How Upskilling Benefits Both Employers and Employees

We once talked about second-skilling. Today, we’ll discuss something a little different: upskilling.

 

Now, upskilling has been defined as the process of teaching current employees new skills. That may be so, but I would like to take it a step further. I like to think of upskilling as upgrading one’s skills or that of your employees’.

 

However, some balk at the idea of company-wide upskilling. To be fair, such an endeavor would be costly. The most effective strategies often involve targeted training, pattern building, and successful artificial intelligence (AI) integration. These things require significant investments of money and effort.

 

On the other hand, the alternative would be far more expensive. If you don’t develop your people for the future, they’ll either leave you for someone who will or you’ll get stuck with a stagnant talent pool.

 

Still not convinced? Take a look at the advantages that upskilling brings to both sides:

 

Upskilling Benefits For Employers

 

Talent Attraction

 
Talent Attraction

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Majority of millennials prize professional growth, as do a good number of, well, non-millennials.

 

Thus, a company that offers development opportunities as a career perk will have no shortage of interested applicants. And you can bet that a lot of them will turn out to be rock stars in their fields.

 

Strong, Steady Succession

 
Strong, Steady Succession

Image Credit: forbes.com

 

Upskilling existing employees is one way of ensuring that the business will continue to operate effectively in case one of your key people suddenly leaves or is otherwise incapacitated. Thus, your training programs should not only equip its participants with technical skills, but should also endow them with experience that will allow them to step into leadership roles when needed.

 

Better Employee Retention

 
Horseshoe magnet attracting the word employee over white background 3d illustration of staff retention program or attractive employer.

Image Credit: workforcemanagementtoday.com

 

It might be tempting to bring in new specialists when trends dictate such. A better alternative, however, would be to invest in your existing employees’ skills and training instead.

 

Not only does this allow you to fill in vacancies internally (and therefore saving you additional training expenses), but it also makes your employees feel valued and empowered. When someone feels like they have a future to look forward to in your company, they will be more likely to stay.

 

Upskilling Benefits For Employees

 

Discovery of New Abilities

 
Discovery of New Abilities

Image Credit: iStock

 

One of the most exciting things about upskilling is that it can uncover surprising new areas in which you can excel. This, in turn, leads to new interests and passions, perhaps even an entirely different career path from the one you imagined initially.

 

Future Investment

 
Future Investment

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You can never go wrong with additional skills. Firstly, they’re great to have in your arsenal when opportunities for promotions arise. Secondly, should your company be forced to downsize, your expansive skill set increases your chances of being kept on.

 

Lastly, in case you do get laid off, your dynamic CV will steer you towards favorable new employment before long.

 

Career Stability

 
Career Stability

Image Credit: iStock

 

Job-hopping to gain experience and learning may be in vogue now, but that won’t be necessary if you already work in a company that prioritizes upskilling.

 

When you’re getting paid to perform a job you love and are constantly presented with constant opportunities for growth, would you still look elsewhere? Probably not.

 

Whether we like it or not, change is upon us. Technology continues to shape our future in ways that we have yet to predict, and for companies and individuals alike, such uncertainty is terrifying.

 

One thing remains constant, though. Whatever happens, a company’s culture will still determine whether it dies out, survives, or even thrives.

 

Upskilling, with its focus on continuous learning, is sure to contribute to the third outcome.

Serena Estrella

Serena joined Remit back in 2016, and has tormented its Marketing Head constantly ever since. To get through the rigors of writing about grave concerns like exchange rates, citizenship requirements, and PH-AU news, she likes to blast Mozart, Vivaldi, ONE OK ROCK, and Shigeru Umebayashi in the background. She does a mean Merida voice in her spare time too.

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