About 79% of Americans are at least somewhat satisfied in their current job positions. Almost half cite themselves as ‘very satisfied.’ In a changing workforce, it’s important for employers to attract talent and retain those who want to keep their current positions in the long term.
Upskilling and reskilling can help you provide employees with training opportunities that keep them invested in their jobs. Read on to learn some benefits of upskilling and reskilling talent.
Learning and Development
Upskilling and reskilling both are types of educational opportunities that a business gives to its employees. Their aim is to ensure that all workers know how to best perform their jobs. They get information about changes to their positions and learn how to adapt to these changes.
Upskilling happens when the employer gives its workers training opportunities to improve skills that they already have. They will build upon competencies they already have so they can employ best practices in their daily work lives. This will let them grow more in their current role so they can be as valuable as possible to your enterprise.
Reskilling is a bit different. Its aim is not to build on existing skills but rather to teach an entirely new skill set to an employee. This will let them retain their changing position by adapting to new applications, technologies, and methods.
Usually, upskilling and reskilling happen to accommodate technological advancements like automation and application integration. They let you keep your best employees as you modernize and revolutionize your workforce. In some cases, though, employees will also learn and develop other skills like customer service or organization.
A High-Return Investment
Well-constructed training opportunities almost always provide a high ROI. An MIT study that assessed the effectiveness of upskilling and reskilling soft skills proved this. Initiatives turned an ROI of around 250% across the board.
Soft skills management is a core reason to upskill and reskill your employees. With the increasing prevalence of technology, AI integration is yet another reason to provide these training opportunities.
79% of businesses say that machine learning and AI are important to their company’s future. 36% also say it will be the #1 contributing factor to their growth.
Investing in training initiatives allows you to boost your employee’s knowledge of soft skills. It also informs them about AI technology so you can make more money.
Ultimately, it makes them more in tune with the new applications you’ll deploy soon. The end result is a higher profit.
Potential for Globalization
When a business expands internationally, the ways that it conducts its daily operations will inevitably change. You’ll need to contend with:
- Finding skilled employees abroad
- Virtual communication between time zones
- Applications that work across different countries
- Remote workers that conduct businesses differently than in-house employees
- Adapting training programs and policies for remote workers
- Language and cultural barriers
- Different thought processes regarding technology
- Experience gaps based on location and training
Upskilling will help you to boost new international employees’ skills. You’ll have control to make sure this happens in a way that aligns with your business goals and mission. You’ll be able to nurture talents that they already have and adapt them to your business model.
Reskilling will help existing employees better adapt to remote workers and international business mindsets. You’ll be able to expand to global markets with a more cohesive team. When everyone’s on the same page, you won’t lose money or time because of poor communication or technological challenges.
Regardless of your service area, talent management can help you keep existing employees. In fact, 94% of American workers say that they would stay in their current position longer if they got more training and growth opportunities.
People want the room to grow and evolve. They want to improve their existing skills and create new ones. They want more opportunities for the future so they’re not stuck in dead-end jobs, and giving them these chances can financially benefit you.
It costs around $4700 to hire a new employee at minimum. Usually, though, you’ll be paying about 3-4 times the new hire’s salary. So, if you’re hiring for a $50,000 position, you’re going to spend about $150,000-$200,000 after selecting a candidate.
Training costs pale in comparison to this, and engaging employees is easier than ever before. Outsourcing engagement programs at any stage of the business lifecycle can help you be more successful.
Poorly-trained employees are never productive because they don’t know how to conduct their daily jobs. This is true of those who never had relevant skills nurtured. They’ll fall behind.
It’s also true of those who never were trained in new skills in a changing workforce. New technologies won’t integrate seamlessly into old processes, and they might take weeks to figure them out. Those weeks could be spent building skills, enhancing productivity, and conducting better business.
Upskilling and reskilling will naturally make you more productive. Employees won’t need to try and improve their methods without adequate knowledge and tools. They won’t be left to figure out new aspects of their jobs on their own.
90% of US consumers say that customer service is a defining factor in determining whether or not to work with a company. 58% will also change companies after a bad customer service experience.
As a globally-expanding business, it’s important that you invest in customer satisfaction. Upskilling and reskilling can make this happen. It gives you the chance to ensure that employees have top-notch communication skills so they can connect with customers better.
They’ll also be more adaptable. This is important because the ways that people communicate are changing. Global businesses also need to contend with international clients that communicate differently than those at home.
Talent management helps you better connect with consumers.
Start Upskilling and Reskilling
Now that you know the core benefits of upskilling and reskilling, it’s time to begin the process of global expansion. At Bradford Jacobs, we’re committed to providing you with top-notch training tools and resources. These can help you stay competitive in any market.
We’ll help you to attract employees that are willing to learn. We’ll also help you onboard them and provide training opportunities for new and old workers alike. Contact us to learn more about how we can help with employee retention, talent management, and more.