Through upskilling, individuals and corporations acquire a new learning mindset. This implies that the workforce is willing to embrace new ways of doing things such as human collaboration with machines.

Most experts note that the concept of upskilling is critical to the success of every industry and should be given the needed attention. “The skills required in the workforce are changing fast. Jobs are changing on you, even if you’re not changing jobs”, says Linda Cai, vice-president of talent development at LinkedIn. A recent LinkedIn data shows that skillsets for jobs have changed by around 25% since 2015. According to experts, this number is expected to double by 2027.

Upskilling should not be confused with reskilling. Upskilling refers to providing current employees with additional skills. On the other hand, reskilling entails replacing an employee's outdated skills with new skills that meet the needs of the changing market. Often, reskilling requires an employee to be sent back to college or a trade school to earn a degree or certification in a different field.

IMPORTANCE OF UPSKILLING

Upskilling is important regardless of one’s profession or occupation. Considering the pace at which the digital transformation is occurring, the workforce cannot afford not to upskill. Job roles and their requirements are changing faster than ever. The changing technologies is reimagining the provider-customer dynamic and transforming how goods and services are sold and bought.

 Businesses are upskilling through new technologies to improve customer access, experience, and loyalty. As job requirements change and new skills are required, companies are forced to either find new talent or fill the gap through upskilling. Upskilling, rather than filling skill gaps with outside talent save money and time by reducing the need for hiring and training processes.

Also, through upskilling, companies are able to make efficient use of data.  Upskilling provides the opportunity to achieve more with less for the benefit of customers, employees, and shareholders as well. This shared responsibility and harmony amongst stakeholders lead to constant improvement in business.

Businesses, through upskilling, adopt models that are built from the customer perspective. This is conformity to new competition trends that shift from the traditional provider economic model.

Moreover, employees expect more opportunities for growth within their companies. With upskilling, business owners can make the best out of the workforce. This in turn, can be an opportunity for pay increments and improved working conditions. Employees can now anticipate perks such as paid holidays, affordable healthcare and professional training.

By providing employees with upskill training opportunities, organizations can make workers feel that they are valued and have a dedicated future within the company. Thus, upskilling increases employee satisfaction, boosts motivation and morale for higher performance.

Not only does upskilling help the workforce to get ahead with their jobs, it also shows a dedicated- human resource investment in a firm’s future.

REFERENCE

Information from the BBC, Forbes, and www.techtarget.com was used in this story