The meaning of UPSKILL is to provide (someone, such as an employee) with more advanced skills through additional education and training. Upskilling can include “soft” skills that can be advanced and specialized to fill workforce skills gaps. Increasingly, these skills are in high demand in the marketplace. Emotional intelligence, for example, can be advanced to support better leadership in remote and hybrid work environments.
Upskilling is also crucial for technical skills. Aptitudes for working with technology must be consistently improved to successfully carry your company through digital transformation. An HR professional with some data analytics experience, for example, can advance their data analysis skills to move into a more specialized workforce analysis role.
3 Benefits of Upskilling Your Workforce (source: betterworks)
Upskilling produces several benefits, both for the business and for individual employees. Here are some of the most significant benefits upskilling brings to your company.
Adapt to Change in Real-Time
With the capacity to upskill internally, your company can adapt immediately rather than as talent becomes available externally. Companies with internal upskilling programs can train and deploy existing talent to fill those needs as they arise, without becoming reliant on an unstable labor market.
Save Time and Resources
Developing an internal upskilling strategy saves time and resources. The cost of internal learning and development is significantly lower than hiring and onboarding a new employee. With the quickening pace of change, by the time you find and train a new hire to fill a skills gap, their skillset may no longer even be what you need.
Improve Productivity, Engagement and Retention
A robust training and development program improves productivity, engagement, and retention. Learning new skills helps employees stay productive at your company longer. Instead of becoming outdated, they become more agile and able to work more efficiently.
When employees can see the learning opportunities available, they’re more likely to envision themselves with your company long-term. Options for upskilling prevent them from feeling trapped in their current role. Additionally, offering professional development signals interest in your workforce’s wellbeing, which also promotes employee loyalty and retention.
According to Gallup, As the U.S. economy recovers from the impact of COVID-19, upskilling programs -- defined as training or education that teaches new skills or advances existing skills -- present a compelling opportunity for workers and businesses. Gallup, commissioned by Amazon, conducted the most comprehensive study to date on upskilling -- The American Upskilling Study: Empowering Workers for the Jobs of Tomorrow. The survey found that upskilling is becoming a sought-after employee benefit and powerful attraction tool for employers amid the current labor shortage.
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