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Organizations are motivated to retain their workforce and to provide a conducive atmosphere in which employees can pursue their goals and contribute to the company’s success. However, external forces such as digitalization and the advancement of competitors may leave organizations unable to close skill gaps with their existing workforce. Terminating and replacing the current workforce with fresh hires is not a sustainable strategy.

That’s why many companies use upskilling strategies, which help them achieve many objectives at once (such as retaining employees while also fostering their professional growth and progress).

This article will discuss the value of training your workers and offer suggestions for training your personnel without breaking the bank. Keep reading!

What is the difference between upskilling and reskilling employees? 

Our first step is to define the term “upskilling.” In a nutshell, the terms “upskilling” and “reskilling” refer to the process of acquiring new knowledge and abilities that are desirable to a specific employer or job description. Upskilling, on the other hand, involves developing one’s existing expertise to fill in gaps in one’s skill set, as opposed to reskilling, which refers to studying for a new career inside an organization. In general, companies invest in their most promising workers by providing them with further training and education to further their careers and broaden their skill sets.

This idea has been around for a while, but in 2020, after the widespread dislocation and layoffs brought on by the deadly COVID-19 virus, it became increasingly popular. To remain competitive in today’s dynamic economic and employment landscape, 42% of organizations have already begun upskilling programs, according to a recent survey. Incredibly, 91% of corporates reported increased productivity as a result of upskilling and reskilling programs.

This isn’t the only upside to investing in employee training, though. Let’s take a look at some potential positive outcomes that might result from launching an upskilling initiative at your company.

Upskilling the workforce has many positive effects.

  • Increasing productivity and morale among workers

Workers are more invested in their work when they have the opportunity to improve their skills. According to the same poll, if an employer doesn’t provide opportunities for workers to hone their skills, a large percentage of them will look elsewhere for work.

Investing in your staff through upskilling projects and training efforts shows that you care about their future professional development and want to keep them from becoming obsolete in the workplace.

  • Bridging Skills  Gaps

It’s candidate-driven now, and that’s forcing companies to hire for the long haul. More than three-quarters, i.e.,   78%, of companies are willing to hire someone who doesn’t have all the required skills but shows promise for future growth and development by taking on additional training or developing related competencies.  This pattern contributes significantly to an existing skills deficit. More than 90% of CEOs agree that their current staff lacks the necessary level of expertise.

  • Fostering a thirst for learning 

Increasing one’s expertise or upskilling is not a one-time event but a continual process that takes time. For this reason, it makes a fantastic starting point for fostering a culture of learning within your company. The lack of hands-on training is a major drawback of training that should be accessed whenever required because hands-on can develop one’s knowledge of applying what they have learned to real-world problem statements. By participating in reskilling and upskilling initiatives, employees can get insight into their future potential within an organization and put their newly acquired knowledge to use on the job.

Strategies for upskilling the workforce

Update the current educational system.

A skill-building initiative need not be invented from the start. The labs at Nuvepro are great places to get some hands-on experience and study. Improving training outcomes elegantly by increasing these stretch opportunities and linking them to training experiences. The company benefits from developing talent and promoting teamwork, while the participants gain valuable experience and exposure.