How Upskilling your Workforce Helps your Organization

October 27, 2022

Post

Nowadays, the world is evolving at an unthinkable pace. Keeping up with its speed has turned hard for many companies and leaders, but it doesn’t have to be your reality. 

Skill gaps remain a sensitive spot in meetings because many organizations are battling them without success. Little do they know that the solutions to this issue it’s simpler than they think.

Globalization, demographic change, and the tremendous impact of technological advancement on the global economy have created a critical issue for society: how to provide individuals with the skills they need to participate in the economy both today and the future. Because let’s face it, the talent shortage in the US has made it nearly impossible to hire any good professional for the proper compensation, inflation’s got you hand-tied, and the situation has only got worse as people expect more than ever from their employers. Why not invest confidently in the staff that you already have? 

What is Upskill and Reskill?

Upskill

Upskilling is the process of acquiring new skills so that a person is better able to perform their work duties.

Reskill

The requirement to educate an employee on a whole new skill set is known as reskilling.

As we can see, the upskilling process refers to training your staff, while respelling provides them with a new skill set. Both of them go hand in hand really. 

Benefits of Upskilling your Workforce

Filling Skill Gaps

First and foremost, you have an opportunity to bridge the skills gaps in your business with every person that stays with you. Instead of searching for and employing new personnel, teaching your present workforce is simpler and less expensive.

Saves you Money

You need to fill the position when employees leave your company. Therefore, the employment and recruitment processes are restarted. But this also entails additional expenses:

• Advertising prices
• Salary and benefit costs
• Cost of training 
• Cost of integrating into the workforce

Did you know that 52% of workers believe their employer could have taken action to keep them from quitting their position? In fact, businesses cannot afford to lose talented employees, especially given the fierce competition and tight labor market we are presently facing.

Creating a Culture of Learning

Creating a culture of learning is a considerable benefit as it avoids talent turnover. A supportive learning environment provides your employees with abilities and competencies that keep them current in their industry and keeps them with you as you boost their career paths.

Competitive Advantage Construction

As you can see, your knowledge and talents alone might give you a market advantage. Because of this, if your staff possesses the necessary abilities for today’s environment, you may improve your company’s market position and position it well for the future.

Improve Productivity

One of the key reasons for investing in upskilling programs is that you want to boost employee productivity and, as a result, expand your company’s success.

To get the best output from your workers, they must be the best in their field. They also require the most excellent workplace education they can get in order to excel in their career.

Finally, let us give you some advice: Create an upskilling program tailored to your employees, one where they can leverage themselves in every aspect they prefer to excel in. Take MiCoach by ITJ as an example, it is an in-house-designed platform for employees and everyone interested in learning about software engineering and scrum. There you will find free bootcamps, workshops, talks, and courses on the topics of your interest. The purpose of this platform is to upskill our workforce while providing them with continuous learning courses that will help them be on top of their games.

If you are interested in knowing more about it, don’t hesitate to get in touch with us!

About ITJ

ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.