of a “job for life” has become almost obsolete. The skills that were once in high demand may no longer suffice in the face of emerging technologies and shifting market demands. In the last few years, from customer expectations to the workplace environment, the transition in the future of work has accelerated at the speed of light. Due to this, skills have become a vital component in the success of both individuals and organizations.

Moreover, in the digitalisation era, the rapid advancement of technologies such as artificial intelligence and others has transformed the nature of jobs and generated new work models. This shift to new technologies has also generated many jobs and painted a future picture in which digitalization might be the future of work.

But, just like a coin, every situation has two sides. So, in terms of the negative impact, it has resulted in problems such as skills shortages in the tech industry. With every passing month, this is becoming a topic of ‘Great Concern,’ as businesses need to begin hiring new employees to fill the talent gap and have to find new ways to retain their employees. Furthermore, introducing new innovations, a new generation of employees entering the workforce, and new working styles all impact how we work.

Imagine the time you joke that technology could handle your work. But then the joke becomes reality. And suddenly, you’re asked to assist with the automated processes that can replace your position. That’s how automation has risked the jobs of many employees, leading to talent gaps in the workforce and delayed growth.

So, what’s the solution to it?

This is where upskilling, the process of acquiring new skills or enhancing existing ones, comes into play.

“According to recent statistics, more than half of all employees will need to upgrade their skills within the next five years to fit into evolving job positions and fulfill talent needs.”

This shows businesses should invest in their employees to help them learn new skills, grow their professional options, and enter the doors to a successful future. This is where Upskilling has emerged as a boon to both employers and employees.

In this blog, we’ll delve into the significance of upskilling in today’s age and explore its myriad benefits to individuals and organizations alike.

What is Upskilling?

Upskilling is the training that enables employees to acquire new skills, making them adaptable to any changes in the tech industry.

• It focuses on making them better at their current job while also developing skills to enhance their knowledge.
• The primary goal of upskilling is to broaden an employee’s skill set and prepare them for future unforeseen situations.
• It introduces employees to a new global perspective, accepts new changes, and helps them stay updated in the skill race.
• It enables them to develop a unique value in their companies to win the layoff war and retain their positions for a prolonged period of time.

For example, Ben is a proficient C++ programmer. After a few months, his company opened the job position of Embedded Engineer in the multimedia domain. As soon as Ben heard the news, he started an Embedded course to upskill his Multimedia domain knowledge to boost his value within the company. After completing the course, he applied for the job and got selected.

As a result, his company saved a lot of money and resources that they would have spent on a hiring process. After being impressed with his skills and learning abilities, they offered him a promotion. So, this is how Ben retained and got promoted in his current company by upskilling himself.

As technology creates new opportunities and job positions, it becomes increasingly important for companies to fill these new roles with candidates who possess relevant and updated skill sets.

“Many Fortune 500 companies have also announced various upskilling programs to prepare their workforce for the future. For example, Amazon’s senior vice president of human resources, Beth Galetti, recently announced that the company will invest $700 million in Upskilling 2025 training programs for its massive global workforce to meet the increased demand for technical skills.”

That’s why companies should promote upskilling within the organization to motivate their existing employees to contribute well to the overall growth.

How upskilling is a necessity to grow in 2023 and beyond?

The word ‘upskilling’ has become a buzzword among several employers and employees. Many instances have proved that in the coming future, it will become an essential tool to achieve success in organizations.

But the question is: Why should employees and employers pay attention to it?

In today’s fast-paced world, organizations are rapidly adopting new technologies, developing data-driven strategies, and reimagining conventional methods across processes to improve their future growth.

“The recent PwC survey showed that more than 1/3 of job candidates value upskilling so much that they are willing to take a pay cut to learn new skills.”

Some of the other reasons why businesses should upskill their employees are:

• To adapt to technological changes and reduce the talent gap
• To maximize productivity among the existing workforce
• To bear the loss of sudden exit by any of its employees by providing a qualified successor without jeopardizing their operations
• To save huge resources required to onboard new employees
• To create a good brand image
• To improve engagement and innovation
• To create an ability to attract and retain talent

On the other hand, many people are concerned that cutting-edge technology, such as automation, will eat up the jobs of various individuals.

