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Reskilling: A way to discover the untapped potential and capabilities of your existing talent
The global talent shortage is very real. Driven by the pandemic and The Great Resignation, the world of work has been disrupted. Apart from this shortage in talent, organizations are also facing major skills gaps with 87% of companies worldwide saying that they already have a skills gap or anticipate one in a few years.
Recruiting fresh talent is an obvious answer to this problem, but with changing organizational needs and employee priorities, recruiting strategies are often not enough. During such unprecedented times, L&D leaders can help by investing in reskilling programs for existing talent that are scalable and have long-term benefits for organizations and for employees.
What is reskilling?
Reskilling is when employees are trained in new skills or job functions to help them transition into different organizational roles. It is a very strategic response to an organization’s changing needs and goals. Reskilling is beneficial for organizations that are undergoing massive change and need to reskill their entire workforce, and for employees whose jobs might be getting automated or outsourced.
It’s no surprise then that 60% of L&D professionals cited reskilling as one of their top priorities. The Reskilling Revolution – a global platform started by the World Economic Forum, is proof that reskilling is an urgent requirement that needs to be addressed now. The platform has thousands of business leaders who come together to understand workforce challenges and the goal is to drive scalable systems that will provide a billion people with better skills and jobs by 2030.
Benefits of reskilling for companies and employees
– Attracting fresh talent: Reskilling opportunities are an attractive benefit for outside hires with 92% of employees saying that access to learning programs is very important. The thought of better career growth and opportunities in an organization are a great benefit to look forward to for potential new hires.
– Increasing equity and inclusion: When companies are prepared to offer reskilling programs, it opens a new world of opportunities for employees of all backgrounds, which they otherwise might not have been able to afford or get access to. This makes the workplace more equitable and inclusive.
– Futureproofing: Reskilling is a proactive response to prevent a future talent crisis. Reskilled employees will be able to support the organization during times of change.
Reskilling programs
L&D leaders need to look for reskilling programs that meet organizational goals and employee aspirations. The first step to doing this is to understand the skills gaps and identify what’s necessary. An effective reskilling program will be one that is scalable and measurable. Companies need to understand their immediate goals and prepare for future requirements when considering which employees to reskill.
Are you still uncertain about the kind of reskilling program you should opt for? Speak to our expert to understand what will work best for your organization and employees.
