Technology is rapidly evolving, changing the way business is carried out. To stay relevant in the game, you must upskill your employees and prepare them to cope with the ever-increasing challenges.
According to Gartner, the skill required for a single job is increasing by 10% year-over-year. On the other hand, 30% of skills needed three years ago will soon become irrelevant.
So if the employees you trained five years ago struggle to stay efficient in their work, it’s probably not all their fault.
In this blog, we’ll talk about upskilling and discuss the tell-tale signs that you’re employees need upskilling.
What is Upskilling?
Upskilling is the process of acquiring new skill sets that will help you perform a job more efficiently. Every advancement in technology brings about new and smarter ways of doing things. If you do not catch up, your peers might leave you behind.
Undoubtedly, adding newer skills is crucial, especially for the older generation unfamiliar with technology. However, upskilling in today’s context is not just about filling skill gaps caused by technology.
Instead, it also includes unlearning or letting go of redundant ideas and skills to make room for newer learnings. It helps avoid skill-set imbalances, opens the mind to unique possibilities, and fosters growth.
7 Tell-tale Signs that Indicate the Need for Upskilling
So how do you know if your employees are not up to date with their skill sets? Watch out for these seven tell-tale signs!
1. Your Organization Lags in Productivity
If your employees are having difficulty coping with changing business landscapes, it’s the first sign that you need to upskill them. You might be left behind in the crowd if you do not teach them to adapt to new requirements.
A prime example of upskilling could be seen during the pandemic. When traveling was banned worldwide, remote working became the new norm.
Companies that trained their employees to handle remote working challenges managed to function smoothly even during the crisis. On the other hand, those who failed to upskill their employees with crisis management skills struggled to survive.
Adaptability is the key to surviving change. To adapt in all circumstances, you must equip your employees with the right skill sets.
This can be done with the help of a customized corporate training solution. Find more about corporate learning solutions and how they can benefit your company.
2. You’re Facing Difficulty Promoting Internally
Resignation or retirement is an ongoing process in an organization. People in leadership roles today may not always be with you. In that case, you must have employees that can fill their shoes and helm the responsibility.
Do you see such employees in your organization? Or are you having a hard time promoting your current employees? If so, it is a sign that your employees need upskilling.
Upskilling your employees will prepare them to take on broader roles and responsibilities in the future. You should see that they not only perform well in current roles but also have the competencies that higher positions demand.
3. You Have Low Employee Engagement
Providing opportunities for learning and development is a very powerful non-monetary perk you can give your employees.
In fact, 39% of US employees consider growth potential as a contributor to employee satisfaction. The statistic shows that monetary benefits do not contribute to employee satisfaction.
Providing skill training to employees helps them develop a positive attitude toward learning. It enhances their capacity, makes them feel valued, and boosts their morale. This results in higher employee engagement, ultimately driving better productivity.
4. You’re Recruitment Cost is Skyrocketing
Is employee turnover in your organization higher than the industry average? Excessive turnover comes with the associated cost of new recruitment, which can become expensive for a business.
According to Gallup research, replacing an employee can cost you 1.5 to 2 times their current salary by conservative estimates. But what can you do to retain talent and reduce employee turnover? The answer is to provide them with the opportunity to learn, upskill and grow.
94% of employees would stay longer in companies willing to invest in their professional development. By investing in upskilling your employees, you can make them stay longer in your organization and avoid the terrifying cost of new recruitment.
Here’s how you can use L&D as an employee retention strategy.
5. You Have Excessive Staff
Do you feel you have too many staff members in your company? If so, it’s time you consider rightsizing by upskilling your employees.
Rightsizing is the process of bringing your staff to an appropriate size. Having a lot of staff is often the result of a lack of skill or efficiency in your employees. By upskilling, you’ll make a single person capable of handling multiple roles that you consider redundant.
Thus you can optimize your employees and reduce your payroll costs.
6. Your Organization is Not Future Proof
Along with tackling the current problems, your employees must also be prepared to take on future challenges. So if you think you’re staff falls short in certain areas, now is the time to upskill and reskill them.
Early preparation and learning will empower your staff to catch up with new developments as and when they arrive. It will give you a competitive advantage and help you stay ahead of the curve.
7. Your Employees Lack Soft Skills
Upskilling is not always about learning technical skills. In an age where customer experience is the key to growth, inculcating soft skills in your employees becomes critical to your success.
Your staff may be good at the desk but lack the skills to manage a team or deal with customers and suppliers. By training them on soft skills, you will create an all-rounded employee with excellent productivity.
Communication, leadership, teamwork, public speaking, critical thinking, and public speaking are some key soft skills the current workforce must have to succeed, irrespective of their field.
Do you see any of these signs in your organization? If so, it is high time you invest in a quality e-learning and training solution for your organization.
At Hurix, we help institutions across industries upskill their staff with our intuitive and visually engaging corporate training solutions. Our customizable solutions are equipped with the best-in-class technology to ensure a rich learning experience, empowering employees to drive business growth.
Check out this blog to see how Hurix’s solutions can help your employees succeed. Get in touch with us on email@example.com to kickstart your workforce learning and training program.