But the truth, as the WPC research reveals, is just the contrary.

“The research showed that rather than eliminating workforces, technologies like automation can result in employee skill enhancements, providing benefits such as increased productivity and continuous growth.”

So, to make employees a part of the digital revolution, businesses must invest resources and time in upskilling them to prepare them for future outcomes.

Benefits of Upskilling for Employers

A recent survey showed that after salary and benefits, upskilling is the deciding factor for candidates when deciding whether to take a new job or stay with their current employer. Upskilling is important because:

• Help leverage new technology

  One of the important reasons businesses should invest more money in upgrading the skill set of their current employees is due to technological advancements. These advancements have created a huge skill gap in the working environment, which can only be filled by acquiring those skills. That is why employee upskilling is required to cover the skill gap in the workforce created by technology advancements and complete the client’s target on time to achieve organizational goals successfully.

• Boost overall productivity

  Upskilling helps boost productivity in the organization; if you do not provide opportunities for growth and development to your employees, they will become dissatisfied. Due to this feeling, they might quit and run to a competitor offering them better prospects. So, to protect yourself from this huge loss, you should make your employees feel valued by providing learning opportunities through upskilling programs.

• Stay more competitive by reducing skill gaps

  “Change is the only constant” is the adage that goes well in every industry. When an organization provides requisite learning opportunities to its employees, the employees become more efficient and get a competitive edge over their peers from other companies that are not getting such opportunities. Adequate upskilling programmes help companies to command a dominant position among their competitors in the industry.

• Nullify the need to hire new candidates

  When an organization runs upskilling programs or provides its employees with opportunities to upskill in domains other than their respective ones, employees become versatile and efficient. They can handle work that once was out of their ambit, nullifying the need for the companies to go for new hiring. This helps save the company’s time and money, which would otherwise be used for hiring new candidates.

• Helps in retaining clients

  When you have an employee base that is skilled and well versed with problem-solving intellectual capacity, you’re able to deliver good services to the clients. Employees getting upskilling opportunities develop deeper technical knowledge and can provide innovative solutions to the client’s custom problems.

Importance of Upskilling for Employees

Upskilling is an effective tool for securing tenure, gaining a promotion, and acquiring the opportunity to advance into managerial roles within the organization.

• Upskilling enhances competencies and thereby ensures job security

  When employees can upskill their existing skill set, they become better placed in the company. They can deliver better results by devising new techniques and solutions to deliver their respective work, meeting or exceeding clients’ expectations. As a result, they get recognition from the management, providing them with much-needed job security.

• Upskilling boosts employability and morale

  When the employees are provided with training and workshops to enhance their existing pool of skills, they become versatile. They can work on new problems or services other than that which they used to work on. This increases their morale and boosts their employability in divisions other than their existing ones.

• Employees get a chance to grow into managerial roles as well as promotion

  When Employees are regularly upskilled through different sessions, it increases their intelligence quotient. They are better equipped to deal with dynamic business problems efficiently. They get the opportunities to step into managerial roles and pass on their new skills to their respective teams to ensure fool-proof client delivery.

• It brings new opportunities with added benefits

  Employees with opportunities for various skill enhancement programmes are better placed than those without such exposure. It provides them new opportunities to try their hands in different roles across the organization and helps plug inefficiency and talent gaps. Thus, eventually, they get better paid for their valuable services to the companies.

• It opens up new possibilities with changing job perspectives

  To satiate their self-actualisation, employees need to work tirelessly to provide their best services to companies. When he gets opportunities to upskill himself regularly in this dynamic environment, it opens various new spaces, new jobs not ventured yet, to show his work prowess and rise to better levels in companies.

Conclusion

Upskilling entails considering the big picture or the future. It has resulted in a win-win situation for employers and employees, allowing employers to close the workforce skill gap while saving money and resources. On the other hand, by embracing upskilling, employees can invest in their future, ensuring that they remain relevant, competitive, and fulfilled in the ever-evolving world of work. Therefore, whether you’re an employee or an employer, embracing upskilling is the key to thriving in today’s constant change and innovation.