Why Investing In Upskilling Your Team Is A Good Idea
With the evolution of technology, the demand for a skilled workforce is at an all-time high. With the availability of only a handful of employees with niche skills, there is a steep competition between organizations to hire the right candidate with the coveted skill sets, especially in fields like AI, machine learning, software development, IoT, etc. In a survey conducted by PwC, it was revealed that 79% of CEOs worry about the availability of key skills in their team, making it one of the top three concerns. In this scenario, upskilling your team members can be a real game-changer for your organization.
Why Should You Upskill Your Employees?
If you have not yet considered upskilling your team, here are a few reasons to reconsider your decision.
- Boost Productivity: When your employees are upskilled at work, they are motivated and engaged at work, thus boosting their productivity. They become proficient in using technology, thus propelling the business’s growth.
- Retention Becomes A Breeze: When your employees are upskilled continuously, they are motivated and excited about their job. The more they are motivated and engaged at work, the longer they will stick around. When you invest in their career growth, it demonstrates that you care and value them in the organization, which positively impacts employee retention.
- Upskilling Helps Develop Your Employer Brand: Everybody wants to work in an organization that cares for its employees. When you continuously upskill your team, it portrays you in the job market as the most ‘coveted organization to work for’. This has an enormous impact on your employer branding. Before you reach out to a potential candidate, your job is already half done. In short, upskilling your present employees makes you a fair workplace where every potential candidate would like to work in.
- Get Ahead Of The Competition: Organizations that invest in their talents get a competitive edge in the job market. When the number of skilled employees is limited, and the demand is high, you will undoubtedly get far ahead of your competition.
- Reduce hiring cost: Employees who are upskilled on the job can grow and take up more serious and demanding roles. You can upskill, train, and groom your front-line employees to become future leaders. This will help you eliminate the hiring cost and the cost of replacing an employee.
- Happy Employees = Happy Customers: No matter how cliché this sounds, it is true to the core. Happy and engaged employees care for your business and your customers because they develop a sense of accountability towards their job. When you invest in their career, the loyal employees will treat your customers well. When your customers are treated well and are happy, your business growth is inevitable.
- Improved Bottom Line: When your employees are continuously upskilled at work, they are better equipped to do their job well. Increased productivity, motivation, and engagement at work have a positive impact on your company’s bottom line.
- Stay relevant: With the evolution of technology happening quickly, the only way forward to stay relevant and up-to-date is by constant upskilling. When employees are trained to use the technology available at hand, they are better positioned to leverage it and do their job better.
Over To You!
Upskilling your employees is an investment that many companies might not be willing to do. But when done right, it can yield excellent results for the organization in the long run. If you have been apprehensive about investing in upskilling, the above pointers will help you make an informed decision.
Remember, while upskilling your team is essential to stay ahead of the competition, it is equally important to keep your team engaged because a higher engagement rate can be translated as a higher retention rate. If you’re lacking ideas on keeping your team engaged, especially at critical times like this when your team is working remotely, here are some ideas for you to explore.
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