But What Are The Advantages Of Investing Time And Money In Training And Upskilling?
Upskilling in the workplace involves fostering continual learning, offering training and development opportunities that increase your current employees’ skills, knowledge, and competencies.
Employees who are benefited from training and development opportunities are likely to feel fulfilled by their roles and positive about their future within your company. Many studies have shown that companies with dedicated training and development programs for employees see not only dramatic increases in profits, but a higher rate of retention among employees, vital to sustaining corporate growth.
While development programs are focused more on broader skills like leadership, communication, and decision-making, employee training, by contrast, has specific, measurable goals related to improving productivity and precision in the processes at hand. More concretely, training involves programs that allow employees to acquire specific skills or knowledge that will enhance their productivity.
Trainers may deliver upskilling training in classroom settings, which allows employees to learn new skills or enhance existing ones. By having unique upskilling training, you are communicating to candidates that this is something they can accomplish at your company.
One of the biggest reasons you should invest in an upskilling program is if you are looking to improve the performance of your workers, and subsequently, grow the success of your company further. Good upskilling programs are something that you can do to combat job-hopping and the loss of talent, and so, can even get a higher return on your time and money.
The best part is that, in addition to providing employees with sought-after skills, upskilling can also be a way of introducing new changes in the workplace and helping employees adapt quickly.
Companies invest in upskilling to enable employees to get more done in less time, come up with new solutions and ideas, or take on more complex tasks. Large companies such as Amazon and PWC already invest in upskilling programs for their employees.
With upskilling, companies save money by improving the skills of their existing employees, rather than spending time and budget to hire new workers.
Upskilling has an array of benefits, ranging from improving worker motivation to saving a company money.
Upskilling helps current employees learn new skills for their jobs, makes a company more attractive to job candidates, and enhances employee experiences. Because upskilling is focused on helping employees learn skills for the future, companies can fill open positions by building training opportunities, retaining their current workforce.
When it comes to filling open positions, training current employees on new skills and moving this person across roles or departments is a potential cost savings.
Many companies already have made it a practice to train current employees, helping them build skills that will fit with their changing work requirements. Because it’s usually easier and cheaper to close skills gaps within your business by training current employees rather than going out and hiring new ones.
Companies who opt for skill-ups instead of addressing skills gaps with external talent save money and time, decreasing the need to run hiring, onboarding, and training processes. To this end, it makes sense to invest in closing skill gaps within your company, giving your employees a chance to get upskilled, instead of investing valuable time and funding into hiring new employees. In fact, 74% of employees who did not get some kind of training in Reskilling or Upskilling would rather work at a business that provides learning opportunities.
In a similar vein, getting new skills in your career also gives you greater job security overall. Perhaps the skills you have gained can help you land a promotion or can help you get a similar position with a new company.
If you have been successful in showing over time how much you value your new, valuable skills, then you may be in the position to work to negotiate for the promotion or a raise. When you bring new skills to the table and can show those new skills will benefit your company or organisation, you can make a strong argument for an increase in salary or compensation. When the time comes to promote you or give you a raise, it always helps to have a few extra skills under your belt.
If the time comes to make the decision whether someone is going to stay with the company, having some extra training can really help. Whether you are feeling stuck in a rut with your current routine, or looking for ways to boost your career prospects, upskilling yourself can be a great way to boost your career and put yourself in a place you want to be in your job. Using new skills can benefit your work life, helping you to feel more productive and fulfilled on the job, while also helping boost your motivation and morale.
Fostering a culture of learning in your workplace, which is a core element to good employee development programs, is crucial for improving employee experiences, and for keeping your company flexible and competitive. Employee development builds a learning culture within an organization, with each employee motivated to acquire new skills and new knowledge.
The benefits and value of training and development work as a domino effect; leaders are seen as competent and are effective at impacting the productivity of their employees; happier, more qualified employees generate satisfaction, engagement, and therefore retention; workforce improvements and commitment affect the bottom line. To get the most benefits from training and developing employees, organisations must continually upgrade their workforce. More than just boosting, however, empowering employees with skills that allow them to assume greater or different responsibilities is an amazing opportunity that can improve employee engagement in the business.
This is without even considering the time spent training a new hire after he is in place, as well as the knowledge and experience the previous employee takes with him or her when he leaves.