In our swiftly evolving job market, organisations that have the ability to adapt and grow will be best placed to thrive. These companies will also be leading the pack when it comes to optimising their employee’s productivity and loyalty. Upskilling, or providing training that boosts employees’ skills, is becoming a pivotal strategy for organisations who want to nurture a culture of continual learning, as well as solid leadership development.
Offering upskilling opportunities is no longer optional. The companies that make the effort to do this going forward, will have a transformative impact on their employee’s careers, as recent research demonstrates.
The Upskilling Imperative
According to a report published by the World Economic Forum, almost 50% of the workforce will require reskilling by 2025, as workplaces evolve with technology. This figure highlights the urgent need for companies to create viable ways to upskill. Fostering a company culture that encourages learning, not only prepares employees with the necessary key skills to perform their roles optimally – it nurtures engagement and innovation – and encourages higher levels of employee retention.
Why Upskill?
Investing in upskilling frequently provides companies with significant returns. Research released by the Association for Talent Development (ATD) shows that organisations that have robust learning cultures are 92% more likely to innovate – and 46% more likely to be first to market with new products. Their insight also reveals that companies who invest in employee training experience a 24% higher profit margin, in contrast with those that failed to do the same.
Creating an upskilling culture also encourages leadership – as workers acquire new skills, they’re more likely to be self-starting, making decisions and leading projects with confidence. This transformative shift doesn’t just benefit individual employees, it enhances the entire organisation’s cohesion and performance.
5 Core Strategies to Cultivate a Culture of Continual Upskilling
- Evaluate Employee Skills Needs – Begin by identifying the key skills gaps that lie within the organisation. Performing regular assessments can assist any existing training programs and will ensure alignment and harmony with the business’s objectives.
- Encourage Continual Learning – Leaders should make an effort to promote a mindset of lifelong learning within the workplace environment. Encourage workers to enrol in relevant courses, attend workshops, and participate in industry conferences. Hugely successful organisations, such as Google and Amazon, are renowned for providing their employees with the resources required to boost their skills on a continuous basis.
- Provide Diverse Learning Opportunities – Offer employees a broad choice of learning formats – including online learning material,one-to- one mentorship, and hands-on practical workshops. One study published by LinkedIn Learning discovered that 94% of employees said they would stay at a company longer, if it invested properly in their careers.
- Recognize and Reward Learning – Provide desired incentives for workers who take up additional training opportunities. Recognising employee achievements not only boosts individual morale, it also motivates others to follow a similar course of action.
- Create Pathways to Leadership – Companies must take the relevant steps to ensure that upskilling opportunities align well with leadership development. Organisations should establish clearly mapped out routes for career advancement, and equip their employees with all the tools they will need to lead.
The Outcome of Upskilling
The significant impact of upskilling on career transformation is profound, as recent statistics demonstrate. One report published by McKinsey found that organisations who prioritise reskilling saw an average 30% rise in employee productivity. On top of this, a 2022 LinkedIn survey discovered that workers who undergo training are more engaged and less likely to leave, with 70% of them stating that learning opportunities increase their job satisfaction.
The workforce is continuing to evolve and creating a culture of upskilling is no longer optional – it’s vital. Organisations that invest in their employees’ development now, will not just prepare them well for the challenges that tomorrow will bring, they’ll pave the way for innovation and sustained company success. By prioritising learning within the workplace, companies can radically transform careers – and, ultimately, improve their entire business landscape.
The time to embrace upskilling is now – and the organisations that do this will not merely be investing in their workforce – they’ll be creating a sustainable future for themselves within a rapidly transforming marketplace.
