05.3.2024
Top 5 IT Certifications Shaping 2024: Stay Ahead in Tech
Posted by Marbenz Antonio on July 10, 2023
Staying abreast of rapid technological advancements challenges organizations across various sectors by upskilling. While technology brings lucrative business prospects, it also gives rise to skills gaps, particularly in industries such as manufacturing, healthcare, and construction, where the demand for skilled workers is exceptionally high.
How can employers address this skills gap while retaining their existing workforce? A company’s ability to upskill, or its capacity to train and develop employees to expand their skill sets, confers a significant competitive advantage in our increasingly technology-driven world. In fact, according to McKinsey, “to emerge stronger from the COVID-19 crisis, companies should initiate the reskilling of their workforce without delay.”
We are all aware that employee turnover can be quite costly. According to Gallup, the cost of replacing a single employee can range from half to twice their annual salary—and that’s on the conservative side. This means that a 100-person organization with an average salary of $50,000 could face turnover and replacement costs totaling approximately $660,000 to $2.6 million per year.
Upskilling or reskilling, on the other hand, represents a smaller investment compared to the expenses involved in hiring and training a new employee. You can cultivate a well-rounded and cross-trained workforce by providing upskilling opportunities, ultimately enhancing your team’s efficiency.
However, the benefits of upskilling extend beyond just the financial aspect. It also:
1. Improves Retention: Working for a company that doesn’t prioritize employee career development can be demotivating. Upskilling initiatives help prevent employees’ skill sets from becoming outdated and demonstrate your commitment to their professional growth and future prospects.
2. Boosts Morale: Employees who are provided with training and development opportunities experience greater job satisfaction and hold a more optimistic view of their future within the company. Reskilling the workforce enables employees to visualize a clear path for career advancement, generating enthusiasm about future prospects. Having a sense of progress toward personal and professional growth instills a profound sense of purpose and fulfillment in their work.
3. Increase Customer Satisfaction: Satisfied employees contribute to satisfied customers. When employees are content with their organization and share a sense of purpose, their performance improves. Additionally, upskilling ensures that your workforce remains informed about industry trends, enabling them to provide clients and prospects with valuable recommendations and insights. Clients are willing to invest more in collaborating with a knowledgeable and proactive team. As clients become pleased with the quality of your work, they become strong advocates for your brand.
4. Attracts New Clients: Based on SHRM’s research on the skills gap, it has been found that 83% of HR professionals are facing challenges in recruitment, and among them, 75% report a shortage of skills among candidates for job openings. As businesses thrive, the need for new talent arises to complement the skills and upskilled workforce. When employees have a sense of purpose within their organization and clients are satisfied with their work, they become influential brand advocates. Consequently, they are more inclined to recommend your organization to their network of friends, former colleagues, and family members. This leads to a diverse pool of talented individuals to choose from when the time comes to expand your team.
Prior to developing an upskilling strategy, it is essential to initiate a discovery phase to assess the future skill requirements within your employee base.
The objective is to take a proactive approach and anticipate the forthcoming demands of your industry, thereby gaining a competitive advantage over your rivals.
Ensure that training and development opportunities are easily accessible and financially feasible for all individuals. While it is understandable to prioritize certain employees who exhibit high productivity and strong morale, it is important to ensure that all individuals have equal access to these opportunities. By providing inclusive access, you may be pleasantly surprised to discover who takes advantage of and benefits the most from the offerings.
Accommodate different learning styles. Certain employees thrive in a traditional classroom environment with a teacher, while others may prefer the convenience of online courses. Additionally, some individuals may prefer microlearning, which involves watching short videos that cover topics in small increments. By catering to different learning styles, you can ensure that a wide range of employees will be motivated to participate in the upskilling opportunities.
Empower employees to choose their path. Empower employees to take control of their personal development plans and assist them in making decisions regarding their career progression. When employees feel they have the autonomy to choose which areas they want to develop, they become more invested in their personal and professional growth.
Reward employees for their upskilling efforts. Provide employees with incentives for successfully completing training and development activities to reinforce the significance of such initiatives. Additionally, offering positive recognition fosters a sense of satisfaction among employees and contributes to a more motivated and productive workforce.
Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.
For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com
