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Reskilling: Benefits and best practices

According to the World Economic Forum, one billion people will need to be reskilled by 2030.¹ Reskilling is essential for organizations to help meet their staffing needs and future-proof their business as the workplace continues to evolve.

Attensi Team

Published · Updated

Reskilling vs. upskilling

Reskilling is the process of an employee learning an entirely new skillset so they can do a completely different job. For example, IT staff could be reskilled to work in cloud computing or cybersecurity.

Upskilling, in contrast, is all about adding to a pre-existing skill set within an employee’s current role. For example, people may upskill as new technology is introduced into their job role.

Why reskilling is important

We exist in a world of ever-evolving technology. And, despite the Coronavirus pandemic, we’re not going to see these advancements slow down anytime soon.

Now more than ever it’s vital that organizations keep making a commitment to growing employees so they can succeed – whatever direction they head in.

This is where both reskilling and upskilling come into play.

Reskilling and upskilling is a top priority for the next decade

The current skill sets of employees globally are outdated.

The World Economic Forum (WEF) reported that more than 40% of employees will need reskilling by 2025.²

Unless organizations change the way they approach reskilling, companies will continue to fail to grow their employees and future-proof their business.

Changing skillsets for changing times: Displacement due to automation and robotic process automation

The rise of automation and robotic process automation (RPA) has seen job responsibilities decrease by as much as 50% in some roles.

The pace of change is rapid, with Gartner reporting that over 33% of the skills required by an average 2017 job posting were no longer necessary in 2021.³

The best thing you can do is ensure your employees stay employable.

Encouraging your teams to reskill will enable them to become adaptable, life-long learners.

What’s more, both parties can reap the benefits of reskilling and upskilling. The WEF reports that 94% of employers expect their employees to acquire new skills while on the job.⁴ These individuals will see rapid career progression, unlike those who fail to adapt.

Ideal for combatting labor shortages

Reskilling is the answer to minimizing workplace skills shortages on a global scale, especially the current labor shortages that most developed economies are experiencing.

The benefits of reskilling your organization

It all comes down to resources. Ultimately, through reskilling, you become more in control of costs in all departments.

Benefits of reskilling for employees

Keep stable employment (and benefits)

Reskilling is just as important and beneficial for employees as it is for employers.

When companies offer benefits after a certain length of employment, you’re motivating employees to stay within your organization. For example, introducing an insurance scheme after a year of employment.

Upward mobility (role diversity)

If employees know there’s potential for a promotion up for grabs, you’re motivating them to work hard. But with upward mobility comes new responsibilities.

Reskilling and upskilling will teach your team the things they’ll need for any future promotion. They can grow, rise through the ranks and stay within your company. It’s a solution that everyone stands to gain from.

Making lifelong learning a process

Across almost all industries, employees no longer have the time to commit to day-long training sessions. Analyst Josh Bersin reports that the average employee only has time for 24 minutes a week dedicated to formal learning.⁷

The process of upskilling and reskilling is the answer to the problems of the modern worker. Employees learn on the job, at a time that suits them. They’re more likely to retain knowledge too.

By shifting away from the norm of rigid training days, learning doesn’t come to a halt. Reskilling will encourage your workforce to treat learning as a lifelong process.

How to organize a reskilling program

A successful reskilling program doesn’t happen by accident. Follow these eight steps to plan it, launch it and keep improving it.

This method of training might be brand new to your organization. It’s okay if some aspects don’t go the way you planned them, or you don’t see progress straightaway.

Above all else, reskilling is all about broadening your employees’ skillsets. Remember, it’s an ongoing process, so don’t be scared to make adjustments in order to see improvement.

Are you ready to level up your training?

Sources

  1. Reskilling Revolution: Preparing 1 billion people for tomorrow’s economy, weforum.org/impact/reskilling-revolution
  2. Upskilling for Shared Prosperity, weforum.org/docs/WEF_Upskilling_for_Shared_Prosperity_2021.pdf
  3. Top 5 Priorities for HR Leaders in 2021, gartner.com/ngw/globalassets/en/human-resources/documents/trends/top-priorities-for-hr-leaders-2021.pdf
  4. The Future of Jobs Report 2020, weforum.org/docs/WEF_Future_of_Jobs_2020.pdf
  5. Workplace Learning Report, learning.linkedin.com/content/dam/me/business/en-us/amp/learning-solutions/images/wlr21/pdf/LinkedIn-Learning_Workplace-Learning-Report-2021-EN-1.pdf
  6. The future of work after COVID-19, mckinsey.com/featured-insights/future-of-work/the-future-of-work-after-covid-19
  7. A New Paradigm For Corporate Training: Learning In The Flow of Work, joshbersin.com/2018/06/a-new-paradigm-for-corporate-training-learning-in-the-flow-of-work