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Advanced technology. Labor shortages. Shifting market demands. What do all these have in common? They create skill gaps in a company’s workforce.
Today, key industries, including construction, manufacturing, and financial services, are facing significant staffing shortages. Our recent Talent Trends survey reflects this, revealing the top reason 30% found it difficult to hire last year was due to a lack of candidates with the required skills.
So, what can be done?
Rather than focusing solely on opening new roles, companies can upskill and reskill their teams—a game-changing strategy to better navigate the evolving landscape. Keep reading to learn more about the benefits of upskilling and reskilling and how businesses can (and should) make it a key part of their talent strategy.
First, let’s define the difference between upskilling and reskilling. Upskilling is a strategy that involves employees expanding their existing skillset. It allows professionals to grow their expertise within their current role and eventually advance their long-term career.
Alternatively, reskilling requires employees to learn new skills not currently in their repertoire. These skills benefit workers in their current role but could also position them for new role types within your organization.
Both methods can help individuals and businesses keep pace with changing markets and skill demands. Now, let’s explore why you should introduce upskilling and reskilling to your workforce.
As industries change, so does the nature of various roles. For example, thanks to technology, accounting and finance roles have now evolved beyond menial tasks to more strategic responsibilities. And in manufacturing, automation engineers have become one of the fastest-growing positions.
Upskilling and reskilling allows teams to grow in-demand skills, keeping employees and businesses agile.
2. Enhances employee engagement and retention
Investing in employees’ learning is an excellent way to improve their engagement and tenure. In fact, 25% of nearly 4,000 workers say career progression is most important to their job satisfaction.
Fostering employees’ professional development can position them for internal mobility, qualifying them for horizontal or vertical growth within your organization. When workers believe they have a future with a company, they feel more inclined to stay loyal, reducing turnover as a result.
3. Attracts new employees
For many job seekers, having a clear career path at a company is appealing. Our research reinforces this sentiment, revealing that 26% of workers cited the desire for career progression prompts them to look for opportunities elsewhere.
Showcase your organization’s upskilling and reskilling efforts on social media, job descriptions, and in interviews with prospective employees. The promise of professional development will help you attract ambitious workers whose goals align with yours.
First, identify the skill gaps your workforce is facing. These could be anything from artificial intelligence and data analysis to creativity and innovation.
For this step, be sure to do market research to learn what skills will be in demand and most beneficial to your operations moving forward. Things to consider include emerging trends, market demands, and new technologies. You can also simply ask employees what skills they’d like to learn and see how they fit into the bigger picture.
2. Create a plan
Now, it’s time to turn your research into reality. The best upskilling and reskilling efforts are strategic. Developing a plan with clear expectations, practices, and goals makes for a streamlined, optimized experience.
Additionally, making upskilling a company-wide initiative can help further enhance performance and create a culture of continuous learning.
Some reskilling and upskilling examples include:
3. Conduct skills audits regularly
Since industries change frequently, monitoring gaps within your workforce is an ongoing task. Try to reassess their capabilities every few months and adjust your upskilling and reskilling programs as necessary.
Remind employees to keep a log of their progress. Proper documentation can help employees stay on track and give employers skills status updates that inform future changes like internal job changes.
While upskilling and reskilling are often suitable solutions, it may not be sufficient to fill the gaps in your workforce.
Assess the needs of your team. Are your employees frequently burned out? Increased responsibilities could decrease morale and progress. A recent Michael Page survey reflects this—30% of workers said heavy workload was the biggest barrier to productivity, followed by understaffing (27%). In these cases, increasing headcount is key.
At Michael Page, our recruiters specialize in over ten industries and are dedicated to securing your ideal candidate for your permanent, temporary, or interim roles. Learn more about our expertise or upload a job description to start connecting with top talent.
