When it comes to any company, it is the people who are their most valuable asset. Corporate leaders have realized that employee turnover is an expensive affair. You only attract the best of the talents to work for your organization when they are happy at their workplace because it helps in creating productivity. Thus, upskilling the talent pool that has been through the thick and thins of your company definitely puts you in the best possible picture and promote employer branding.
According to HUFFPOST blog, “Millennial employee can costs the company $15,000 to $25,000, but it’s actually a lot more when you weigh in a few additional variables. So if a highly trained executive is making $120,000 a year, the true loss could be up to $255,600 to the company!”
Thus, clearly, upskilling the current workforce is not only cost-effective but also time-saving. As a learning organization, it also enhances the skill sets of your employee which gives them the growth they seek for in their professional lives and also keeps workplace intriguing.
As per the latest NASSCOM report, about 40% of the estimated workforce in India, which is around four million, will need re-skilling over the next five years to cope-up with the latest technological trends.
Digital disruptions are at their peak and to ensure your organization is responding to the market demand to sustain its market capitalization, it is extremely important to upskill/ re-skill your existing employee rather neglecting their contribution so far. After all, they have been associated with your company for a long time; they know your clients and business strategies. For any new hire, it will take at least some time to cope-up with the new work environment before they start producing desired results.
Why upskilling/ reskilling should be your focus in a nutshell?
Employee Retention (Employee Branding)
Attracts new talent (Employer Branding)
Bottom line hygiene
How do I upskill my current workforce?
There are plenty of ways to incorporate the upskilling/ re-skilling strategy. Learning & Development teams along with HRs are active partners in helping aid the whole purpose. However, it is at times a challenge on their part to identify potential qualified learning partners in limited budget.
Now, let us discuss the different approaches that can be adopted for successful upskilling/ re-skilling. To begin with, it is always advisable to conduct a survey on the top skills/ emerging skills that are in demand and then identify which one of those is more relevant to your organization and industry. This certainly gives you an edge over your competition.
Highly skilled trainers can conduct upskilling classes. They facilitate nurturing the talent in person.
At times, it may be tedious to juggle job and classroom training. It is convenient to rather have a virtual training from your system at your feasible location.
Many training institutes understand and value your time. They provide you with elaborate content which will help you dive deep into the knowledge pool.
You can employ some of your best hires with advanced skills to take up subject matter expert role and conduct classes.
Learn over Meal
You can conduct informative sessions over a complimentary meal hosted by your company to upskill your workforce. This is very exciting and new format of imparting knowledge.
Upskill Initiative Evaluation
As your next step, you need to evaluate and validate the upskilling efforts that have undergone. The participants need to attend the classes conducted for the batch and succeed in the given project.
Many training centers will conduct an examination before they can certify the candidate of capable enough to handle roles and responsibilities revolving around the skill they just acquired.
Do not miss out the opportunity to upskill your employees so that they can stick with your company and help your organization grow.