Closing Skill Gaps By Reskilling And Upskilling - The Ultimate Strategy To Thrive In The Post-Covid Era

Closing Skill Gaps By Reskilling And Upskilling - The Ultimate Strategy To Thrive In The Post-Covid Era

January 20, 2022

The World Economic Forum Future Employment Report 2018 predicted that 75 million jobs in twenty major economies will be eliminated by 2022. At the same time, 133 million new positions, driven by technological developments and ongoing digital transformation, will be created. As new expertise is demanded, your company is recommended to build the skill set needed to remain competitive by upskilling and reskilling. 

Closing Skill Gaps By Reskilling And Upskilling - The Ultimate Strategy To Thrive In The Post-Covid Era

Closing Skill Gaps by Reskilling and Upskilling - The Ultimate Strategy to Thrive in The Post-Covid Era

Skill gap: What is it and Why does it happen?  

In brief, the term ‘skill gap’ indicates the disparity between what employers want and what employees can offer. For instance, there are a lot of positions, but few or no appropriate candidates. Alternatively, many job seekers with certain capabilities, but hardly any businesses seek these skills.

Here are a few of the causes:

  • Structural mismatch – between learned knowledge and the real needs of future employers
  • Lack of training systems – employees cannot keep up with technical advancements changing yet there is no training available to bridge the gap
  • Lack of specialists – seeking individuals with intensive experience, yet the field just barely breaks new ground with few experts
  • Knowledge stagnation: As elderly people are retiring and the speed of workforce transition is happening quickly, seasoned employees could not transmit the experience and knowledge that they have acquired to younger generations.

What are upskilling and reskilling?   

To close skill gaps, upskilling and reskilling are the answer. Reskilling is the process of learning new skills so you can let your people do a different job. More than half (54%) of employees, according to the World Economic Forum, would require ‘substantial’ restructuring by 2022.

In contrast, an upskilling culture entails teaching employees new, advanced skills to close skill gaps. This includes and enables your team members to progress throughout their present professional journey. These personnel may have been working for your business for several years and have a thorough knowledge of both your culture and your clients.

While two-thirds of organizations believe that workforce development programs will help to close the skills gap, they are still hesitant to act due to financial constraints and a lack of appropriate tools to support internal initiatives. However, if you do not act now, your company’s ability to meet long-term goals is jeopardized since the workforce does not have the access to all necessary skills. Fortunately, you can banish those worries by applying technology for your reskilling and upskilling plan, which is not only cost-effective but also upgrades employees’ experience to the next level.

Closing Skill Gaps by Reskilling and Upskilling - The Ultimate Strategy to Thrive in The Post-Covid Era

What can you do as an organization?  

In the next several years, upskilling and reskilling will become increasingly vital. Here are some suggestions for organizations:

  • Set up training programs for your current employees.
  • Create a mentorship program in which experienced veterans pass on skills that are required to the next generation.
  • Concentrate on developing individuals that are multidisciplinary and flexible. The rotation of employment is an excellent example of how this may be accomplished.
  • Add additional responsibilities to existing job descriptions so that employees may learn new abilities.
  • Hire external specialists to fill in the gaps that your business need and utilize the technology advancement to enhance employees’ training experience

What will organizations benefit from reskilling and upskilling? 

The advantages of employing retraining or upgrading skills at work are widespread. Some of the more important ones are:

  • Reducing the cost of recruitment

Reskilling and upskilling are both internal talent investments to meet company objectives. This simplifies hiring processes as well as the related costs and adjustment times of new hires.

  •  Keeping your top employees

Reskilling and upskilling mean that you do not only need to terminate skilled staff elsewhere. Qualified staff are not always easy to find, and having their talents leave to another company is even worse.

Closing Skill Gaps by Reskilling and Upskilling - The Ultimate Strategy to Thrive in The Post-Covid Era

  • Attracting talents

The good news is that reskilling and upskilling will not only help you retain your top employees, but also help you attract the next generation of dedicated employees. These new employees will want to work for a company that values its current employees and demonstrates that by assisting them in expanding their skills and roles within the organization. People are much more likely to stay with a company that shows an interest in expanding the roles of current employees.

COVID-19 can be a massive barrier to businesses’ development. But it can also be a motivation for businesses to increase their competitive advantages and step ahead. The upskilling and reskilling program will be a strong foundation for businesses to reach their long-term goals and develop sustainably in the new normal.

Source: ELSA Speak 

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