The Importance of Upskilling and Reskilling

The world is changing at a rapid pace. Regardless of whether the change is brought on by technology or societal shifts, learning has become necessary to stay competitive in the job market. According to the World Economic Forum, over half of all workers in India, will require upskilling and reskilling to meet the talent demands of the future.

Prime Minister Narendra Modi addressed a virtual conclave on World Youth Skills Day organized by the Ministry of Skill Development and Entrepreneurship. The Prime Minister presented “a new mantra for the youth to skill, reskill and upskill” in order to remain relevant in the rapidly changing business environment and market conditions.

What exactly are Upskilling and Reskilling?

Upskilling is the process of teaching current employees’ new skills that will help them in thriving in their job and help them in becoming more efficient.

Reskilling focuses on teaching employees new and upcoming skills to do a different or more advanced job.

Benefits of Upskilling Employees

Improves retention-  Upskilling ensures employees' skillsets won’t become obsolete and shows the people you care about their careers and their futures. The best candidates will consistently move towards companies that offer upskilling and reskilling benefits. Talent is looking for employers who offer career development through on-the-job coaching to evolve their career in ways such as applying the skills needed to be a business analyst to transition into the role of an enterprise architect. Learning opportunities can, therefore, become a significant employer branding advantage.

Boosts morale- Employees who have training and development opportunities are happier in their roles and have a brighter outlook on their future with the company. Reskilling your workforce helps them see the path to career advancement in front of them, and gets them excited about what could be next. Knowing they’re working toward something that will better their lives creates a deeper sense of purpose.

Increases customer satisfaction- Upskilling keeps your workforce up to date on industry trends, allowing them to offer the best recommendations and insights to clients and prospects. Clients are willing to pay more to work with a more knowledgeable, proactive team. And when clients are happy with the work you do, they become stronger brand advocates for you.

Attracts new talent - Of course, when business is successful, chances are you will need new talent to add to your experienced, upskilled workforce. When employees feel a sense of purpose with their company and clients are happy with their work, they become stronger brand advocates. That means they’re more likely to recommend your organization to their network of friends, past colleagues and family members. Suddenly you have a wide pool of diverse talent to choose from when it comes time to expand your team. business models change and technology gains more prominence, employees equipped with the most necessary skillsets – both hard skills and soft – can steer organizational success in the right direction.

While the COVID-19 pandemic is a complicating factor, it’s important to think of upskilling as a key factor in the long-term stability and growth of an organization so that it can pivot in the face of challenges large and small. COVID-19 accelerated trends already in place and highlighted what companies already knew: the organizations you’ll be hearing about as success stories in two or three years are the ones who actively committed to retraining their workforce for business challenges ahead. Because of the pandemic, companies just have to evolve at a faster pace. And to do that, both they and their employees need to be smarter.