In today’s tight labor market and in the wake of a nationwide skills shortage, employers have begun to shift their focus from hiring new talent to upskilling current employees. In this article, we’ll discuss everything you need to know about upskilling — a training initiative that can increase retention and positively impact overall company performance.
What is upskilling?
As its name suggests, upskilling refers to the practice of teaching current employees new skills to help them better succeed in their current position or confidently take on expanded capabilities. As technology evolves and the workplace becomes more reliant on digital tools, employees may no longer be equipped with the skills necessary to do the job they were initially hired for. Instead of seeking outside hires to fill these positions, employers can choose to upskill their current workforce.
A proper upskilling initiative can help employees learn new skills that will allow them to develop professionally while increasing the employer’s ability to hold on to top talent.
Why should you consider upskilling?
Now more than ever, employers are feeling the pressure of finding the right talent to hire. An XpertHR survey found that out of 800 HR professionals surveyed, 64% said that finding qualified applicants for open positions was very or extremely challenging. As the market continues to tighten and the skills gap grows, employers have turned to upskilling as an innovative solution to their hiring woes.
Beyond closing a skills gap, employers from all industries should consider upskilling as a means to engage employees and improve their bottom line. The costs of turnover can be devastating to businesses, and implementing an upskilling program is an excellent way to avoid the financial losses associated with bringing in new talent.
How can you start upskilling your current workforce?
Before you can create an upskilling initiative, your organization needs to figure out what its needs are and what the goal is for the upskilling initiative. From the implementation timeline to the associated costs, there are a variety of factors that must be taken into consideration before you put your upskilling program in place.
Once you’ve ironed out the needs and goals of the initiative, you’ll want to create a skills plan. A skills plan involves identifying the top skills employees need to be trained on to be successful at their job. Then, those skills are ranked by importance so that it’s clear which skills should be focused on for the upskilling initiatives. After a plan is created, you can go through and design training courses for each skill you want to address.
After implementing a new upskilling initiative, it’s essential that you evaluate its success by conducting regular check-ins with employees. This will help you determine the return on investment and whether the program should be expanded or reduced going forward.
When implemented effectively, an upskilling program can bring great benefits to both employees and employers. To learn more about how you can upskill your current workforce, connect with our experts today.