In a business environment where change is constant and qualified talent is in short supply, companies need long-term strategic plans and resilience to maintain a strong workforce. Many are aware that upskilling and reskilling the workforce is the cornerstone of organizational success in the coming years, but 60% of companies don’t have the data and insight they need to get started.
With more than half of the global workforce requiring significant upskilling in the next two years, the time to start is now. Organizations must take corrective action to ensure that their employees receive professional development opportunities in technical and personal skills, such as stress management, communications, and resilience. With the various factors of evolving technology, remote work, and shifting demographics, employees must understand how to develop and utilize these skills for organizations to gain and retain a competitive edge.
How to Invest in Upskilling and Reskilling
In a 2020 Deloitte Insights article on reskilling, a survey identified that a majority of organizations do not have the insights necessary to address the readiness gap. Additionally, 59% of those organizations needed more information to understand the readiness of their workforce to meet new organizational demands. According to McKinsey & Company, digital technology has accelerated by seven years at both an industry and organizational level since the start of the pandemic, and having a tech-capable workforce is more important than ever.
One of the ways companies can unlock upskilling and reskilling in their organizations is by using workforce intelligence technology. This helps organizations get intelligent, real-time feedback on key workforce indicators, such as skills gaps, workforce planning, strategic workforce analysis, flight risk, and upskilling potential. Using workforce intelligence, companies can hone in on where their skills gaps lie, what skills they will need in the coming future, and which people are most suitable for upskilling. An additional benefit of upskilling the workforce is that it dramatically improves performance and retention.
How Technology and Data Enable the Process
With this digital transformation and the rise of automation such as artificial intelligence (AI), the World Economic Forum predicts a loss of 85 million jobs by 2025. Alarming as that number is, the same report indicates that an additional 97 million jobs will be created. The key is to prepare the workforce to move from easily automatable jobs to the jobs of the future. Ultimately, while organizations need automation and AI for data processing, the need for human skills such as problem-solving, interpretation and design are equally critical.
Technology such as internal mobility matching allows organizations to take the necessary steps towards building a resilient workforce in order to maintain economic stability, reap the positive ROI benefits, and to implement upskilling initiatives. Up-to-date talent data coupled with AI-generated insight allow organizations to identify which internal candidates are eligible for upskilling. This improves retention rates, optimizes employee skills and provides management with an overall understanding of the company’s talent assets.
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Learning Approaches for Upskilling and Reskilling your Workforce
As the world faces the emergent need for upskilling and reskilling, it is crucial that organizations provide a variety of options to their workforce in order to enhance overall employee value and strengthen resilience for the long run. In our recent webinar with founder of HR Bartender, Sharlyn Lauby discussed some of these learning approaches associated with upskilling such as apprenticeships, microlearning, educational partnerships, and self-directed learning. She also touched on some of the various reskilling approaches involved topics such as job rotation, career path and development programs, coaching and mentoring, special projects, and blended or online learning.
For more information on how to Use Upskilling and Reskilling to Optimize Talent, Meet Business Goals, and Reduce Talent Costs, read our eBook.