5 Key Benefits Of Upskilling Employees

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5 Key Benefits Of Upskilling Employees

17 Feb 2022 Admin 1 Leadership

Upskilling is vital to replace outdated skills and to keep up with technological advancements in the fast-changing job market. The longevity of existing skills is on a rapid decline. Companies need to equip teams through upskilling or corporate training programs to succeed.

A study conducted by Deloitte found that four out of five leaders believe employees lacking necessary skills and training are a hindrance to organizational growth and development. Independent learning or workplace training should be encouraged by employers to open more learning and development opportunities for team members.

Technological upgrades have created exciting opportunities in today's job market. However, this technology upheaval also left a gap in the skills needed. The aim of the employers should be to bridge the gap while retaining the present employees. It is time for companies to extend their learning budget in reskilling the current workforce to create an asset that drives organizational growth. 

Top 5 Benefits of Upskilling Employees

Employee attrition is expensive to companies. According to McKinsey, the cost of replacing an employee is twice the employee’s salary per annum. Therefore, upskilling or reskilling is a wiser investment than hiring and training new employees. Reskilling creates a well-trained and overall well-rounded workforce equipped with the latest technology & tools to increase enterprise productivity. It leads to an agile, innovative work environment where employees can quickly adapt to changes. 

Upskill training can boost your business outcomes, but it is not just limited to that. There are several benefits of upskilling your team through corporate training courses, let’s talk about the top five benefits worth noting: 
 

  1. Employee Retention: It is a known fact that employers who care for employees and their personal growth creates a desirable work environment where people love to work. Companies that encourage active learning and future career development for their employees can retain their current workforce, minimizing expenses associated with attrition. It creates a win-win situation for all. 
  2. Boosts Workplace Morale: Teams with new learning and development opportunities will be motivated and have better workplace morale. They will be more comfortable in their work environment and have a positive outlook towards working for the company. Reskilling provides a sense of belonging in employees, makes them feel happier in their respective job roles, and paves the way for their career advancement in the future.
  3. Better Talent Acquisition: When your company is expanding, you may need to recruit new talent. In such cases, if your organization has a good record in corporate training and upskilling employees, there is a greater chance you will attract a broader talent pool. This is because providing opportunities to upskill establishes a good brand image and is attractive to job seekers looking to expand their skill sets. Therefore, by supporting learning programs within your organization, you can attract highly qualified applicants with extensive experience and skills to drive organizational excellence. 
  4. Increased Customer Satisfaction: Customers lie at the center of your business ecosystem. However, to make customers happy you should first focus on your employee’s happiness. Learning and development programs keep your employees motivated and focused on their responsibilities. It means they can serve your clients in a better way. Moreover, corporate training programs ensure your team is updated with current market trends and insights to deliver enriched services that add value to the customer experience.
  5. Higher Productivity Levels: It is a known fact that upskilling increases productivity and efficiency levels. The more skilled your employees are, the less time they will spend finishing a given task. It means you can save both time and money. Corporate training courses enhance performance by creating innovative teams that can brainstorm and come up with creative business ideas and solutions.

How to Conduct Upskilling For Your Employees?

The primary objective of an employer should be to stay ahead of the current industry standards to beat the competition. For this, you need to be proactive and build an upskilling strategy based on the skills that you may require in your employees to get an edge over your competitors. 
 

  • Make learning & corporate training programs readily available and affordable for everyone: You should ensure all employees get equal access to learning opportunities to boost their morale and increase productivity. 
  • Advocate different learning methods & styles: You should analyze your employees' learning approaches and accommodate different learning styles, for instance, classroom training, online courses, or microlearning. It will ensure maximum number of employees participating in the upskill training program. 
  • Encourage employees to select their path: Give employees the freedom to choose their personal & professional development path and equip them with the ability to make their own decisions. 
  • Provide a reward for upskilling efforts: Give employees an incentive or increment for completing their training & development program. Positive recognition will boost their morale leading to a more productive workforce. 

Wrapping Up

To conclude, different people are motivated by different things. Therefore, organizations should analyze their employees' capabilities and encourage them towards new learning opportunities to witness impressive outcomes in terms of retention, performance, and profitability. Moreover, after the pandemic outbreak, employees have shifted to a flexible working model. Now is the best time to leverage this opportunity and upskill staff to help your business reach new heights in the future. To know more about our learning and development program, log in to https://www.learnow.live/

 

BY: Admin

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    Careernet Consulting

    We loved your analysis on the benefits of upskilling employees. It is a crucial element for organisations to consider. Check out more pointers on the "why" and "how" of upskilling worforce at https://careernet.in/blog/the-transformative-benefits-of-upskilling-the-workforce/

    7 months ago