The world of work is rapidly changing, and technological advancements and digital transformation are disrupting traditional notions of jobs and roles. The pandemic has only accelerated this trend, making it more urgent for businesses to adapt to change and reskill their employees to meet the demands of the new era.
According to a study by Gartner, more than 40% of finance roles will be new or significantly reshaped due to finance technology by 2025, and this trend is not limited to finance alone. And the simple fact is that those companies that fail to adapt will be left behind.
So, the question is, is your team prepared for the reskilling era? Today, we will explore the importance of reskilling and upskilling and how L&D can play a vital role in preparing your team for the future!
The Importance of Reskilling and Upskilling Your Current Team
The World Economic Forum shared earlier this year that 1.1 billion jobs will be “radically transformed” by technology over the next ten years. They also predicted that by 2025, the time spent on tasks at work will be equally split, 50/50, human/machine.
For those reasons, today, we’re living through what is now being referred to as the “reskilling revolution.” But only .05% of GDP is being invested in adult lifelong learning, which means that it’s time to step it up, and it’s up to companies to invest in their teams to future-proof their greatest assets—their employees.
To meet the new demands of the market, your team will need to be able to navigate the ever-changing world of technology, the landscape of global business, and more. All of which is wildly different than it was even just a few years ago. And that’s where upskilling and reskilling come into play.
But let’s take a step back.
What exactly are upskilling and reskilling, and what’s the difference?
Upskilling refers to the process of acquiring new skills or enhancing existing skills to stay relevant and competitive in the job market today. On the other hand, reskilling involves learning an entirely new set of skills to transition into a different role, industry, or career. Both remain critical to ensuring your current team is prepared for the ever-changing landscapes that will come with the future of every industry.
The Role of Learning and Development (L&D) in the Reskilling Era
Now, how do you start implementing upskilling and reskilling as an integral part of your company culture? The answer is a solid learning and development strategy and creating a culture of learning.
L&D plays a crucial role in preparing teams for reskilling and upskilling. Properly designed learning and development programs will identify skill gaps and develop comprehensive training programs that meet employees’ needs—and meet them where they’re at.
By leveraging various learning approaches, including virtual learning, immersive technologies, group coaching, and micro-learning, teams can develop a culture of continuous learning and reskilling, encouraging employees to stay ahead of the curve by learning new skills and technologies in a way that feels most organic to them.
Creating Your Company’s Reskilling & Upskilling Strategy
Prioritizing reskilling requires a strategic approach that aligns with business goals. For example, companies must determine which skills are needed for future job roles and prioritize reskilling programs accordingly.
You can do this in a few steps we’ve simplified here:
- Have your leadership complete a SWOT analysis to identify your company’s weaknesses (you can also do this at multiple levels of leadership to ensure you’re not missing anything – and then bring them together).
- Create a list of skills and activities to prioritize in terms of reskilling and upskilling to address those weaknesses and turn them into strengths.
- Evaluate current infrastructure and learning and development—do you have the tools to effectively and efficiently address those gaps and reskill? If not, what do you need in terms of resources (i.e., technology, third-party expert contractors, project managers)? Identify and acquire the tools needed to execute and incorporate them into a strategy.
- Design a reskilling and upskilling strategy that can be filtered down through every level of the organization, with the original SWOT analysis in mind throughout.
The key as you begin to deploy your learning and development programs for reskilling is to communicate the importance of reskilling and upskilling very clearly to employees. This includes the benefits of reskilling, such as career growth and enhanced job security!
Measuring the Impact of Reskilling
Measuring the impact of reskilling is essential to determine its effectiveness and ROI. Companies must establish key performance indicators (KPIs) that align with business goals and continuously assess the efficacy of reskilling programs.
Moreover, companies must gather feedback from employees to determine if they find the training useful, engaging, and relevant. L&D can use data and analytics to monitor the effectiveness of reskilling and make informed decisions about future training programs. You’ll want to gather metrics that indicate:
- Engagement levels
- Retention statistics
- Overall productivity increases
- Customer experience improvements
- Cost and efficiency of production
And other KPIs that align with the organization’s reskilling goals. Ultimately, the benefit will become clear, or you’ll be able to identify where you may need to tweak your efforts.
The Future of Reskilling & How to Prepare for the Reskilling Era
The future of reskilling is closely tied to technological advancements. As artificial intelligence, machine learning, and robotics continue to transform the workplace, reskilling will become an ongoing process that requires continuous learning and development. Companies that can adapt to the “new normal” will be better positioned to remain competitive and thrive in the digital age.
Companies must prioritize reskilling, aligning strategic business goals with L&D initiatives that develop personalized, flexible, and immersive training programs. But you don’t have to go at it alone.
NimblyWise’s team of learning and development and business experts is ready to help you design a real-time learning program that will allow your team to tackle the reskilling era head-on. Let’s strategize!