Why reskilling and upskilling for the future of work matters

Reskilling and upskilling for a future-ready workforce have never been more necessary. As employees search for companies that proactively give them professional development opportunities to thrive, those that don't will surely fall behind.

The COVID-19 pandemic led to one of the largest workplace shuffles in modern history. Then, as employers started growing their teams again, whispers of a recession began to circulate. Companies have once again started to slow down hiring to avoid potential layoffs in the future.

In this rapidly changing business landscape, it's more important than ever for employers to invest in professional workforce reskilling and upskilling. Not only will this give your employees the tools they need to be successful, but it will also show that you're committed to their personal growth and professional development.

So, what is reskilling and upskilling exactly?

Read on to learn more about these essential strategies for building a future-ready workforce.

What is reskilling and upskilling?

Workforce reskilling and upskilling are techniques used to help employees develop new skills or improve upon existing ones. Reskilling is defined as training employees in new skills to enable them to perform different jobs, while upskilling refers to development opportunities that help employees improve their current job performance.

In recent years the need for upskilling and reskilling has been driven by several factors, including:

• Rapidly advancing technologies
• Jobs requiring new skillsets
• Increasing global competition
• Evolving customer demands
• New workforce desires and expectations
• Shifts from a product to services model

Both reskilling and upskilling are essential for employers who want to stay ahead of the curve. Companies focusing on building a future-ready workforce will find that upskilling for the future plays a critical role.

Why is upskilling and reskilling important?

Upskilling and reskilling the workforce are integral to forward-thinking companies. However, the importance of reskilling and upskilling for a future-ready workforce extends beyond just being able to adapt to change.

1. Promotes Skill Agility™

In an ever-changing marketplace, being responsive, not reactive, is critical for success. By reskilling and upskilling for the future, companies promote Skill Agility™, which enables employees to adapt quickly and remain competitive.

2. Attracts new talent

Learning and development (L&D) programs are an increasingly appealing benefit to younger generations entering the workforce. According to a 2021 Gallup survey, 66% of workers ages 18-24 ranked learning new skills as the third-most important perk when evaluating new job opportunities, behind only health insurance and disability benefits.

3. Retains employees

When employees feel equipped with the skills they need to succeed in their roles, they’re more likely to stick around. A study by The Execu|Search Group found that 86% of respondents would consider changing jobs if offered more professional development opportunities elsewhere. Retain your employees by investing in L&D.

4. Increases productivity

Investing in your employees’ L&D goals can also increase productivity levels. Employees who see good organizational opportunities to learn and grow are 3.6x more likely to report being happy, and happy people are 12% more productive. With technology upskilling, for example, employees can learn how to use the latest tools as a way of directly improving their workflow.

5. Boosts the bottom line

When employees are upskilled and/or reskilled, they can contribute more to the company. Plus, by offering professional development opportunities, you can reduce turnover and the costs associated with it, which benefits your bottom line.

Prioritize reskilling and upskilling for a future-ready workforce with custom employee training content

The necessity of reskilling and upskilling for a future-ready workforce is impossible to ignore. Investing in L&D can improve employees’ Skill Agility™, productivity, and retention, along with attracting top talent and benefitting your company’s bottom line.

So, how can you start meeting the need for upskilling and reskilling at your organization?

At Unboxed Training & Technology, we’re committed to building a future-ready workforce with custom training programs for the modern learner. We transform workplace learning by inspiring and enabling Skill Agility™. As a top training and development company, we develop dynamic learning experiences, content, and technology to help leaders and teams adapt their skills to the pace of business.

If you’re ready to invest in reskilling and upskilling for a future-ready workforce, request a demo of our custom training content today.