Written by Sheetal MunjalSep 08, 2020

The thrust to adapt quickly to pandemics comes as technology is fundamentally changing the workplace. Rapidly changing technology is creating a gap in skills and most of the companies are facing challenges for their survival. The World Economic Forum has already estimated that we need to retrain and iterate continuously to be ready for this technological advance. As a result, some job positions have become obsolete and some new positions have to be introduced. Companies need to rethink the learning and development approaches and reskilling and upskilling of employees.

Reskilling requires proper training for existing employees for a new position or the skills needed in the modern business. It is upgrading the outgoing skill set with the new one. For example, cash deposit and withdrawal at banks have been replaced with digital payments and online banking. You may think reskilling and upskilling are interchangeable, but both are different. Upskilling means learning new skills to improve the current performance without changing the designation/position. Here are some reasons why success-oriented people are reskilling and upskilling their skillsets.

To Improve Productivity

As we all know, remote work has taken the place of traditional office works. It is essential to upskill and reskill the employees to cover up the gap between traditional work and digital work. To address these challenges, companies should develop a talent strategy that develops a long-term relocation strategy, not just a short-term one. Now is the time for companies to redouble their knowledge of budgets and commit to a fresh start.

Future-ready Business

Adaptability, flexibility, and integrity are the key measures for the success of a business. As technologies and business needs are changing, employers should redefine technological work. Glenn Ricart, Founder, and CTO of US Ignite have said that Automation is largely replacing things that can and should improve the quality of people's working lives, but there will likely be more jobs in areas like health care, education, and social services in the next decade or two. You can arrange the sessions to learn how to meet the challenges of the business world based on the new development.

Retain Top Talent 

Today’s business environment is highly competitive. You can retain the top talent by continued learning and development culture of your company. The skill gap can be removed by the new hires but this will be costly. Employers are looking for people who not only have the right skills but are also good for the culture. Organizations and individuals must not only promote lifelong learning but also thrive and survive in times of rapid change

Improves Job Security 

As technology evolves in every field like the labor market, education, etc. Reskilling is a continuous process of learning for those who are already working in organizations. If they are updated from time to time with the ever-changing technologies they are less prone to retrenchment. To succeed in the digital age, the employees have to adapt to the challenges of their job places. 

Boost Employee Motivation

We live in a fast-changing world, where new practices are developing, new technologies are being invented and new discoveries are being made. Employees are upgrading their skills with learning AI, Machine Language, Programming, Neural Networks, and Deep Learning, Data Science, and Cloud Computing, and more.  Organizations are investing in good training programs for employees. This investment is going to be a great return for the organizations for sure. Also, this is beneficial for greater team collaboration, job satisfaction, and boosts the morale of the employees.

As technology continues its inevitable march, companies must pull out all the stops to ensure they have the skills they need to succeed in an ever-changing environment.

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