Any company understands that employee turnover is expensive, time-consuming, and sometimes unproductive. This idea shouldn’t come as a surprise, especially in this age where finding top talent is a tough challenge. While there are plenty of candidates out there, employers look for people whose skills can help them meet the challenges of the market competition, technological change, economic growth, and demands of today’s globalized world. Simply put, employees and companies today are having a hard time keeping up with the needs of today, let alone the future.
In Singapore, a training institution found the perfect answer to the ever-increasing skills gap in different industries. They offer training programs to fresh graduates to gain a head start in their career by taking a structured learning program. By taking this program, participants gain their diplomas in Singapore and can continue to upskill themselves and develop competencies in their chosen career fields.
The skills gap issue is so serious that many studies found that employees today require new skills to succeed in their jobs. Employers are addressing this problem through upskilling, the process of providing existing employees relevant training and development to meet various challenges in the corporate landscape. Today, business leaders are embarking on an ‘upskilling revolution‘ to address the dramatic impacts of the COVID-19 and the changing business landscape.
If you plan to invest in your upskilling initiatives, it’s crucial to understand how it affects your workforce and overall business performance. With that in mind, here are the benefits of upskilling or reskilling your workforce.
Gaining opportunities amid crises
The COVID-19 pandemic has proven that we have no control over our surroundings, including the market, individuals, the economy, and the future. This means even long-term goals will likely crumble, no matter how good we are at planning. This is where upskilling comes in to help companies stand stronger amid the most challenging times.
The financial impact of the pandemic has left many industries unable to hire new employees and even retain the existing workforce. What’s left now is to retrain current employees to fill in much-needed roles.
Long before the pandemic, some companies are already taking advantage of upskilling. Industry giants, such as Amazon and Mastercard, have invested millions of dollars in upskilling and reskilling programs to gain a competitive advantage.
For example, if you own a brick-and-mortar business, training employees on how to use e-commerce platforms would’ve helped you transition to online retailing during the pandemic. Your employees will help you take charge of your business website, grow your digital audience, and identify ideal payment processing solutions.
Supporting a culture of learning
Nobody wants to work for a company that doesn’t value its employees. That is why one of your main goals as an employer is to support employees’ professional development through continuous learning.
Building a learning culture in the workplace opens doors to acquiring job-related skills and knowledge in the industry. After all, you have to ensure your people are equipped with in-demand skills to help you keep pace in the competition and provide quality service to customers. Exploring learning opportunities in their roles not only expands their skillset but also drives their ability to accommodate changes, whether digital, economic, or consumer behavior.
In turn, this will expand employees’ soft skills, which leads to greater ROI and productivity for your organization. When your business is facing constant change, employees can lend specific skills that no technology can offer. Overlooked skills, such as adaptability, communication, and leadership, are all critical for an organization to support a thriving and functioning workplace.
Increasing teamwork and collaboration
Organizational silos occur to support productivity but also cause separation and other adverse consequences. It’s hard to achieve teamwork in an organization where people are not familiar with their coworkers’ abilities and skillsets.
Upskilling identifies your employees’ strengths and weaknesses so you can address the skills and knowledge gaps. This will also allow your workforce to explore other skills outside their expertise and average rules, which helps enhance their abilities to collaborate with other teams.
Upskilling also drives innovation, which helps team members present new, creative ideas during brainstorming sessions. In any organization, innovation is a vital factor in staying ahead of the competition and consumer demand.
Upskilling is imperative to business growth but not as difficult as it may seem. As you and your employees take advantage of upskilling, both sides can reap its benefits, such as career opportunities, employee engagement, and a more skillful and knowledgeable workforce. When done consistently, everyone involved will be in a better position to meet the challenges of tomorrow and potential economic crises.