Future-Proof: Mastering Reskilling & Upskilling

January 10, 2024

Company Culture

In an era marked by rapid technological change, the question facing businesses isn’t just how to enhance existing skills but how to equip employees for altogether new roles. While 87% of global executives in a McKinsey survey report a significant skill gap, the solution lies in a dual approach: reskilling and upskilling.

The Critical Need for Reskilling and Upskilling

The dynamics of the business world are changing with remarkable rapidity, setting a new tempo for organisational adaptation and innovation. Companies must enhance their teams’ abilities (upskilling) and prepare them for new roles (reskilling). A LinkedIn study found that 94% of employees would remain with a company that invests in their career development, highlighting the importance of reskilling and upskilling for employee retention and engagement.

Reskilling: Preparing for the New

The drive towards digital transformation requires a workforce capable of handling new technologies and strategies. Reskilling focuses on teaching new skills for different roles, significantly as specific jobs are redefined or become obsolete.

Key areas include:

Adapting to Technological Advances

From AI to blockchain, preparing employees for roles that didn’t exist in your organisation is essential. It ensures your workforce stays ahead of technological trends and positions your company as a forward-thinking leader in innovation. Employees trained in new technologies can drive your organisation’s growth and help maintain a competitive edge.

Meeting the Demands of Automation

As routine tasks are automated, new roles requiring critical thinking and creativity emerge. Reskilling employees for these roles means shifting focus from manual functions to strategic and innovative activities. This transition enhances job satisfaction and bolsters the company’s ability to adapt to future industry shifts.

Upskilling: Enhancing Existing Skills

While reskilling prepares employees for new roles, upskilling is about enhancing their existing skill set to keep pace with evolving job requirements.

Key areas include:

Improving Digital Competency

Upgrading technical skills to match the advancements in current roles is crucial in a digitally evolving workplace. It ensures that employees keep pace with the latest digital tools and platforms and use them effectively to improve productivity and innovation. As digital technologies evolve, ongoing digital competency training becomes essential for maintaining operational excellence.

Evolving Soft Skills

Enhancing communication, collaboration, and self-management in a changing workplace is critical to maintaining a cohesive and adaptable workforce. These soft skills become increasingly essential as remote and hybrid work models become more prevalent. They facilitate smoother teamwork across digital platforms and foster a positive work culture that can adapt to the changing business environment.

Strategic Approach to Workforce Development

A successful strategy involves both reskilling and upskilling initiatives:

1. Assess Gaps and Opportunities: Understand your organisation’s competencies and potential new roles.
2. Develop Tailored Learning Paths: Create individualised plans for reskilling and upskilling, focusing on future role requirements and current skill enhancement.
3. Incorporate Blended Learning: Use a mix of online, classroom, and on-the-job training for a comprehensive learning experience.
4. Promote a Learning Culture: Encourage knowledge sharing and continuous learning as core organisational values.

Culture: The Bedrock of Learning

Creating a culture that values both reskilling and upskilling is crucial:

• Leaders as Role Models: Demonstrate commitment to learning at all levels.
• Mentorship and Peer Learning: Facilitate knowledge exchange between different roles and departments.
• Recognition and Integration: Celebrate learning achievements and integrate them with performance metrics.

Leveraging Technology for Learning

Utilize HR technology like LXPs and LMS for both reskilling and upskilling. These tools offer personalized learning experiences, accessible anytime and tailored to individual career paths.

Real-World Examples

Adobe’s Sabbatical Program: Focused on reskilling for new career paths, Adobe’s innovative approach enables employees to take a year off for skill development. This program is a testament to the company’s commitment to its workforce’s adaptability and growth and a powerful retention tool. Employees return with fresh perspectives and skills that align with evolving business needs.

LinkedIn’s Learning Paths: Offers resources for both reskilling and upskilling employees. With over 4,000 courses available, LinkedIn employees can access diverse learning materials ranging from technical skills to soft skill enhancement. This platform demonstrates how continuous learning is integrated into the company’s culture, encouraging employees to stay agile and relevant in their careers.

IBM’s AI-Driven Labs: Tailor learning for new roles and enhance existing skills. IBM’s use of AI in creating personalised learning plans exemplifies how to leverage technology for practical skill development. These labs help employees transition into new roles seamlessly and ensure that their skill sets remain on the cutting edge of industry standards.

Embracing Dual Development

As we navigate these dynamic times, the dual approach of reskilling and upskilling emerges as a critical strategy for workforce development. Join us in this transformative journey of preparing your workforce for the future. Remember, the revolution in talent development is not just about acquiring new skills but also enhancing and adapting existing ones.