Importance of Reskilling & Upskilling in the Workforce

Posted January 3, 2024

It has become more important than ever for organizations to retain their employees, reducing their dependence on new hires in an increasingly challenging economy. Skills management has become one of the most important HR focuses for the year, and the trend is expected to continue. 

Upskilling employees involves creating voluntary programs to improve and expand existing skills to help individuals become more proficient in their roles. Reskilling is helping individuals learn an entirely new skill set that helps them adapt to changing job requirements. Various factors contribute to the need for reskilling and upskilling.

Technological advancements

Technology is constantly evolving, and new jobs are created all the time. This past year, job titles around AI, VR, drones, and blockchain have all been created. Employees have to be able to keep up with the latest trends and technologies to remain competitive.

Expanding Markets

The global economy is more interconnected than ever. As a result, organizations face rising competition from a global market. Employees need to have the skills to compete in both global and local markets. 

Demographic changes 

The workforce is becoming increasingly diverse, and the average retirement age is rising. This means most businesses need to have a workforce that is adaptable and skilled, both to be prepared for the future and to deal with moving up within organizations. 

Benefits of Reskilling and Upskilling

When organizations shift their focus to skills rather than job titles or descriptions, they free individuals to work on the areas most suited to their skill sets and interests, allowing them to move fluidly around an organization rather than keeping them siloed into a specific job function. 

The key takeaway, however, is that this outcome only occurs when this cultural shift is executed with proper planning. Without building a complete view of the capabilities of your workforce, leaders will struggle to create appropriate skill-building opportunities.

How to Implement a Reskilling and Upskilling Program

There are a few important steps when it comes to implementing a successful reskilling and upskilling program:

  1. Identify your needs: What skills do your employees need to develop to meet your business goals?
  2. Choose the right training programs: There are many different training programs available, so it is important to choose ones aligned with your needs and budget.
  3. Make training accessible and engaging: Employees should have easy access to training programs and the training should be engaging and relevant to their needs.
  4. Track and measure results: Track the impact of your training programs so you can identify what is working and what is not.

Upskilling Employees With Corporate Online Learning

Skillsoft, in concert with CPI, is a global leader in corporate digital learning and delivers a comprehensive suite of high-quality, personalized online training to help organizations upskill their workforce. We cover topics from Microsoft Office Suites, Business Writing Essentials, QuickBooks Pro, and more. Our offering includes:

  • The Skillsoft CPI350 catalog is a customized curriculum designed for participants in CPI’s outplacement program.
  • Skillsoft’s AI creates personalized learning paths based on individual skill levels and roles. 
  • Executive Coaching engagements to expand and improve on motivational and leadership techniques.
  • A suite of tools to help organizations track and measure the impact of their learning programs.

Helping Employees Manage Their Careers

CPI is a global leader in career management services. We help individuals create personalized career goals and plans and provide expert services to organizations looking to invest in their employees.

CPI’s PowerMyWork is a comprehensive program that supports employee engagement and career development. PowerMyWork helps employees explore their strengths, interests, and career goals and develop a plan to achieve them.
Reskilling and upskilling are essential aspects of career management. By investing in staff, organizations can improve their productivity, efficiency, and innovation. Employees can also benefit from reskilling and upskilling by increasing their job satisfaction, earning potential, and career opportunities.

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