Even before the pandemic hit, terms like reskilling and upskilling were already popular buzzwords. But it is undeniable that the pandemic highlighted how companies who constantly reskill and upskill their employees are more likely to retain talent while also reducing costs. As such, nowadays, reskilling and upskilling are some of the most crucial investments an organization can make as a part of its talent management strategies.
Learn what these concepts truly mean and how you can start implementing these strategies into your organization.
First, let's distinguish between reskilling and upskilling. Reskilling involves learning new skills and it's usually used to transition employees into a new role. It entails training workers in an entirely new set of skills to prepare them to take on different positions within the company. On the other hand, upskilling refers to specializing in a core skill or skill set. Upskilling focuses on improving current employees' skills, usually through training, so they can advance in their careers and develop within the company.
As technology advances and new opportunities and job positions arise within a company, it becomes increasingly important for HR teams to fill these new roles with candidates who possess relevant and specialized skill sets. To fill these open positions while maintaining their current workforce and creating employee strengthening and learning opportunities, reskilling and upskilling is the best solution.
Reskilling means looking for people with ‘adjacent skills’, that are close to the new skills a company requires. By investing in it, organizations can keep their loyal employees, retain company knowledge, and reduce training and hiring costs.
Likewise, through upskilling, companies can save money by increasing the abilities of their current employees instead of spending time and budget on hiring new workers.
In both cases, by providing employees with upskilling and reskill training opportunities, organizations can make workers feel that they are valued and have a dedicated future within the company. In short, upskilling and reskilling will help you maintain the integrity of the social capital at your company.
Reskilling and upskilling employees is a complex task that demands strategic planning, as it usually requires a solid investment in training. As training and skill learning becomes more crucial for business development, the spotlight is being turned toward HR teams.
Here’s what HR teams can do to ace employee reskilling and upskilling:
* Create detailed plans for key roles and positions;
* Evaluate which methods of training are most beneficial and how much time, money, and resources they require;
* Design suitable reskilling and upskilling programs;
* Negotiate with potential candidates;
* Understand the main goals and expectations of each candidate;
* Make reskilling and upskilling as personalized as possible.
The last two years have changed nearly everything about how we work, including the roles we take at work. In this scenario, reskilling and upskilling are key. Organizations that train existing employees for new tasks or positions are more likely to retain those employees, which saves the cost of hiring a replacement. In short, upskilling and reskilling are two unmissable strategies if you want to grow your company without disrupting its social capital.
If besides investing in these two strategies, you also want to upgrade your company's software and get the best solutions for your HR teams, don't hesitate to get in touch with us. At Talcura, we have the most comprehensive services and software for HR professionals. Schedule a free demo and learn more about our customizable solutions.