Experiencing a Knowledge Gap? Retrain and Upskill Your Workforce

As industries become increasingly digital, knowledge gaps are appearing in workforces across the globe. How will your company find the talent needed to cover these gaps? The answer may lie not in finding new talent, but creating it.

Technology is the obvious area in which workers need to advance their skills to remain high-value. However, technical upskilling isn’t the only place where you can foster improvement. Strong competency in interpersonal and customer service skills are also in demand as workplaces continue to go remote.

Existing Employees Are Worth Your Investment

For most companies, staff turnover is an ongoing concern. While employee retention must be one core focus of workforce management, executives and managers must remember that 80% of their existing workforce have no plans to leave. These employees require nurturing, and recognizing their potential for upskilling can boost their value to the company as well as their morale and loyalty.

Remote work is changing how employees work and interact with managers, each other, and customers. Provide constant learning opportunities to help them navigate these changes, and look for ways to restructure hierarchies within your company to promote personal ownership of time and tasks.

Core Skills Are Changing

It is estimated that by 2022, 42% of core skills related to existing jobs will change – leading to a need to reskill more than 1 billion people by 2030. If you hope to stay competitive during your organization’s shift to digital first, you must be prepared to look ahead and anticipate where knowledge gaps will appear.

Formerly “punch in, punch out” workers must learn time management skills in less supervised environments. Managers accustomed to handling staff issues in person will need to acquire the more nuanced management skills required to navigate remote conflicts. In almost every work environment, technological expertise must be cultivated.

Augmentation Is Elevating Work Capabilities

As the Internet of Things (IoT) and artificial intelligence (AI) advance, it becomes more and more clear that robots won’t replace humans in the workforce. Instead, intelligent machines will augment what humans can do, allowing personnel to concentrate on making your company more competitive. Humans still do many things better than robots, including providing personalized customer service (CX).

An average of 90% of worker time across all roles can be potentially affected by intelligent technologies. Automation can take over repetitive tasks and augmentation can deliver vital customer data in real-time. The result is a human workforce that delivers enhanced results.

Retraining and Upskilling vs. New Hiring

There are two ways to address job redesign. The first is simply hiring new employees who already have the required skills to fill knowledge gaps. However, this can be expensive and take months to accomplish. Other organizations are competing for those same new employees, and you will still have to spend time onboarding and training them to meet your specific needs.

Looking within your existing workforce to find the talent you need is faster and more cost-efficient. Many companies are seeking to retrain and upskill rather than hire, with 84% increasing investment in reskilling programs. An employee you retain, invest in, and promote is more likely to remain with your organization than seek employment elsewhere.

The Difference Between Employment and Employability

Younger employees are particularly likely to embrace retraining and upskilling opportunities. When it comes to Generation X, 91% list on-the-job professional training potential as a top deciding factor when selecting an employer. They are less likely to churn if they believe they are being given a viable path to level up their skills and improve their position.

Upcoming generations of workers don’t count on employment with any single company to last their entire career. Instead, their job security is based on employability, improving their chances no matter how many times they need to job hunt in a rapidly fluctuating business landscape. By offering continual learning opportunities, you can attract energetic new talent and mold them into high-value workers.

How Censia Can Help Identify Undervalued In-House Talent

Censia’s Internal Mobility Matching function helps reduce workforce acquisition costs by identifying which candidates are ideally positioned for retraining and upskilling. Your entire workforce can be accurately analyzed and profiled, allowing you to get a clear picture of talent assets, knowledge gaps, and innate potential. Flight risk can also be reduced, as you encourage employees to strive towards upward mobility within your organization.

Implementing a retraining and upskilling program designed to appeal to and nurture existing staff results in improved retention, faster time-to-productivity, and deepened client relationships. By offering on-the-job development opportunities, you can increase employee engagement by as much as 30%, and improve institutional knowledge across the board.

Finally, providing a way for your best employees to upskill or reskill helps you build in-house loyalty. Instead of competing for new talent, you can create your “new” workforce from within, developing hidden abilities and boosting employee potential. Our proprietary data platform helps you reveal the undervalued workers already in place, and leverage them for increased revenues and company stability.

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