TABLE OF CONTENTS1. Introduction
2. Upskilling – The Hiring Differentiator
3. The benefits of upskilling your employees
4. CloudThat allows you to upskill your workforce with cloudThat
With the world becoming more aware of new technology every day, and with the increasing number of job opportunities, it is vital that organizations keep their employees’ skills current to adapt to changing market dynamics. Tech advancements have created more business opportunities but it has also increased the skill gap.
Recent statistics show that more than half of employees will need to improve their skills over the next five year to be able to adapt to the changing job roles and meet skill needs. 87% of McKinsey Global Survey respondents said they have gaps in their skills or expect them to develop in the next few years. These alarming statistics highlight why upskilling employees is essential to address the terrible skill gap that is limiting tech innovation and digital transformation in almost all organizations today.
Upskilling is a way to teach employees new skills that will help them perform better at their current job. Reskilling employees trains them to do different jobs within the company. These learning processes are essential for employee training and development. Upskilling employees adds value to their resumes and improves their career prospects. It also helps organizations stay competitive in a constantly changing workplace.
Upskilling – The Hiring Differentiator
A PwC survey found that more than one third of job applicants believe that upskilling is so important they would be willing to take a pay cut to learn new skills, even if it meant being less well paid. According to the survey, upskilling was the most important factor in deciding whether candidates will take up a new job or stay with their current employer.
The benefits of upskilling your employees
Let’s take a look at some of the key benefits that upskilling employees can bring:
Bridges the Skill Gap
Gartner’s report shows that 70% of professionals lack entry-level skills. This means that there are 50% vacancies in the cloud domain. This global IT talent shortage has been slowing down tech projects and disrupting business expansion and innovation.
Although it may seem like a convenient option for many, it is much more costly than upskilling and reskilling your existing employees through employment-based skilling programs that are goal-oriented.
Employee Productivity Boosts
Untapped human potential is often a result of lack of skill training. Most companies fail to realize the full potential of their employees today by not offering them the opportunity to learn new skills.
Organizations can upskill workers to make them more efficient and better-suited for a specific job or project. According to reports, 90% percent of companies who invest in employee upskilling report that they have seen a significant increase in employee productivity and performance. If you want to increase profit and work results, enroll your employees in upskilling programmes that align with your business goals.
Confident Team Building
Employees who are unable to keep up with the latest technology requirements can feel demotivated and insecure. Upskilling your employees can help them feel valued and confident in their ability to complete a task.
A team that is confident can tackle any challenge and find a solution. To ensure their future success, organizations must constantly upskill employees to improve their skills.
Employee retention increases
As per a survey con